Yahoo Finance 7 Things the ‘Regular Rich’ Don’t Splurge On
Being wealthy and not having to worry about money seems like a dream for most of us. But, there’s a difference between being wealthy and being “regular rich.”
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The Seattle Times indicated that the “regular rich” are wealthy individuals who blend in with everyone else. This can mean driving a nice but not over-the-top vehicle, living in a nice home (that isn’t a mansion or an estate) and flying economy class, for example. There might be more people in this category than you imagine.
The number of millionaires worldwide is on the rise. According to Henley & Partners, these are the world’s top five cities with the most millionaires in 2024:
New York: 349,500
San Francisco Bay Area: 305,700
Tokyo: 298,300
Singapore: 244,800
London: 227,000
If you’re looking to join the “regular rich,” there are a number of things that they don’t spend their money on — and you might want to consider doing the same.
Here are seven things that the “regular rich” don’t spend their money on, according to CNBC and GOBankingRates.
Reproductions of Fine Art
Rich people don’t see the value in spending money on cheaply made reproductions of fine art. Instead, they’d rather put their funds toward real works of art that hold intrinsic value. Some art can increase in value over time, making fine art a financial asset.
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Bank Fees
Bank fees can include monthly bank account fees, ATM withdrawal fees, and wire transfer fees. The rich ensure they avoid these types of banking fees to keep more money in their pockets.
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Late Fees
Credit card and utility late payment fees are costs that the rich stay away from. It’s smart to align bill autopay dates with your payday. This way, the money hits your checking account and your bills get paid without even thinking about it.
Lottery Tickets
Rich people recognize that spending money on lottery tickets is probably a waste of money. Your chances of winning any significant sum of money from the lottery is quite slim. Consider eliminating lottery ticket spending to put more money back into your budget.
Overly Processed Foods
The rich understand that spending on overly processed foods is not a good idea. Not only can overly processed foods come at a higher cost due to their convenience, but they’re not healthy for your body. Maintaining a healthy diet including natural and organic foods can contribute to better health, which is usually necessary to continue being rich.
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Major Auto or Home Repairs
The rich think twice about dumping money into expensive auto or home repairs. For example, it may not be worth it to replace the broken transmission on your car or repair your washing machine for the third time. Sometimes, spending money to extend the life of a car or home appliance can be better spent on purchasing a new product which can last much longer.
Cheaply Made Items
Rich people steer clear of cheaply made items. It’s no surprise that cheaply made items don’t last as long as higher quality items that cost more. Investing in higher quality items can eliminate the need for purchasing more cheaply made items that might break or stop working sooner.
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This article originally appeared on GOBankingRates.com: 7 Things the ‘Regular Rich’ Don’t Splurge On
