Minh Tran
If I hand you a dollar bill, you’d probably spend it without a second thought.
If I told you a millionaire would probably do the same, you might be surprised.
But here’s where it gets interesting.
Contrary to common belief, genuinely successful people, the ones who have truly made their mark, treat money differently.
They’re choosy about where they invest their hard-earned cash.
Psychology has an interesting take on this. It pinpoints 8 specific things that these high-achievers never spend money on.
Grab a coffee, sit back, and let’s delve into this fascinating aspect of success together.
Who knows? This might just be the transformative insight you’ve been looking for.
1) Impulse buys
We’ve all been there.
You’re in the checkout line at the grocery store, you glance over, and there it is – that candy bar you didn’t know you wanted.
So, you grab it. No harm done, right?
Well, not exactly.
For truly successful people, this kind of spontaneous spending isn’t on the menu. Their money is a tool, not a toy, and they’re careful about where they place it.
They don’t give in to the allure of impulse buys. Instead, every dime they spend is a strategic move. It’s all about long-term benefits and growth.
Next time you’re tempted by that candy bar or that cute pair of shoes on sale, think twice. Are they worth it, or are they just another impulse buy?
After all, the road to success might just be paved with smart spending habits.
2) Status symbols
You see, I used to think that success was all about the flashy cars, the designer clothes, and the lavish holidays. I mean, isn’t that what we’re all shown in the media?
Then I met John. John is a multi-millionaire who made his fortune in software development. When I first met him at a conference, I was taken aback.
He was dressed in a simple jeans and t-shirt combo, not a designer logo in sight.
John didn’t live in a sprawling mansion either. Instead, he chose a modest home that he loved, in a location that brought him joy every day.
He told me once, “I could buy all the designer clothes and fancy cars in the world, but at the end of the day, they’re just things.
They don’t define my success or my worth.”
That conversation changed my perspective entirely.
Successful people don’t spend on status symbols because they understand that their worth isn’t determined by material possessions.
It’s about the value they create, the lives they touch, and the legacy they leave behind.
3) Get-rich-quick schemes
Here’s something you might not know: the average millionaire has seven streams of income.
That doesn’t happen overnight, and it certainly doesn’t come from a get-rich-quick scheme.
Genuinely successful people understand that wealth is built over time. It’s a result of hard work, smart investments, and calculated risks.
They aren’t enticed by the promise of easy money, because they know it’s often a facade.
These individuals would rather spend their time and money on learning, growing, and building sustainable ventures that pay off in the long run.
They invest in a future they can count on, not a gamble with empty promises.
Next time you come across a “get rich quick” opportunity, remember that slow and steady often wins the race when it comes to genuine success.
4) Unnecessary debt
Debt can be a useful tool when managed wisely – it can help you make significant purchases like a home or an education that might otherwise be out of reach.
But, it can also become a slippery slope if not handled with caution.
Genuinely successful people know this all too well.
They understand the value of living within their means and avoiding unnecessary debt.
Sure, they might use credit cards for convenience and rewards, but they’re diligent about paying off their balances in full each month.
They avoid high-interest debt like the plague, knowing it’s a trap that can keep them from reaching their financial goals.
In essence, they see debt as a tool to be used strategically, not a crutch to rely on for lifestyle inflation. And that makes all the difference.
5) Instant gratification
I’ll be the first to admit it: I love a good instant reward.
That immediate rush of happiness when you get something you want right away is hard to resist.
But over time, I’ve realized that instant gratification often comes with a hefty price tag.
And, it’s a price that genuinely successful people are not willing to pay.
I’ve learned that they practice something called “delayed gratification”.
It’s the ability to resist the temptation for an immediate reward in order to gain a more valuable one later.
Whether it’s saving for a dream vacation, investing in their business, or building their retirement fund, they’re willing to put off today’s pleasure for tomorrow’s benefit.
And you know what? I’ve started doing the same in my own life, and it’s been a game-changer. So, let’s all give it a shot, shall we?
6) Expensive downtime
We often think that successful people splurge on luxurious vacations or expensive hobbies for their downtime.
But in reality, many of them have quite simple and affordable leisure pursuits.
They understand that relaxation and rejuvenation don’t have to come with a hefty price tag.
In fact, some of the most enriching activities can be absolutely free.
They might spend their free time reading, meditating, hiking, or volunteering in their communities.
These activities not only help them unwind but also contribute to their personal growth and wellbeing.
The next time you’re planning your downtime, remember that it’s more about how you spend your time than how much you spend on it.
7) Extravagant luxuries
Buying a luxurious item once in a while is not a bad thing.
But successful people know there’s a fine line between treating oneself and overindulgence.
They don’t buy the most expensive wine just because they can. They don’t dine at five-star restaurants every other day.
They don’t replace their gadgets every time a new model comes out.
Why? Because they understand the difference between wants and needs.
They know that extravagant luxuries don’t necessarily enhance their quality of life or happiness.
Instead, they focus their resources on what truly matters to them, whether that’s their business, their family, or their passions.
Genuine success is not about ostentatious display of wealth.
It’s about living a fulfilling and meaningful life.
8) Things they can do themselves
Successful people value their money, but they value their time even more. However, this doesn’t mean they outsource everything to others.
Whether it’s basic home repairs, making a meal, or even managing their finances, they’re not afraid to roll up their sleeves and get their hands dirty.
They understand the joy and satisfaction that comes from doing something themselves.
Plus, it saves them money that they can then invest in other areas.
Don’t underestimate the power of DIY. Not only will you learn new skills, but you’ll also save money along the way.
And who knows? You might even find a new passion in the process.
Final thoughts
If you’ve made it this far, you’ll have realized that genuine success isn’t about lavish spending or ostentatious displays of wealth.
It’s about making wise choices, investing in your future, and understanding the true value of money.
As American businessman Warren Buffett once said, “Do not save what is left after spending; instead spend what is left after saving.”
It’s a mindset that goes beyond just money. It’s about having a clear vision of what you want to achieve and making strategic decisions to get there.
Take a moment to reflect. How are you spending your hard-earned cash?
Are there changes you could make to align your financial habits with your goals? Remember, every choice you make today shapes your tomorrow.
Let’s strive for genuine success – one wise decision at a time.
