Last month, we examined What Billionaires Can Afford to Buy. Would it surprise you to know that many millionaires and billionaires can also be frugal? Let’s look at several tips that could help US save like a millionaire (or a billionaire).
Zachary Painter of Siege Media serves as our guest blogger. Zach provides the content. The infographic comes from Wikibuy.
Tips to Save Like a Millionaire (Or a Billionaire)
Did you ever watch shows like Who Wants to Be a Millionaire and wonder if, given the chance, you could answer the million dollar question? Most of the time, the lucky participant wasn’t so lucky. Still, many of us would probably jump on the opportunity to make that kind of money so fast. But the fact is, achieving financial prosperity isn’t a once-in-a-lifetime chance, it’s a lifestyle.
You can ask any self-made millionaire how they came into their wealth. The ones that truly came from nothing, like Oprah Winfrey or former Starbucks CEO Howard Schultz, definitely didn’t gain their fortunes from correctly answering a question on a gameshow. If you look at the lifestyles of self-made millionaires (and billionaires), you’ll notice a pattern: They all adopted frugal financial habits and saved like there was no tomorrow.
So, is it possible for just anyone to achieve a seven-digit bank account in their lifetime? Yes. You just have to be willing to learn to save like a millionaire. The good news is, a lot of these habits are easy to implement, they just take discipline and determination.
To learn more about the financial habits of the wealthy, check out Wikibuy’s infographic below.
Saving money as discussed in this article is an essential habit that one needs nowadays to survive in this fast growing economy. Today, due to changing economy it is very hard to say that I have enough money for the future. We don’t really know what is enough until we see the future. It is very important for everyone to save money in anyway possible. Everyone has different needs and wants, so everyone can set up the best possible savings plan for themselves.
Saving money can be a difficult task nowadays. People always want the next best thing, even if what they have works perfectly fine. These money saving tips can help anyone save essential money they need. I personally find myself wanting to impulse buy when I am out. Some of these tips are very interesting, and I plan to try some of them out.
Saving money can be a hard habit to start for a lot of people, no matter what age he/she is. It is incredible to see the money-saving habits by people who really have enough money for a lifetime. Personally, I am always on the lookout for sales, especially when I am looking for new professional clothing. Cooking and eating at home and bringing my own meals to school and work are another way I save money as well. It would be interested to see how this population would exercise money saving in a company. What are the best ways for companies to cut unnecessary costs without sacrificing quality or the comfort of their businesses in the office? These tips are great though – especially as a college student still trying to save every dollar I can!
Saving money to me is a key part of being a financially stable person. One who does not keep a conscious eye on their finances is someone who may go through life with many monetary obstacles in their way. There are many great ways to save money too! Many credit companies, banks, and retailers offer opportunities to save money on many different types of purchases. These can be very valuable for those who buy many of the same things. 3% off every purchase over 20 years can add up to a very large sum of money that you get to keep over time. However, true financial intelligence comes when one keep an ongoing record of the things they spend money on. There is a difference between committed expenses and recreational expenses. Paying for rent, food, cellphone bills, and utilities are all committed expenses and these should be a part of your monthly spending calculations. Things like new clothing, a night out, vacations, and other unnecessary expenditures are recreational and should only be purchased if necessary or if ones finances can accommodate for it. Being a smart spender will allow you to have more money for unexpected spending like medical emergencies and vehicle repairs which can be a life saving thing to have. All in all everyone should be smart with their money and put the time to think about how every purchase can effect you financial stability.
Most of my generation struggles with the concept of saving. With the emphasis on want products and luxury goods, people feel justified and compelled to spend on these unnecessary products. Luckily my parents have put a major emphasis on saving for my brother and I, so much so that I often feel guilty when spending at all. I practice many of these millionaire saving habits from practicing them my whole life. I know many people who will practice some of these techniques for a short period of time, but are unable to make a habit of it. Ordinary people have to fight their impulses and bad habits in order to adapt the practices of successful millionaires.
