Being frugal means they’re smarter about prioritizing their money, finding the best value assets, and making solid investments.
Below are the habits of the world’s richest people, according to Entrepreneur.
Billionaire investor Warren Buffett lives in a house he bought more than 50 years ago.
1. Use coupons
People with an average income of $100,000 or more tend to use coupons more than people earning less than $35,000.
2. Living below your means
The richer you are, the simpler your lifestyle.
Wal-mart founder Sam Walton is famous for using a 1979 Ford F150.
The same goes for billionaires’ residences.
Founder of furniture company – IKEA – Ingvar Kamprad and former Microsoft CEO – Steve Ballmer have not used private planes for many years.
Rich people don’t spend money on designer clothes.
3. Value quality over quantity
Rich people of course do not like to treat themselves.
4. Don’t bring a lot of cash
Bankrate.com found `76% of people who spend cash on luxury goods like super cars, jewelry or electronics are not millionaires.`
According to Brad Klontz – professor of Personal Finance at the University of Kansas, rich people are often `cautious about money`.