 10 silly things the rich never spend their money on. Edmund Burke, Anglo-English statement author and orator said, If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed. Rich people have a lot of money that they can decide to lavish on anything they want. I mean, we only need to think about something they want and that's it. They can get it right. If you thought poor people have more foogle than the rich, then I'm sorry to break into you that you were wrong. Although rich people have enough money to buy them nearly all, if not all, the things they want, however they tend to spend their money wisely than the poor. Rich people understand that even though they have so much money, they must gain control over your money or the lack of it will forever control them, says Dave Ramsey. Hence, they know what to spend their money on and what not to spend their money by. They are simply intentional about their money. In this video, I'll share with you 10 things the rich never spend their money on. This, I believe, will help you become a successful person. If you're new here, consider subscribing so that you won't miss other interesting videos like this. 1. Impulse Purchases This is something that happens to a good number of us. We see a nice bag or shoe lying by the window in the store and because it's so pretty, we can't get our eyes off it. We attempted to buy it even when we don't need it. A worst-case scenario is when it is offered at a discount. We think we are lucky to be there at the time and if we do not get it, we may never get the opportunity anymore. Rich and successful people, on the other hand, are planners. They are intentional about their money. They put thought into whatever item they plan to purchase. Do they need it? Is it necessary? These are a few questions they ask themselves before purchasing it. Warren Buffett, an American business magnet, investor, speaker and philanthropist once said, If you buy things you do not need, soon you will have to sell things you need. To avoid impulse purchases, consider Laisley Tain's author of life and death advice. Tain suggests using the envelope system bring with you only a predetermined amount of money to spend at each store. This approach will help you stay on budget and curb any habits you might ordinarily have in impulse buying and overspending. Rich people know that buying houses at an inflator crisis isn't a wise investment option. Hence, they prefer to buy a promise in real estate while it's still cheap. To make a profit later on when it's price skyrockets. Although their home buying budget is considerably higher, rich people still look for deals to make sure they are getting the most value for their money. Some of them do not even bother going for extravagant houses. For instance, according to the US News and World Report, Warren Buffett still lives in the home he bought in 1958 for $31,500. 3. Junk Food Rich people know the importance of eating healthy and they also know the havoc in eating junk food and substances that can be injurious to one's health. Hence, they stay away from such harmful diets. Most rich people are obsessed about eating good, healthy food and also maintaining healthy habits such as exercising. 4. Gadgets Except if the latest expensive gadget is directly connected to their line of business or jobs, rich people do not waste money on acquiring expensive trendy gadgets. 5. Expensive Clothing Not all rich people splurge money buying expensive clothes and pieces of jewelry. Most millennials know that looking good doesn't necessarily mean looking expensive. So why waste so much money buying super expensive clothes when you're going to replace them soon anyway? Although they can afford the latest fashions from the top designers, they make sure they make wise choices when it comes to their hard-earned money. Tane says financially successful people comparison shop and understand the importance of both quality and cost. They may go for a cheaper item or buy a higher quality item from a cheaper store to make the wisest financial purchase. 6. Fancy Toys For Their Kids Everyone likes to pamper their kids, including millennials, but they do not spend so much money littering their kids' rooms with fancy toys and gadgets just because they were advertised on TV. 7. Gambling Remember what we said earlier about how rich people spend their money? Yes, they are intentional about their money. Gambling is a game of chance. It is wagering or something of value on an event with an uncertain outcome. Why spend money on something that does not have a clear outcome? T. Hive Ecker once said, rich people play the money game to win. Poor people, on the other hand, play the money game not to lose money. 8. TV Channels And Video Games According to Zig Ziglar, rich people have small TVs and big libraries, and poor people have small libraries and big TVs. Rich people didn't become rich by sitting in front of a big screen all day. Neither did they do that by playing video games, hence they do not see the need to spend so much money on purchasing one. Glean Enoch, Nielsen Senior Vice President of Audience Insights, after carrying out TV research in different households said, We expected high-income households to own more devices, but we did not anticipate that low-income consumers of all devices had greater usage. 9. Lottery Tickets Like gambling, playing a lottery is also a game of chance. It is a sure way to burn money fast. Take PowerBor, for instance. Your chances of winning the grand prize is about 1 in 292 million. Surely, the odds are not in your favor. Rich people know this fact, which is why they do not waste their money on lottery tickets. 10. Low Interest Saving Accounts Regular saving accounts don't earn a lot of interest. The national saving account rate is a meager 0.06%. A stark contrast from what you can expect from a high-yield savings account. Rich people understand this difference, hence they do not waste their time or money investing in a low-interest regular savings account. Robert G. Allen said, How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.