Saving money can be really hard for people especially when you have the money right in front of you. It’s hard to say save the money for something in the future when you could be the thing you want right now and have it right now. All of the tips these millionaires offer are good tips. However a lot of the time this doesn’t seem like reality because everyone wants the newest, latest, and greatest. I do think that they are good tips to take into consideration.
Saving money is a hard concept for people to deal with. With the uprise of online shopping promoted through ads on our social media, it is a huge influence on common splurges. I know for me personally, if i’m looking up something online and I see an ad for it on my instagram a few hours later promoting a sale for that website, I will most likely purchase the item. These tips provided by millionaires are super important in being successful in the future.
Every day we’re tempted to spend money, whether it be on something as simple as food or the next big thing like the new iPhone. It’s not easy saving money, but it is definitely beneficial in the long run. This post provided a lot of easy tips people can follow in their daily lives. I already live by some of these tips. For example, I always eat leftovers, I share my Netflix and Amazon Prime accounts with friends, and I make sure I keep a certain percentage of my paycheck each month. Other tips that I found useful from this post include logging expenses weekly, monthly and yearly to see where I can save money and also utilizing coupons and discounts more often.
All of these tips are extremely beneficial but ones that people do not think of to do. Some people think that having a high paying job is the only way to gain a lot of money, even though there are other ways. With dedication and persistence, these tips can be achieved. Remembering what you need and what you want is so important; I think these tips could improve your life in other ways besides earning money. It could teach you about yourself and to value other aspects of your life more.
I’m looking to open a Roth IRA (my dad keeps calling/texting me and telling me it’s an absolute must) and it’s difficult to think of saving a large sum. However, looking at these tips it encourages me that small saving is still saving, in the long run. It’s also interesting to think of these people who have so much wealth doing these small things that I’m trying to get better at doing as well!
As a college student I know it is not easy to save money. Especially in today’s day and age, with the easy access to online shopping, it is easy and quicker to spend money. The tips listed above may seem like they don’t save you a lot of money in the moment, but in the long run the numbers add up. For instance, having some coupons when you go grocery shopping may only save you a couple of dollars, but if you use them each time you go, you save more and more. Therefore, it would be beneficial to use the online world to search for deals and promotions and coupons to use. Most of the tips listed are simple enough that as a college student I could follow them to save money now and help myself out in the future.
I think that for most teenagers, the thought of saving money comes in the stages of college. It is so easy to spend a lot of money in college. Eating out, weekend “runs” to target, online shopping, etc. Which is why some of the tips mentioned above could really apply to any college student. For instance, clipping coupons. Personally, this is something i’m used to doing and it does save you a lot of money. A major one is impulse buying. It is so easy to spend so much only online or at Target for example, so it is important to buy only what’s needed to save money. And a tip I found very interesting, is to maximize your purchases. In the article, it is mentioned that Bob Weidner buys as many items as possible for under $100. I think that this can make you conscious of what your spending, and can help you look for the same products just at a cheaper price.
Interesting to learn about the behaviors, and personality characteristics, that drive not only financial responsibility but great wealth. I’ve often found it interesting that during some job interview processes, employers check your credit report.
I’m inspired to save more! I think the point about “not spending is actively saving” is paramount. There’s a big difference between our “wants” and “needs” and it’s very tempting to improve your lifestyle when your income increases.
Great advice. Many lessons learned here.
As I transition into adulthood, I am noticing more and more that saving money is a task that that is difficult, but essential to living a comfortable life. It is interesting to see what small actions million- and billionaires have incorporated into their lives to get to where they are today. Particularly, I will start to do what Warren Buffet has suggested- taking a percentage out of a paycheck for saving before spending any of it. Even the smallest amounts will add up one day.
Saving money can seem like a difficult task, but just cutting back on small things everyday can make a huge difference. For example, T. Boone Pickens who buys 3 suits every 5 years. He knows he doesn’t really need an excess amount of suits so he saves a large amount of money by doing something that seems so small. This is a good idea for anyone trying to save a little more.