Jakarta, CNBC Indonesia – The research results reveal the habits of rich people. Generally, rich people tend to avoid waste by not buying less essential items.
These are the results of interviews by an accountant, Tom Corley, with 233 billionaires. The interviews were conducted over 5 years, to study their habits and way of thinking.
It was stated that the billionaires came from different backgrounds and experiences with an average annual gross income of US$160 thousand or around Rp. 2.54 billion (assuming an exchange rate of Rp. 15,910/US$).
“I'm very interested in what they spend their money on. But almost everyone tells me that what contributed more to their wealth was because they stopped wasting money on certain things,” said Tom, quoted by CNBC International, Thursday (23/5/2024).
Here are 6 habits of buying things that rich people don't do:
Processed and Packaged Food
In order to prioritize health, Corley said that rich people stopped buying low-quality processed foods. Instead, they choose organic or healthy foods that do not contain preservatives.
“They often seek out products that can be sourced locally and frequent farmers markets and grocery stores known for high-quality produce and meats,” Corley wrote.
Cheap Products
Billionaires tend to be reluctant to spend money on the latest fashion trends or cheap, poor quality furniture. Instead, billionaires choose to invest in quality goods to make them last longer.
Often, it costs two to three times more to spend on quality items than low-quality clothing and furniture.
However, billionaires admit that they feel comfortable buying these items because they are considered cheaper than having to constantly replace cheap items that are easily damaged.
Home or Car Repair
Many wealthy people say that if they were given the choice, they would rather spend money to completely replace things, such as old roofs, washing machines, dishwashers, refrigerators, furnaces, and even vehicles, than repair them.
Even though buying new items is often more expensive, tycoons actually assume that something new will last much longer than repaired.
Garden Cleaning Tools and Supplies
While people prefer to clean their own gardens, such as mowing the grass, weeding, arranging the garden and pruning, most rich people tend to hire a landscaper to take care of all garden maintenance.
Apart from not having to spend money on repairing or replacing garden maintenance equipment, rich people also consider it more effective because the time that should be spent on garden maintenance can be used for rest, relaxation or vacation.
Lottery Tickets or Slot Gambling
One common sense embedded in the financial lives of billionaires is to avoid gambling. According to these rich people, the potential for winning the lottery or gambling is very slim.
Therefore, they see gambling and lotteries as waste.
“They shared that after becoming rich, they refused to spend money on lottery tickets, and would encourage their employees, family and friends to do the same,” explains Tom.
Impulse Shopping
One of the characteristics of rich people is having the ability to control their shopping appetite. However, that doesn't mean rich people don't like to spend their money to please themselves.
Warren Buffet said that if you buy things on impulse, in the near future they will become useless. Therefore, rich people usually think carefully before buying something.
Those are 6 daily habits that make it difficult for people to get rich. Hope it helps and continues to make money!
[Gambas:Video CNBC]
Next Article
You can read rich or poor from your face, here's the research
(dce/dce)