10 Best Frugal Habits Of Millionaires
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- เผยแพร่เมื่อ 3 มิ.ย. 2024
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Timecodes:
0:00 - Intro
0:43 - Buy Enough Home
1:10 - Buy Enough Car
2:17 - Clearly Define Their Enough
3:19 - Try Mint Mobile
4:21 - Rent First
5:35 - Constantly Audit Spending
6:31 - Shop Intentionally
7:44 - Buy Bulk
8:28 - Always Negotiate
9:50 - Always Look For Bargain
10:45 - Optimize Their Fashion
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
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I love that quote from the movie Hundred Foot Journey... "Madam, asking for a discount doesn't mean I am poor. It means I am thrifty."
Being tight with money isn’t something to be proud of
@@simonworsley8631 Tight and thrifty are two different things.
@@GrnXnham it’s a very fine margin from thrifty to tight. If you’ve got plenty of money, what is the point of being thrifty / tight? Money is hard earned, it’s there to be enjoyed and spent. By all means invest for the future, but people with money should be generous with it.
The wealthiest person is not who has the most but who needs the least.
From my personal experience, buying things is buying yourself problems...
So I tend to not buy things I don't need... but I am not afraid to spend when I know it is worth it.
I started negotiating everything a year ago and it goes so much better
Lol. I already practice many of these things. I'm proud of myself. I'm not rich but I have zero debt and money in conservative funds with consistent monthly dividends. I think that's enough for me. 😅
Hey, you would be surprised how many people would rather spend more to impress others that they don’t care about than having financial freedom
So very true!!! They'd rather drive a nice, flashy car and rent an apartment instead of owning a home!
Tae thanks for this video.. I was just feeling bad about my 12 year old car and then I saw you .. will use it till it dies😊
When I was young my parents gave me a used car that I didn’t like. I drove it forever, it seemed. I looked around and saw beautiful new cars. This made me feel bad until I realized that their cars were either rented or unpaid for. I think I was 40 before I bought my first new car-a Toyota, of course. If I had started out with a higher paying job, I would have bought the new car sooner, but I liked my lower paying career with more free time.
I love this idea of living so practically. So many people have themselves maxed out by monthly payments on things we think we need to "look" rich, because many people associate happiness or sucess with the pricetag attached to our homes, cars, clothes etc...
I base my true wealth on my personal morals and beliefs, as well as my relationships with family and friends. Having gratitude and prioritizing the most important things in life will bring you true happiness...when it comes to "material" things, we need so much less than we think we do 😊
Aristotle Said: Excellence is not an action, it’s a habit
I so appreciate how you dive in and give good examples. New subbie 🙌🏾 on my road to financial freedom
Check your library before spending on your subscriptions.
Appreciate these reminders bud
Love your videos. Also, your hair is amazing. Maybe you can post a hair tutorial video?
0:37: 💰 The number one frugal habit of millionaires is buying a house that is comfortable and content, but nothing more.
2:30: 💰 The video discusses the importance of knowing our 'enough' when it comes to money and how it can affect our lives and relationships.
4:53: 🔑 It is important to test drive a car or rent a home before making a purchase to ensure it meets your needs and preferences.
7:23: ! Millionaires shop with a list, buy in bulk, and save money.
9:38: 💰 Millionaires are always looking for bargains, even when buying homes during recession or market plunges.
Recap by Tammy AI
There's a stark contrast between a "millionaire" and the extravagant multi-millionaires and billionaires that are referred to in this video. Most millionaires are retired folks that were successful and saved well - not people that have extravagant wealth.
We paid just over $400k for our home that was listed for $500-$600k when originally built. It’s in a neighborhood I used to jog through but my husband said no at the time. Seven years later in 08’ it was vacant and foreclosed on which is how we got it. Last Summer it was valued at $1.2 million when prices were high. Several people in our area sold but we’re staying. With a 3+% rate why would we move? Five bedrooms and an office. 3.5 baths with 3 stories and great views. Three car garage and a corner lot. My husband works from the office. I have an Art studio and we have a full gym. We also have 2 fireplaces (gas) room for a pool, garden and terraced back yard. Our mortgage is just $3200/month. We also have a living and formal living room and a “music” room with a baby grand piano in it (bought from a church years ago). Just saying.
