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Credit Repair

Frugal Habits That Keep The Rich, Rich

Families that have had long term success in building and sustaining wealth have all shown one habit in general…they are frugal spenders. Yes, they splurge like any working class fella, but they are generally tight with their dinero. Here are a few ways that they keep a handle on their fortunes.

  • When having dinner out, they bring home the leftovers.
  • Many drive older cars. Frequently, these are not top dollar luxury vehicles.
  • Buy in bulk.
  • Do not overspend on clothes while maintaining a barebones wardrobe at home.
  • Do not own numerous homes.
  • Shop sale and clearance racks first.
  • Avoid high-end retailers.

Last year, first Lady Michelle Obama appeared on t.v wearing a $35 dress from H&M. T. Boone Pickens, worth over $1 billion, only buys suits every five years. Warren Buffet lives in a home he bought 54 years ago for just over 31K. Yes, the rich have had success in other areas to gain their wealth, but keeping that wealth has proven too much for many athletes, celebrities, and regular Joes who neglect to be frugal.  So take these habits to heart, unless you want to spend your evenings talking to debt collection agencies about unpaid accounts.

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