21 Things Real Millionaires Avoid Spending Money On
What the media shows about millionaires is often wrong. It’s not yachts, private jets, or closets full of designer labels.
Real wealth isn’t built by spending. It’s built by skipping the waste and making money work harder.
According to research from The Millionaire Next Door and Dave Ramsey’s Millionaire Studies, most millionaires didn’t get rich acting rich.
They kept it simple, stayed focused, and avoided expenses that drained their income. Frugality wasn’t a limitation. It was the strategy.
Here are 21 things real millionaires rarely spend money on. Some might surprise you. Others might make you question what’s in your own cart.
If building lasting wealth is the goal, start by avoiding the mistakes millionaires already know to skip.
Table of Contents
Fancy Cars
You’d think millionaires would be first in line for the latest luxury car, but plenty of them just don’t see the point. A brand-new car loses value the second it leaves the lot, and depreciation doesn’t slow down.
That’s why so many financially savvy millionaires skip the high-end brands and stick with reliable, fuel-efficient cars instead. The goal isn’t to impress people at a stoplight, it’s to get from point A to point B without burning cash unnecessarily.
Warren Buffett, one of the richest men alive, drove the same modest Cadillac for years. That tells you everything you need to know.
Related: Warren Buffett’s Enduring Wisdom on Frugality and Financial Freedom
Designer Clothes
Logos don’t make you rich. Plenty of millionaires could fill their closets with designer brands, but they don’t. Instead, they focus on well-made, classic pieces that last.
They know that a $40 high-quality shirt looks just as good as a $400 one with a logo on the tag. It’s not about being cheap, it’s about refusing to pay extra for a name.
Mark Zuckerberg built a billion-dollar empire wearing the same gray T-shirt every day. Think about that next time someone tells you success is about looking expensive.
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Pricey Watches
A watch tells time. That’s it. Millionaires who understand money don’t see the value in spending thousands on a luxury timepiece when a simple, well-made watch does the exact same job. Sure, some people buy them as investments, but that’s a different game entirely.
Most millionaires prefer to put their money into things that actually appreciate in value. If you ever see someone flashing a Rolex just to show off, odds are they’re trying harder to look rich than to stay rich.
Related: I Became a Liquid Millionaire at 38: Here Are Things I Don’t Waste Money On
Eating Out Often
A $50 restaurant meal isn’t just $50, it’s $50 that could have been invested, multiplied, and turned into something bigger. That’s how millionaires think.
Real millionaires don’t avoid restaurants entirely, but they see them as occasional treats, not everyday expenses. Cooking at home is healthier, cheaper, and gives you full control over what you’re eating.
And when they do go out, they’re not the ones dropping hundreds on overpriced cocktails and appetizers.
Latest Electronics
Every year, there’s a new phone, a new laptop, a new must-have gadget. And every year, millionaires resist the urge to upgrade just because a newer version exists.
They understand that tech companies make their money by convincing people they need the latest model. Instead of falling for the hype, they stick with what works.
The difference between last year’s phone and this year’s? Usually nothing that justifies the price.
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Luxurious Vacations
You won’t find frugal millionaires throwing money at five-star resorts and first-class flights just to feel fancy. Travel, to them, is about experiences, not showing off.
Real millionaires book comfortable accommodations, but they don’t need private villas with gold-plated bathtubs. Some of the most rewarding trips don’t come with a luxury price tag.
Instead of high-end hotels, they’ll opt for well-reviewed rentals or boutique stays that offer better value. The trip is the experience, not the hotel room.
Daily Coffee Shop Visits
A $5 coffee doesn’t sound like much, until you add it up. That’s $1,800 a year, gone. Smart millionaires don’t waste money on a daily latte habit when brewing at home costs a fraction of the price.
A high-quality coffee maker and good beans give them the same luxury without the markup. Plus, they don’t waste time standing in line for overpriced caffeine.
Small habits like this make a huge difference over time, and millionaires know it.
Related: 17 Income Streams That Often Create Self-Made Millionaires
Trendy Home Décor
Keeping up with every new home décor trend is a money pit, and millionaires know it. They don’t waste time or cash swapping out furniture and decorations every season just because some influencer says beige is out and jewel tones are in.
Instead, they choose timeless pieces that look good year after year. A well-made sofa lasts a decade, while a trendy one barely survives two before looking outdated.
Millionaires focus on quality, not fads, because smart money moves don’t come with an expiration date.
Related: 26 Mistakes Many First-Time Homebuyers Frequently Regret (And How to Avoid Them)
Expensive Cable Packages
Paying hundreds every month for channels that never get watched? That’s a hard no. Many millionaires cut out cable years ago and never looked back.
Instead of throwing money at bloated packages, they pay for what they actually use. Streaming services, digital libraries, or even free entertainment options keep them from getting sucked into never-ending bills.
It’s not about giving up entertainment, it’s about refusing to overpay for something that isn’t necessary.
Overpriced Cleaning Products
A fancy label doesn’t make a cleaner work better. Millionaires aren’t fooled into buying overpriced, name-brand cleaning supplies when cheaper, just-as-effective alternatives exist.
Many stick to basics like vinegar, baking soda, and other budget-friendly options that get the job done without the markup.
If a $2 product works the same as a $10 one, they see no reason to pay extra just because it’s wrapped in prettier packaging.