There was not One, not one thing I disagreed with in your list of 40….thanks for sharing…changing relationships with parents and being ridiculously young were two points that so hit home for me
Tae! Joe Song from UCI here! Looks like you’re doing well in life! I just subscribed! Good to see you!
Great advice, thanks 😊
Coach TK!! Top of the morning
Great video 🎉🎉
Great info 👍 👌
this is good one
Thanks for the video. Where do you buy the shirts??
Great video. Thank you. I have some work to do.
These were great ideas
I found myself out of control on Amazon especially during Covid. So I established wish lists on Amazon and put everything I want on a list. Once a week I go thru the lists and 90% of the time I delete the item. I tell myself I don’t NEED the item, I WANT it. This has helped me keep a handle on my purchases. I also have lists on my phone of items to look into instead of impulse buying. I like your channel. Good advice!
Such genuine content, keep up the good work 🙌
Great to know that I partake in all of these habits :)
here is a 11th one: cut out alcohol as much as you can, great video...kudos...well organies and informative
These are things you do when you are still accumulating wealth. But once you have reached the critical level of wealth and able to maintain it, do not forget to enjoy your money, for money you do not want to spend and enjoy is not yours - it is someone else’s money.
Golden! Nice polo shirt. May I know the brand
I just purchased a 160k g wagon, cash. Best purchase ever
Love your videos. Where do you get your 3 button polo style shirts in bulk?
Optimizing fashion made me laugh because it's what I do. I felt ashamed for it, but hearing you say "it saves brain space" makes me feel valid for having a basic wardrobe. 😂
Do more book reviews, allocations for those retired (more bonds, target retirement?), explain types of retirement accounts (with mega back door 401k ie)... you've done 3 or so of this same video... love channel
Where do you get your shirts from?
“Shop with intention”. My son found himself shopping without need or intention… he coined the phrase “shopping for something to want”. He doesn’t do this anymore… neither do I. :)
Toyota mentioned🔥🔥🚙💨💨💨🔥🔥💥
As a millionaire, I do think these are habits I have. However I don’t know if these are just millionaire habits or Asian values and upbringing…
So when we have to upgrade our iphones we pay retail with mint mobile?
I love negotiating and asking for discounts everywhere. It's a habit. Even at the supermarket or big box store. I negotiate or ask for discounts with a smile and a laugh. Most people forget that the money in their pocket is theirs. It isn't available to others unless they are pleased with the outcome. I like to have that same smile when I have my discount.
I do all ten except it's getting harder to bargain because of big ticket items are moving to fixed pricing here in Australia.
Great video….love the optimize fashion piece. As i was in the Army for 30 years I never had to fill my brain space with “fashion confusion”….now it’s Levi’s, canvas Sperrys, and Carhartt T’s….done and dusted :). Of course, I have a couple of bland suits and ties for the occasional funeral….And an old ammo can for mine! Hah
Tae Kim. I’m a very straight Hispanic middle aged man bro. But I love u lmao 😂. Thank u so much for all the knowledge and easy learning videos. I’m a huge fan bro. Good job take care. An thanks a million.
One reason millionaires don’t buy expensive cars is … being a millionaire today isn’t what it was 50 years ago. It’s still awesome, but it isn’t an indicator of fabulous wealth. It’s just … regular wealth. And people who’ve managed to amass $1M have usually had to be frugal to get there, through consistent saving and investing - and not spending all their money on living expenses.
I like the one strategy of renting a home first.
Do you answer questions if I have one now and then..? Thanks.
He must not 😂
I have a friend who's a millionaire whose car is maybe worth $800 on a good day.
😂 I’m going to imitating him/her
Thats why
I'm the same except Mine's worth 6k but I use it twice a month and it runs like new.
How are you sir
Common sense spending really. My Enough Car makes heads turn frequently - it is a 25-year old Toyota Camry. It has not failed me once!
