10 Things that Millionaires don’t Buy… | Financial Minimalism. As you can imagine, we’re EXTREMELY frugal and careful with our money. Instead of splurging and wasting a ton of money on things that aren’t fruitful, we’re extremely focused on investing our dollars that have a higher certainty for returns. So here are the 10 things that we don’t buy or spend money on to be financially frugal. Some would call this financial minimalism or financial frugality. We just call it being smart with your money 🙂 By following these steps, we’ve been able to make more money and save money in the process: 1:12 #1. Lottery Tickets Millionaires don’t leave their money-making activities to chance but rather focus on creating value by building products and services that solve another’s problem. Instead of throwing the extra $20, $40, or even $100 into a lottery ticket, why not invest it. And not just into stocks, bonds, or mutual funds but also investing in knowledge, starting your own business, or improving your health? 2:56 #2. Gambling/Betting Just like point #1, millionaires don’t spend (or waste) their money on gambling or any serious betting. 3:36 #3. Fast Food / JunkFood Now, I’m no nutrition or a medical professional but I know by avoiding fast food and adopting a healthier diet, I can reach peak performance in my business. 5:23 #4. Get Rich Quick Scheme/MLM Money always follows value. If you participate in a business model that doesn’t create any actual value, this is a failing business model and therefore, your investment has gone to waste. 7:07 #5. Brand Name Clothes One of the ways that I get away with buying clothes is through my business. Because we have a YouTube channel as well as making frequent public appearances, my brother and I are allowed to buy certain clothes through our business which we can ultimately write it off for tax purposes. Bringing Steve Jobs back again, he was often known to wear the same thing over and over again. This also has to do with the fact that Steve simply didn’t want to spend his mental energy to decide what he wants to wear. Instead, he made a single decision upfront to wear the same thing over and over again so that he can invest his mental energy in building his company at the time. 9:04 #6. Going Out/Alcohol Instead of going out or spending money on alcohol, we invest that time and money to growing our business. 11:19 #7. New Phones Every Year Millionaires don’t buy the “newest” gadgets each year… Even if they do, they have their businesses buy them and such investments have to serve a specific purpose in helping them grow their business. 13:02 #8. Fake Rich Spending This one is obvious… true millionaires know that they are – they don’t fake it by spending an insane amount of money to look rich. 15:19 #9. TV Subscriptions Instead of watching TV, movies, or shows that aren’t fruitful, millionaires instead watch courses, CEO interviews, Ted Talks, and other content that help and add to their businesses. 16:46 #10. Overpriced Real Estate/Investments Not only true with real estate but millionaires are very careful when investing their money. You have to know WHEN is a good time to buy and for what price.
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