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Millionaire Money Habits

October 18th, 2007 at 7:26 pm

Millionaires are Smart Shoppers, Not Just Good Ones

I have a friend who is a really, really good shopper. The problem is that he is not a smart shopper. He is a sucker for being lured by persuasive sales pitches and marketing gimmicks. It is actually comical because the behavior is so predictable. He comes across a “really great deal,” impulsively spends money he doesn’t have my making the purchase with his credit card, and tells everyone what a great deal he found.

flushing moneyWhat he doesn’t learn is that he never needs what he buys, wastes a tremendous amount of money, and can’t understand why he never has money. He literally cannot leave home without coming back with a “great deal.” This is a classic example of an over-consumer and under-accumulator of wealth. He has so much stuff that he never uses, which just creates more and more clutter. Everything from electronics to clothes.

Self-made millionaires are smart shoppers. They rarely buy compulsively, they are not over-consumers, and they only go shopping to buy things they need. Self-made millionaires use shopping lists, and stick to those lists when they shop.

Millionaire Money Habit: Make a commitment today to stop buying things impulsively and only shop for things you need. Use shopping lists and stick to only buying the items on that list. It’s amazing how quickly all the small expenses add up to a big expense.

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  • Livingalmostlarge
    12:49 pm on December 5th, 2007 1

    How will this apply to crazy coupon shoppers? I say it’s better to not buy stuff even if it’s free, than spending time shopping and clipping coupons. But coupon clippers would say not. Which is smart shopping.

  • Ryan
    10:15 pm on December 6th, 2007 2

    That’s a good, debatable question. I personally think using coupons for items you regularly buy is smart shopping. Interestingly though some people buy things they don’t really need just because it’s such a good deal.

    The other side of the coin is that coupon clipping can be time consuming. Which brings up the question about how much is your time worth.


  1. Festival of Frugality #102


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