I’m a Multimillionaire: 3 Ways I Maintain a Frugal Lifestyle To Stay That Way
In spite of stereotypes of “old money” hoarding wealth in the U.S., only 21% of millionaires in the U.S. inherited money to achieve their status. Of those, only 3% inherited $1 million or more and 16% inherited less than $100,000, according to Ramsey Solutions’ National Study of Millionaires.
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The 2022 Survey of Consumer Finances revealed that the average American household has a net worth exceeding $1 million, indicating that this level of income and savings isn’t quite the accomplishment it used to be in light of inflation. Becoming a millionaire remains a notable accomplishment, but the real secret to wealth is holding on to that money.
Rachel Rodgers — founder and CEO of Hello Seven as well as author of the book “We Should All Be Millionaires” — shared three aspects of her life where she remains incredibly frugal.
Family Vacations
Recent trends point toward spending money on experiences, not items. But that doesn’t mean you have to bust your budget planning the perfect getaway, according to Rodgers. “I’ve learned that a higher price tag doesn’t always mean more fun,” she wrote.
To save money, steer clear of tourist traps. Look for off-the-beaten path vacation rentals and places to eat and play like the locals.
Read Next: Suze Orman: 4 Banking Habits You Should Adopt To Grow Your Wealth
Everyday Clothes
It’s important to look your best, with well-tailored outfits, if you’re attending a business meeting or networking event. The adage of dressing for the job you want still rings true. Rodgers said, “When I’m in a business setting, I want to look and feel like a million bucks and will shop accordingly.”
But on her days off, she cuddles up in Target sweats and binges Netflix. Pricier clothes might last longer, which is important in a business setting. Just make sure you’re paying extra for the quality, not the brand name.
For everyday wear, jeans or sweats and T-shirts only get more comfortable as they get older and well-worn.
Your Time
“To me, frugality is about being intentional, starting with how I spend my time,” Rodgers wrote. Before saying yes to a meeting, invitation or any other commitment, Rodgers wrote that she evaluates it based on the money, energy, time or joy it will bring her.
This decision led her to declining 99% of requests for her time, making it that much more meaningful when she says, “Yes.”
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This article originally appeared on GOBankingRates.com: I’m a Multimillionaire: 3 Ways I Maintain a Frugal Lifestyle To Stay That Way