The “same outfit” idea is much older than a Steve Jobs! These new giants are modelling one of the greatest minds of the 20th century - Albert Einstein. Who would never have arrived at “e=mc squared” if he’d been the kinda guy who wasted any time of his wardrobe, and said so when quizzed oh his uniform dress habits. I’d love to know for sure that he was the first.
Very true we had to wear school uniforms when I was growing up, never had to worry about what you were going to wear.
I’d like to know the average age when millionaires have kids and how many kids they have because having kids early does impact finances generally
More are having kids when they’re older and the kids turn out.
Having kids at all impacts the finances!
Why does anyone need priority boarding ?
I have to disagree with the car part. I love cars since I am a little child and I always wanted to drive a fast and sporty car, like a Porsche. If I have the money to buy one, I would definitly do it!
I think, too, it’s worth thinking about what sort of spending benefits society, and which don’t. Buying a house three times bigger than you need probably doesn’t benefit anyone much, whereas patronizing expensive restaurants and shops does help others, in its own way. I guess we should all live beneath our means, but not be overly stingy either.
There are millionaires and millionaires. Comparing regular millionaires to celebrities isn’t comprable imo. It’s a different stratosphere of money. A frugal millionaire became that because he sacrificed for it and those few millions are it, others have their millions in real estate and are “worth” millions but don’t have millions in the bank. The term is very broad. A lot of Celebrities have hundreds of millions and can afford all the extravagant things. It doesn’t mean celebrities don’t go broke, but the magnitude of income is much different vs a millionaire that had to scrape pennies that’s my point.
homes are like shoes, you can only wear one pair at a time. having many homes is a risk and paying property taxes/insurance/maintenance on them will put a financial burden on you. The whole deal about being rich is seeing how you can contain your finances and not spend them on liabilities- putting your money into investments that make money for you without having to put any money into them at all. This is how I became financially sound, it took a few years but I achieved my goal.
The irs is a pretty good enough limiter
Thrift store and aldi
I am surpised things like daily lattes or eating out lunch were not on the list. A latte a day habit runs $1500+/year, more if you add a pastry. Lunch at McDonalds can now run $15+. Cut these out and make your coffee at home and bring your lunch to work and you have $5K+/year additional to invest.
I live below my means but better than I need to. As for impressing people that’s for fools it’s better for people to think you are broke. It took me over 50 years to figure that out.
When you say negotiate, do you mean on used items ? Or is it possible to negotiate a brand new car ?
Yes.
Both
Over ６ pounds of Nutella for 21.99, I would buy a tub on the spot without missing a heartbeat, LoL
I don’t have a gigantic home but I want a boat 🛥️ 😂
I'm first after the first
1 piece of toilet paper per stool session.. you just keep folding it $maller.
I've mastered using 2 or less
Don't catch something. Medical bills will wollap all gains.
Spend the money and get a japanese toilet seat with bidet. Your TP usage will drop very low and your hygenine will be so much better. Great investment.
I lived in a 250sq ft rent-stabilized apartment in NYC for 17 years to save money. Just the slightest sacrifice to save money for all those years.
I’ve heard that this term used incorrectly in your videos, it’s ‘ couldn’t care less’. On with the video, I’m learning to love my 1100sqft house. I’m learning what my enough is. 😊
"Millionaire" is an outdated term. $1 million in 1970 would be $8 million today. A lot of upper middle class professionals have at least $1million in net assets, and are by no means rich.
There is a point when you have made enough money... Having the money and not enjoying it, for example, not making a cruise to Hawaii, having enough to pay for it, it is as if you don't have it!
Avoid subscription to save $70 but rent a house for a year to see if works for you 🤷♂️
For 70 you can barely rent a closet 😂
Money talks, wealth whispers
Please don’t be frugal on your clothing! There are far too many out there who don’t know how to dress these days
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Good ideas but I don't use paper towels or bottled soap. Big fat waste of money!!