Related: I Never Do These 14 Things, And Thats Why I Was Able To Retire At 42.
Luxury Homes
Bigger doesn’t always mean better, and millionaires who understand wealth-building get this. A massive home comes with equally massive expenses, higher taxes, costly upkeep, endless maintenance.
They choose homes that fit their needs instead of chasing square footage just for the sake of it. The smartest ones prioritize location, efficiency, and long-term value.
A house should be a comfortable place to live, not a money drain disguised as a status symbol.
Related: Unpopular Opinion: 10 Reasons Why An Expert Says Housing Is Actually Affordable
Brand-Name Groceries
Slapping a big name on a package doesn’t magically make what’s inside better. Millionaires often skip the brand-name markup and go for store brands that taste the same and cost way less.
The trick is knowing that grocery stores use branding to make people spend more. Ingredients matter more than logos, and smart shoppers, rich or not, know where to find the best value.
Every dollar saved on groceries is a dollar that can be put to work somewhere else.
First-Class Flights
Flying first-class might sound like the ultimate luxury, but plenty of millionaires just don’t care about an extra few inches of legroom. The plane lands at the same time, no matter where you sit.
Many of them would rather put that money into something that actually grows in value. Comfort matters, but they know it doesn’t take thousands of dollars to travel well.
A well-planned trip beats a fancy seat any day.
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Following Fashion Trends
Chasing every new fashion trend is like throwing money into a fire. Millionaires who understand long-term wealth don’t waste cash swapping out their wardrobe just because some designer says skinny jeans are out and baggy ones are in.
They stick to classic, well-made clothing that lasts. A quality blazer, a simple dress, or a solid pair of shoes never goes out of style.
Fast fashion is a game designed to keep people spending. Millionaires don’t play it.
Multiple Credit Cards
Having a wallet full of credit cards doesn’t mean financial success. Millionaires keep it simple, often using just one or two cards with solid rewards that actually benefit them.
Juggling a dozen accounts leads to unnecessary fees, high-interest debt, and the kind of spending that drains wealth instead of building it. Keeping finances streamlined isn’t just about convenience, it’s about control.
Smart money moves start with knowing exactly where every dollar goes.
Related: Expert (With 820+ Credit Score) Addresses 10 Credit Card Myths
Overpriced Pet Supplies
Pets don’t care about designer collars or luxury pet beds. Millionaires who value their money don’t fall for marketing gimmicks that turn basic pet care into a status symbol.
Real millionaires focus on what matters, good food, proper vet care, and safe, comfortable essentials.
Spending thousands on crystal-studded leashes or gourmet dog treats doesn’t make a pet any happier. A loving owner and a healthy lifestyle do.
Expensive Hobbies
Some hobbies drain bank accounts faster than bad investments. Millionaires who prioritize smart spending don’t jump into costly activities just to keep up appearances.
Golf club memberships, high-end wine collecting, or luxury car racing might sound appealing, but they know fulfillment doesn’t have to come with a massive price tag.
Hiking, reading, learning new skills, there are plenty of ways to enjoy life without turning a hobby into a financial burden.
Related: Entertainment Inflation: 20 Activities That Are Now Too Expensive
High-End Furniture
A $10,000 designer couch doesn’t sit any better than a well-made $1,500 one. Millionaires who understand value don’t waste money on overpriced furniture just because it comes with a luxury brand name.
They look for quality, not hype. Some even opt for secondhand or refurbished pieces that last just as long without the ridiculous markup.
A smart investment is one that holds its worth, furniture that costs as much as a car doesn’t make the cut.
Related: How Much House Can You Afford?: The McDonald’s Principle
Extravagant Gifts
Meaningful gifts don’t have to come with big price tags. Millionaires who spend wisely understand that a thoughtful present carries more weight than an expensive one.
Instead of throwing money at luxury watches or designer bags, they focus on experiences, personal touches, and things that actually matter.
A handwritten letter, a book with a personal message, or a shared trip often means more than something flashy that will be forgotten in a few months.
Smart Home Gadgets
Just because your lights can blink purple doesn’t mean they should. Millionaires aren’t rushing to automate every inch of their homes with overpriced tech. They stick to tools that add function, not gimmicks.
It’s easy to burn thousands turning your house into a showroom of unnecessary upgrades. But most of those gadgets break, go out of date, or turn into clutter.
Practical upgrades? Maybe. A fridge that texts you? Hard pass. They know convenience isn’t always worth the price tag.
Related: Save Money Without Sacrifice: 22 Tips You Can Actually Use
Extended Warranties
Retailers love to push extended warranties and millionaires love to say no. These “just in case” add-ons often cost more than they’re worth, especially when most products rarely break within that time frame.
They’d rather rely on the standard warranty and spend that extra cash where it actually matters. If something does go wrong, they’ve got the savings to handle it.
Paying for peace of mind sounds smart, but not when the math doesn’t back it up. That’s why millionaires skip it.
Millionaires Spend Smart
Wealth isn’t built on flashy purchases, it’s built on smart decisions. Millionaires who keep their money don’t waste it on things that add no real value. They focus on what lasts, what grows, and what actually matters.
Skipping unnecessary expenses isn’t about being cheap; it’s about making every dollar work. Financial freedom comes from knowing what’s worth spending on and what’s just a money trap.
The real flex isn’t owning expensive things, it’s having the choice to spend on what truly matters.
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