Saving money and becoming financially successful can take some work, but it can become easier. People who are successful with their finances have found ways to save money and build their savings. If you could become rich by doing simple things, why not give it a try?
In this article, you’ll see how rich, successful people save their money and remain rich. You don’t have to change your entire life change your entire life, but by making intelligent decisions, you can become rich and successful too. Continue reading to find out how others save their money and stay rich without wasting money. Here are 25 things rich people never spend their money on.
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25. Bank Fees
People who are rich and know better than to waste money by paying bank fees when it can be avoided. For example, many banks require a monthly maintenance fee for certain accounts they have to offer. According to a CNNMoney analysis, America’s three biggest banks, JPMorgan Chase, Bank of America, and Wells Fargo, earned more than $6.4 billion in 2016 from ATM and overdraft fees alone.
An easy way to avoid fees such as those is to play by the banks’ rules. For instance, Bank of America’s Core Checking account charges a $12 monthly fee to those who use its services, but you can get the fee waived if you meet one of several requirements such as maintaining a specific average daily or arranging at least one direct deposit that exceeds a set minimum. These are things to take into account when using a bank.
24. Credit Card Interest
A credit card can come in handy in many instances, but sometimes it’s a little too convenient. It’s easy to swipe and get what you want, but you won’t catch rich people racking up high credit card interest. They know it’s a waste of money and avoid it. A way to avoid accruing interest on your credit card is to transfer or consolidate your debt to a credit card with a 0% introductory APR. Just make sure to pay off your balance before the promotional period has ended.
Henderson said another option is to “consolidate any non-deductible debt into a second mortgage or home equity line of credit, which may be deductible depending on your particular situation.” Live on less than you earn once you’re out of the red. Henderson also states that “if you can train yourself to regularly and systematically put away money for your future, you can build wealth steadily and not need to rely on credit cards or other non-deductible debt.”
23. Lottery Tickets
If you want to become rich, don’t play the lottery as it’s a sure way to burn your money fast. You have about a one in 292 million chance of winning the Powerball grand prize, which means the odds are not looking to be in your favor. So don’t bother wasting your money on a Powerball ticket. By doing the math, it adds up quickly. If you were to play twice a week for a year and bought two tickets each time, you’d have put more than $400 in the hole.
According to Henderson, rich people usually make a more logical choice and invest their money into other things, which is something you may want to consider. “Many studies have shown that people who might be considered low income play the lottery much more regularly than higher-income people, who typically only play when jackpots get very large, and there is more media attention,” Henderson states. People who invest money into more logical things seem to have better outcomes regarding financial stability, too.