I rather have 100 acres than 100 rooms
first I think
Remember to jailbreak your firestick so you can watch for free
No 11
You can replace anything you lose with cash except your home that's what insurance is for
Adjusted for inflation then, being a millionaire now is the equivalent of being middle class in the 80s 😂
Buy toilet paper? Youre not as frugal as you can be.
There are public washrooms.
Subscription nope library or walking
First...
Let's start by wasting our breath with "Let's get into it," rather than, uh, starting.
❤❤❤
Wow! What a long commercial
Could
Not ge through it
When you go to the movies, pick up a used cup from the trash and exchange it for a new cup.
Cheers ! I hope the naive People struggling to buy upscale ,designer clothes.... would learn all these advise.... they are always broke and complaining... 😅😢😊
Damn, I don’t even have a home or car.
I think though, a person who makes 500k a year is ok with not having the millionaire title
Disagree with renting...rich people usually BUY and poor people usually RENT! When I knew I was going to enjoy skiing, I immediately looked for used ski gear and then bought a season pass for next season. The poor people usually just continued to rent and buy day passes. The same goes for cars...the wealthy prefer to buy/finance a Toyota and poor people prefer to lease a Lexus
I think you missed the point of renting, the rich rent to try once and then buy if they want to do it again.
The poor rent forever, big difference.
Not sorry , but I skip all mint tmobile ads
"couldn't care less"
“ Millionnaire” doesn’t mean much these days.
💪
The 'decision fatigue' thing is laughable. The other points make sense, but c'mon. Making such a trivial decision every day would hurt their precious brain bandwidth? I call BS. For all they know, exercising the creative part of their brains first thing in the morning when picking what to wear would actually be beneficial. There's no problem choosing your wardrobe that way, and it makes sense to buy in bulk, but rationalizing it on the basis of brain overload is just silly.
Major schools have done many studies confirming generally speaking, we only have so many decisions in us each day and feel tremendous stress once the limit is reached. Please look into it. It's surprising. And for these stalwarts who make large # of decisions daily, any relief is welcome. Cheers!
Oh, man. Decision Fatigue is REAL. Especially for women, who tend to own far too many clothes, and only wear about %20 of them.
@@joeycmore Sure, but many, many, many such studies wind up being debunked later, _especially_ is the soft 'sciences'. Research the replication crisis in science. The percentage of studies that later prove to be BS is quite large. On its surface, it seems like a ridiculous claim, not even close to being in line with common sense, so the burden of proof is on them, and I've heard of far too many BS studies to take any of them at face value.
Agreed, I think this advice is better applied for women (also slightly harder to implement though, since cuts of women's clothes tends to change a lot more based on trends, therefore finding truly "neutral" staples can be challenging depending on what's for sale that season, and there's a lot more upfront work to find "timeless" styles). Because majority of men's clothes tend to run kind of similar in general, there are a lot fewer decisions to be made (hence less fatigue).
I dunno hey. I'm a parent. I'm 40. My daily responsibilities are huge the older I get. I don't have enough space in my brain for things like clothes lol. I started wearing a uniform at home a couple of years ago and it's amazing!
These are just beliefs. I’d prefer to hear what real ‘millionaires’ have done, as proven in specific studies.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $150k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier and also the dedicated help of my guide. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
That's quite an achievement! It's true, understanding the market’s pulse is key. Profits like yours are every investor's dream!
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It's the difference between Millionaire and MULTI-MILLIONAIRE! Most millionaires are in that category because they include their hone equity. That's misleading, IMO. Nobody should compare themselves to someone who has $MM in assets to someone who makes $75k a year but has a paid off $500k home. Huge difference!
The false assumption of this list is equating “millionaire” with “rich’. You interchanged the two terms throughout the video.
There are 22 million millionaires in the US. In 2024, merely being a millionaire is nothing special…and by no means would anyone i know consider $1M as being “rich”.
The video implies that you SAVE your way to becoming a millionaire. Maybe today, yes, but that’s because being a millionaire is nothing special today.
But i can guarantee that no one saved their way to becoming rich or wealthy. In fact, i would argue that you need money to make money and thus the only way to become wealthy (i.e., Top 1%) is to spend your way to the Top 1%.