The Frugal Habits of the Wealthy: 10 Surprising Things Rich People Never Spend Money On

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When it comes to money, we often fantasize about all the things we would buy if we had all the money in the world. But what wouldn’t you buy?

There are things out there that, even if you were extremely wealthy, you wouldn’t buy.

Someone online recently asked this question, and here are the most popular things people still would refuse to purchase, even if money weren’t an issue.

#1. Gold Steaks And Other Food Items

Some things are unnecessarily decadent, and I agree that gold steaks would be at the top of the list of things not to buy, no matter how much money I had.

It would not only not enhance the taste but also be extremely expensive without adding anything to the experience. 

Of course, this applies to other food items as well. As one person stated, “I used to work at a very high-end sushi bar and we put gold on a few of our rolls. Yeah, it has absolutely no flavor at all. It’s purely for show.”

#2. Twitter And Other Social Media Accounts

Part of the joy of social media is that you don’t have to pay for it. It’s free entertainment in the palm of your hand.

However, you could shell out extra for more features in today’s world. Some people will dig into their pockets to get more out of the experience, whether this is tokens for awards, verification, or other features. 

However, most people agree they would not be one of those individuals paying more to use their already free social media accounts. 

#3. MLM Products

You can’t go anywhere these days without seeing products from multi-level marketers either in real life or in the form of a pitch from someone you went to high school in your inbox.

Even though some MLMs were previously known for their quality, many companies produce low-quality items and charge exorbitant prices to make even more money off of the people selling for them. 

Very few people want to spend money on such items when they can buy something better from their local retail store.

#4. Loot Boxes 

Video games used to only cost the initial investment of buying the game itself. Now? Not so much. There are many pay-to-play games on your phone or online where you have to sink money into the game to access some of the best items and beat out the competition. 

It used to be a novel idea, but microtransactions have become something that most people in the gaming community will immediately respond to with aggression.

It turns out that people still wouldn’t buy products like loot boxes and other pay-to-play items even if they did have money.

#5. Designer Clothing And Purses

We typically see people like the ultra-wealthy and celebrities with name brands that are generally out of the price range of even the middle class. But would people spend money on these goods if they had money? 

No! Whether it’s a $100,000 Birkin purse or another designer item, people agree they wouldn’t waste their money on these items (except for starting their own resale business).  

#6. Water

Bottled water is still quite popular. We have a range of filtration products on the market, but some people still want bottled water because it’s convenient.

However, many recognize that, in reality, bottled water isn’t necessary to spend hundreds of thousands of dollars on when their tap water is perfectly suitable. 

One person responded, “I read yesterday that the most expensive tap water company charges €1,78 for 1000L of water in my country.

That’s insane compared to bottled water and also kind of dystopian compared to other places in the world where it’s a daily struggle to find clean water at all.”

#7. Lottery Tickets

The lottery is much more than just a chance to win money. It’s a shot at the dream life for those who could potentially win millions or billions playing the lottery. However, some people are really torn about this one. 

While some people say they might, others are against spending money to potentially earn money when the chances aren’t high that they will make a profit. I can’t blame them!

#8. Timeshares

Imagine spending money on a location and only being able to use it for a certain period throughout the year. That’s the concept of a timeshare. In today’s world, timeshares get an especially bad wrap, usually because they’re often pitched in long meetings and are notoriously hard to get out of. 

There are a lot of people who still wouldn’t put money into them even if they had the money to do it. After all, you could easily save that money to use on vacation or rent something for yourself and save money down the road. 

#9. NFTs

Cryptocurrency is still relevant in today’s world. You’ve likely heard of Bitcoin. However, the most recent craze centered around NFTs or non-fungible tokens. NFTs are supposed to be unique because they’re essentially digital collectibles that are one-of-a-kind. 

The problem? Most have no value, and those of value have seen their value blown out of proportion. Additionally, the bulk of the items for sale were often something you could screenshot, making it silly to buy the image in the first place. NFTs have lost popularity, and many would not purchase one today, regardless of the price point. 

#10. Extended Warranties

While most calls and emails you get regarding extended warranties are scams, the ones sold by dealers are legit.

But this doesn’t mean you should buy them.

One reason is because most cars can last 100,000 miles or more, assuming you get routine maintenance.

And second, the dealer will do everything to try to claim your repair does not fall under the warranty.

As one person said, “I worked for GM, and they would try to avoid warranty work at any cost. Didn’t get all your oil changes at GM? Your warranty is now void. You literally had to fight to get stuff approved.”

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