Greetings fellow financially frustrated people and welcome back to Broke Today Rich Tomorrow!
Let’s start off today’s post with a question:
What is something rich people never have to do?
They never have to look at the price tag!
Or… do they?
The truth may actually surprise you!
Turns out, not only do rich people almost always look at the price that, but they are even frugal.
Yes, even the richest of the rich worry about how they are spending money.
Billionaires alike, such as Bill Gates, Mark Zuckerberg and even Warren Buffet all exhibit conscious spending habits, despite having more money than they could every know what to do with.
One of the things that often shocks people is that even the top 1% like to shop around.
“Uhm… what?” I heard you cry, fellow financially frustrated friend. “You mean, I’d still be cutting coupons in my Ferrari?”
According to a study by Thomas Stanley, who co-authored the infamous “The Millionaire Next Door” that took the personal finance world by storm, rich people are very conservative with their money and often take the time needed to shop around.
Because rich people don’t like paying full price, and neither should you!
That is why, in this today’s post, we are going to go over the top 7 things that rich people never pay full price for.
Without further ado, let’s get the list rolling!
Remember that fancy Ferrari mentioned above? It was probably bought second-hand! It might surprise you to know that rich people often never pay full price for their cars. How? They buy either used or discounted cars in order to save their hard earned dollars. Even Mark Zuckerberg, self-made Facebook zillionaire, drives a perfectly modest Volkswagen around.
Broke Tip: Never buy a brand new car!
It is often the little things that can get overlooked in the budget, such as the daily takeaway coffee. I am going to try to make this point without going all “latte factor” on you, and even admit that there’s nothing wrong with treating yourself to a good-old-cup of barista made coffee occasionally. However, in the words of Shark Tank investor and millionaire Kevin O’Leary, “never waste $2 on a coffee when you can make one at home for $0.18”.
Why not learn from the best and save yourself some dollars by learning to make a banging cup of coffee at home? Going even further, O’Leary suggests investing whatever amount you saved towards your net worth!
Broke Tip: Make homemade coffee.
Ladies, this one is bound to strike close to home for some of us. I for one can vouch from experience that getting a haircut isn’t cheap, especially if you can’t afford to fork out 100s of dollars every few months. Well, fear no more, because our rich friends have found a way to save money on this too! Not only do wealthy individuals never pay outrageous hair salon fees, they often pay no fees at all! How? They cut their own hair or get someone else, such as a friend of family member, to do it for them.
Now, I don’t know about you, but cutting my own hair is just a disaster waiting to happen. That is why I have come up with an even better tip for haircuts: get it done by a student. There are plenty of hair stylist academies offering extremely discounted rates for clients willing to let a student cut their hair. I personally go to one such academy myself, where I can get my hair done for a fraction of a full priced salon. If you’re worried about the risks, the majority of students have a full qualified hairdresser supervising them to ensure everything goes smoothly!
Broke Tip: Cut your own hair or get a student to do it.
Yes, rich people still cut coupons and you should too! They often shop the sales, buy in bulk to save and even keep a food budget. While that does sound like a lot of effort, rich people recognise that groceries are an expense that can easily make or break the budget. We all need to eat, therefore groceries are an unavoidable expense that we should all aim to keep as reasonable as possible.
Broke Tip: There’s no shame in cutting coupons if even the rich do it!
- Movie Tickets
Now days, it seems like going to the cinema is a synonym for breaking the bank. You know who never pays full price for a movie ticket? Rich people, that’s who! Wealthy individuals often save big on cinema trips by either using loyalty rewards card, discount cards or even smuggling in their own popcorn. Another way wealthy individuals save is by going to local cinemas, which often price well below their corporate owned rivals.
Broke Tip: Save yourself some dollars by supporting your local cinema.
They say poor people watch TV every day, while rich people read books every day. Well, with such a developed reading habit, you better bet that our rich friends have found a way to save money on books too! How? Rich people often avoid paying anything on books by going to their local library and reading for free! If they can’t get the books they need there, they often check online for either a free copy, a second-hand one or even an eBook, which often costs a lot less than a brand new copy.
Broke Tip: Never buy a brand new book. Instead, check online or at your local library.
Keeping in tune with our second-hand theme, another thing rich people often refuse to pay full price is technology. From laptops to cameras to phones, wealthy individuals often shop around for the best deals and even choose to purchase their technology second-hand! From refurbished items to buying pre-loved items, the top 1% know how to save some serious dollars. Rich people recognise that just like cars, tech items depreciate at an unsustainable rate. To put it quite simply, rich people see no point in buying a brand new laptop if the minute they walk out of the shop, its value drops by 40%.
Broke Tip: Next time you are in the market for some new tech, check out some pre-loved tech websites and save yourself a small fortune.
They never said being rich was going to be easy, but it sure does sound like fun! It appears that a common trend among the wealthy is that they love saving money wherever they can. As a fellow broke person, I vouch that we should follow in their footsteps!
Now, it is time to turn the conversation over to you.
As usual, I want to hear your thoughts! What is one thing you never pay full price for?
Let me know in the comments below!
Being broke is temporary. Being rich is a journey.