Self-Made Millionaires Reveal The Surprising Things They Won't Spend Money On
Haven't we all dreamt about what we could buy if we had unlimited money? It turns out, being wealthy doesn¡¯t always mean spending extravagantly. Three self-made millionaires recently shared with CNBC Make It the surprising things they avoid spending money on, including dinners out and trips to the movies!
Washington-based real estate investor Todd Baldwin, for instance, avoids spending money on trips to restaurants or movies with friends because he knows he can actually get paid to do these activities.?
Also read:?8 Frugal Billionaires Who Prove You're Never Too Rich To Value Money
"Why spend on an activity that can generate income for you?," Baldwin told CNBC Make It.?
He revealed that he gets paid for dining out, grocery shopping, watching movies, and even staying in hotels and visiting casinos, in exchange for reviewing the products and services he uses.
Another self-made millionaire, Jonathan Sanchez, the founder of Parent Portfolio, also practices frugality by maintaining a low clothing budget.?
Sanchez keeps his wardrobe simple and only buys new clothes when his old ones have holes from regular wear and tear. "I only buy new items when I need to replace clothes with unforgiving holes from normal wear and tear," Sanchez added.
CNBC host Jim Cramer, another self-made millionaire, considers it a "waste" to spend money on expensive alcohol. He attributes his frugality to his parents, who wouldn't let the kids order sodas at a restaurant until the food arrived to avoid paying extra for refills.
So, if you find yourself hesitating to spend that extra money on something, don't worry¡ªyou have millionaires for company!
A similar sentiment is echoed among Indian millionaires and billionaires. Take Azim Premji, for instance, the billionaire former chairman of Wipro, one of India's largest IT and consulting companies.?
Premji is known for his frugality: he loves driving second-hand cars, takes auto-rickshaws from the airport to his home, and instructs his admin team to monitor office toilet paper usage strictly.?
He frequently stays at budget hotels and wears non-branded suits to work.?
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