We all want to know how to be a millionaire and how the world’s super-rich manage their money, but the wealthiest people on the planet aren’t exactly sitting around for us to go ask for saving tips. That’s why this post is dedicated to curating the best money management and money-saving tips out there. So, get ready to understand how rich people think about money!
You may find it surprising but Warren Buffet who is one of the wealthiest people on the planet has been known to use coupons to buy McDonald’s food. There are similar stories about how celebrities & super-rich people resort to penny-wise methods to save money. So, does this mean the secret to wealth is being super stingy? Well, the answer is yes and no!
What these money-saving habits of rich people reveal is their mindset – just because you have money doesn’t mean you’ll spend it on things that can be bought for cheaper. While there are many people who are penny-wise and pound-foolish, the rich it seems are penny wise and pound wiser.
If you want to save money and just be better with money management on a whole, this post will touch upon most if not all of the things you need to do. So, are you ready for the kind of money-saving tips that will make your wealth manager jealous of you? Ready or not, here are the top 20 money-saving tips that the world’s richest people follow:
1. Save Most of Your Money
2. Pay Using Cash
3. Eliminate Debt
4. Don't Waste Anything
5. Invest in Mutual Funds
We all know a good way to get rich is to invest in the stock market. However, if you don’t want to take big risks, mutual funds are a really good way to get rich. Most rich people invest in Mutual Funds through both the LumpSum and SIP route. Try investing in Mutual Funds using the Cube Wealth App.
6. Get Deal Savvy
7. Don't be Ashamed of Bargaining
8. Live Below Your Means
9. Buy Daily Need Products in Bulk
One thing we can all do to save money is to spend smartly on regular expenses. Daily home essentials like soap, shampoo, deodorant etc can cost us a lot. If you buy these things in bulk-online on sites like Amazon during a sale – you’ll save a lot of money every month.
10. Don't Waste Money on Showing Off
11. Avoid Unnecessary Luxuries
12. Consult a Wealth Coach
All things said and done an expert is an expert. Which is why you should talk to a professional wealth advisor. If you’re worried about the expense here’s some good news for you: You can consult a Cube Wealth Coach for free by clicking here. You’ll get honest investment advice and guidance at every step of the way.