How To Spend Like A Frugal Millionaire 2009: Saving Thousands

How to Spend Like a Frugal Millionaire

Saving thousands while still spending.
Millionaires make up just 2 percent of the population. They get a bad rap during recessions for being wasteful with their money and are frequently used as examples of excess. It’s the millionaires that you don’t see that you can learn from in times like these. I call them the frugal millionaires and interviewed 70 of them to uncover ways we can all be smarter with money. Nearly 70 percent of the economy is based on consumer spending. To keep the economy going we need to keep spending but not waste money in the process. This is where the frugal millionaires come in. They’ve been smart with their money all along and haven’t lost it all and had to remake it. These are the kind of people you want to learn from when it comes to spending your money. Spending philosophy. Frugal millionaires are unique thinkers when it comes to spending money: 1) they can easily delay their need for gratification when purchasing 2) they are resourceful in getting what they want by carefully timing their consumer purchases 3) they make living below their means painless 4) they don’t like wasting anything (especially money) 5) their sense of “self-entitlement” is highly minimized: and 6) spending is OK with them…depending on what they are buying (think: appreciating vs. depreciating assets). Buying tips. These millionaires keep more money than they spend, that’s why they are rich. Their tactics work for them so they’ll work even better for you. Key Point: They don’t view shopping as a sport. They shop efficiently and spend their time doing more important things with their lives. Here are their tips that will help you save while spending:
Cars: Buy used (or off lease) fuel-efficient cars, often with “certified pre-owned” warranties. This warranty can be better than a new car, plus the initial depreciation hit is avoided. Drive the car for a long time and never lease it.

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