GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Observing peoples spending habits and how they have changed over time has been quite fascinating.
Lottery Tickets
Wealthy people do not entertain get-rich-quick vices such as lottery tickets.
The best practice is to purchase something in full.
Wealthy individuals exercise discipline when spending money and will wait until they can purchase their desired items outright.
Purchasing thelatest brand nameis no longer appealing.
However, a major misconception is that wealthy people spend money accumulating a fleet ofcars or homesin multiple locations.
It isnt unusual to have a primary residence and a vacation house.
However, the primary focus for those who have accumulated assets is based on usage.
Once they have transitioned from being nouveau riche, maintaining their wealth curbs their appetite to spend frivolously.
Fleeting Fads
Wealthy people do not spend money on the latest fads.
They do not purchase items simply because its hot for a particular season.
They do not travel to the vacation spot that is considered the place to be.
They are not moved by the societal trends that can often leave people spending money they do not have.
This is especially true forfirst generation wealth accumulatorswho worked and saved money responsibly.
Hard work and sweat equity change their mindset as it relates to spending.
The Wealth Mindset
The journey to accumulating wealth is possible.
The decisions a person makes will determine how successful they will become.
Your standard of living will increase over time as well.
Maintaining that practice will guide you to a solid financial lifestyle.
More From GOBankingRates
Share This Article:
