Five habits we can all steal from the rich and famous 18



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We can’t all be filthy rich, but we can learn from the habits of people who are. In fact, some financial experts say they can be used as a sort of roadmap to success. Following them won’t make you another Bill Gates, but it can help you stretch your dollar further and make the most of what you have.

Let’s take a look at some of them.

In an article on 5 frugal habits of the filthy rich, listed these habits of the discretely wealthy:

1. Using coupons says households with average incomes of $100,000 or more use more coupons than those that bring in under $35,000. An astounding 71 per cent of the affluent use paper coupons or discounts every month, with 54 per cent using online coupons every month. The learning here is: wealthier people get more discounts. See our article here on where to find online coupons.

2. Living below your means

While some of the super-rich flaunt their wealth, others are thrifty to the extreme. Examples of this are cutting their own hair, or driving a beat-up old car when they could afford the latest Porche. Many very rich people also live in modest homes – not every person who can afford it buys a Sydney harbourside  mansion. They also shop most of the time at budget stores rather than upmarket label stores.

3. Being charitable

According to Entrepreneur, many rich people donate to charitable causes. Just like us donating a few dollars to the Salvos, it makes them feel good about themselves, knowing you have done something to help someone else less fortunate.

4. Valuing quality over quantity

This is something many of us were taught by our parents, and the wealthy are no exception. One good-quality pair of shoes can be more comfortable and outlast that cheap Chinese pair 10 times over.

5. Not carrying wads of cash around

Most of us do anyway, in my case because I’m worried about losing it. But we all know that cash burns a hole in your pocket pretty quickly, so if you’re in the habit of taking cash out just so you have it on you, think twice.

Here is another useful money-saving secret of the frugal rich from bankrate.comThe wealthy don’t buy on impulse – they tend to be a little more thoughtful. The theory behind this is that the delayed response helps them avoid some of the impulses that would result in poor choices otherwise.

Noticed any similarity in the underlying themes here? Yes, it is thinking about what we spend our money on, a general thriftiness and not blowing money on stuff we don’t need. Also not giving a hoot about so-called status symbols like swanky cars and the latest Armani suit..

It seems wealthy people are all about getting the most bang for their buck – a guideline we can put to good effect in our own lives.

How do you save money and stretch your dollar further?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. Don’t pay your bills to small businesses that do work for you.

    5 REPLY
    • Omg I hope you are joking, we run a small sole owner property maintenance business and hope that what you are saying isn’t a standard for some.

    • Yes guys I am being VERY sarcastic because I know a number of friends who have their own small businesses , and the people they have the most trouble getting their owed money from are those who have the most money . It makes it really hard and costly to keep having to chase these so called celebrities and wealthy clients just to get paid.

  2. Well, I can remember all the times when gold coins in my purse were a nuisance. Now I look at them and think, $3 buys 3 liters of milk and $2 buys a loaf of bread! And, I can honestly say, that others than utilities, I have no other bills and I don’t owe anyone money!

  3. How do I save money and stretch my dollar further? Never impulse buy and have a list of what one needs and only buy it when the price is right. Always ask for a discount and be polite when shopping. B|

  4. Yep, I agree with all that! Modest house, ordinary car, wardrobe full of quality, but old, well! No pension….living off savings! X

  5. Eat at home and save.
    Look after your assets – do the regular maintenance on car and home and both will last longer.
    Make a budget and be accountable to it. Record everything you spend. It’s a HUGE eye opener for most people.
    Budget for emergencies.
    Check your budget and cash flow for high expense months. Adjust your spending ahead of time if necessary.
    Pay all your bills in time to get discounts.
    Pay everything you can on your credit card and then pay your credit card before the due date – no interest and you get to use the banks money for up to 60 days.
    Know your supermarket prices, and stock up on items you use regularly when they’re on special.
    Avoid impulse buys, but if you really want something go away and think about it for an hour before committing to buy.

    1 REPLY
    • Love the credit card. That is how we keep tabs on our expenses and get to turn in the points for some extra vouchers!!! That is how I got to buy my camera! With the vouchers from HN!!

  6. Rich people live like they are poor. While poor people live like they are rich. Simples peeps.

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