You might assume the wealthy splurge on everything, but most financially successful people are surprisingly intentional about their spending. They know that smart money management—not reckless buying—builds and protects wealth.
Here are 20 things rich people generally avoid wasting money on. It’s worth taking a page from their playbook if you want to build long-term financial security.
Designer Logo Overload
Wealthy individuals often favor quality over flash. They pay for craftsmanship, not just a label meant to impress others.
Impulse Buys
They understand that emotional purchases add up. Delayed gratification is often part of their strategy.
Brand-New Cars (Unless They’re Rare Collectibles)
New cars lose value quickly. Many rich people buy used or lease, unless the vehicle is an investment or a passion project.
Oversized Homes They Don’t Use
Rich people know the hidden costs of upkeep, taxes, and utilities. If a home doesn’t serve a purpose, they skip it.
Trendy Tech That Becomes Obsolete Fast
They don’t chase the newest gadget every year. They upgrade when it adds real value or efficiency, not just novelty.
Daily Luxury Coffee Runs
Even billionaires brew their coffee. Warren Buffett famously opts for McDonald’s coffee over designer cafés.
Lavish Weddings
Many wealthy couples opt for smaller, meaningful celebrations over six-figure spectacles.
Paying Retail Without Checking for Deals
Wealthy people often negotiate big purchases and use reward programs. They treat spending like investing.
Storage Units Full of Clutter
They avoid holding onto things they don’t use. If something’s outlived its purpose, they sell or donate it.
Fancy Gym Memberships They Don’t Use
If they exercise, they make it count. Otherwise, they avoid the wasted monthly fee.
Excessive Streaming Subscriptions
They cut what they don’t use regularly. Many wealthy people live by the principle of value per dollar, even for entertainment.
Extended Warranties on Everything
Unless the math works out, they skip them. Most extended warranties benefit the seller, not the buyer.
High-Fee Investment Products
Wealthy people avoid mutual funds or portfolios with high management fees. They prefer index funds or direct investing.
Fast Fashion
Wealthy buyers invest in timeless, durable clothes that last, rather than chasing trends that wear out quickly.
Playing the Lottery
They know the odds are bad. Instead of hoping for a windfall, they focus on steady, smart investments.
Cheap, Disposable Furniture
Rich people buy once, not twice. Quality items that last decades are better than cheap stuff that breaks down yearly.
Huge Cable Packages
They streamline costs. Cable is often replaced with a single streaming service or skipped altogether.
Ignoring Financial Planning
They track their money. Even with millions, they work with advisors and use tools to plan taxes, spending, and investing.
Read More: 15 Times You’re Overpaying Without Realizing It
Bank Fees and Credit Card Interest
Rich people avoid unnecessary fees. They pay bills on time and use rewards cards, not high-interest debt traps.
Read More: 20 Signs You’ll Be a Millionaire One Day
“Get Rich Quick” Schemes
They know building wealth takes time. They skip crypto scams, MLMs, and miracle investments.
Wealth isn’t just about what you earn but what you keep. Avoiding these common money traps can help you think and spend like the wealthy, even before you feel rich.
Read More: 10 ‘Rich People’ Money Hacks Everyone Should Follow
