This may be surprising, but research and reported anecdotes reveal that wealthy people, including the wealthiest, are actually frugal. That being said, it does not mean that they are cheap. Being frugal means being smarter and wiser at prioritizing your funds, finding the best value and making solid investments. These are the traits and attitudes that have helped the richest people in the world become who they are today.
Entrepreneur shares some of the frugal habits of the wealthy that you can adapt to help build up your own bank account.
They use coupons.
Reports show that households with average incomes of $100,000 or more use more coupons than those that bring in under $35,000. You might be surprised to know that Carrie Underwood, Lady Gaga, Kristen Bell and other celebrities are among the wealthy individuals who are fans of coupons. On the whole, it was found that “71 percent of the affluent use paper coupons every month, with 54 percent using online coupons every month”.
They live below their means.
The super rich are also known for living well below their means, from cutting their own hair to viewing a vehicle as functional and not a status symbol. Founder of Wal-Mart, Sam Walton, is known for driving a 1979 Ford F150 pickup truck. Facebook founder, Mark Zuckerberg owns a modest Acura TSX entry-level sedan and Warren Buffet recently sold his 2006 Cadillac, which was noted for not being anything special. IKEA founder Ingvar Kamprad, Hobby Lobby founder David Green and former Microsoft CEO Steve Ballmer all prefer to fly commercial, and even fly coach.
They value quality over quantity.
Despite all this, wealthy individuals are not against enjoying themselves, but they still put thought into their purchases. For instance, business magnate and financier T. Boone Pickens has reportedly said, “If I want something, I look at it, decide what it is, but it will usually be the best product. I’ve got a pair of loafers that I still wear that I got in 1957.”
Some of the wealthiest people also do not carry wads of cash, and are typically generous to various charities. Head over here to find out more.
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