13 Things Which Millionaires Hate To Spend Much On, While Others Get Loans To Have Them (3 of 4)

Real Estate

A mistake that many young people commit early on in their life is investing in expensive houses. Moreover, they do buy it on huge debts. Also, they spend another significant amount on maintaining them. They don’t take into view the real estate prospect of the house or area, which the rich people are smart enough to understand.

The rich don’t invest much in their houses and rather like to live with minimum means. We have a good example of Warren Buffett who has been living in the same house since 1958. The property was procured by him for $30,000 which today has a market value of $650,000.

People should understand that a family of four-five does not need a 6-8 bedroom apartment. One should invest in time and happiness which is the most important thing after all. Even a billionaire like Amancio Ortega lives in a simple apartment with his wife.

People equate success with the liabilities they have rather than their assets. House maintenance is a liability, whereas, real estate is an asset. They keep in mind about their kids and try to justify it for them, however, more or less; they lose their value over property within their lifetime.

Super Cars

All experts and economists have mentioned that a car is a liability and not an asset. Car or motor vehicles lose value over time and are worth it. Don’t get me wrong, but besides racing, farming, or other commercial needs, one shouldn’t opt for supercars or bikes. Depending on the usage one should go for a car that gives good mileages, smooth performance, and up notch safety.

People usually buy expensive cars to showcase their status and satisfy one’s self-esteem. They don’t take into account the maintenance, fuel, insurance, and other factors which more or lee can cost almost as much as the car itself. We should take inspiration from Jeff Bezos who drives a Honda Accord that he bought in a bare amount of $17000.

The illusion of external Beautification

In today’s time, even, by the way, a woman carries herself; she tells a lot about her status in life. For example, the social media influencers make sure that we notice the color of their nail paint, their manicure, and the intrinsic designs they make on them. They spend quite a time and money on these procedures to maintain the flawless image they have created socially. The wealthy women rather keep themselves just fine and modest with classic nail paint and nearly cut nail, for that matter. The wealthy people avoid such beautification procedures; rather they enjoy being their original selves.

These are the few things the Rich is a bit conservative about, or the poor, who are enterprising about. Most of the things for the poor are an external factor, while for the rich, it’s an internal factor.