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I spent five years interviewing 233 millionaires, here are the things they never spend money on

I spent five years interviewing 233 millionaires, here are the things they never

By Tom Corley/ I spent five years studying 233 millionaires to learn about their habits and how they think.

I was especially interested in what they spend their money on. But almost everyone told me that what contributed most to their wealth was that they stopped spending money on certain things:

Processed foods

To prioritize their health, they stopped buying low-quality processed foods and instead chose organic or healthy foods that had no preservatives.

They often frequented farmers' markets and grocery markets known for high-quality produce and meat.

Low cost manufactured products

They refused to throw money at the latest fashion trends, or cheap, poorly constructed furniture. Instead, many preferred to invest in quality timeless pieces for their wardrobe and home that were built to last.

Often, the cost was two to three times more than low-quality clothing and furniture. But they were happy to make larger purchases because it would still be less expensive than continuous replacement.

Major home or car repairs

Likewise, many millionaires told me that they would rather spend money to completely replace things like old roofs, washing machines, dishwashers, refrigerators, furnaces, and even vehicles, rather than invest their hard-earned funds. difficulties for repairs.

While this was often more costly, they argued that something new would last much longer than something repaired.

Outdoor tools and equipment

While some still enjoyed doing outdoor work like mowing the lawn, weeding - once they got rich, they hired someone to take care of all the outdoor maintenance.

This meant that they no longer spent money on repairing or replacing old equipment. Many gave their tools to family and friends.

What they were buying was time. Since they no longer needed to carve out an hour or two each week or month to maintain their property, this gave them more time to rest, relax or engage in recreational activities. .

Lottery tickets

Many of the millionaires avoided gambling while they were building their fortunes.

They indicated that after becoming rich, they refused to spend money on lottery tickets and would encourage their employees, family and friends to do the same.

Since the odds of winning any lottery are slim, they saw it as a waste of money. Instead, those funds were better put toward memorable experiences.