The one percent is not just like us, but not just for the obvious reasons.
Their life isn’t all caviar and Cadillacs. It’s actually often the opposite, and that frugal mindset helps keep them at the top of the financial food chain.
Here are four bizarre frugal tips that the richest people in the world often use that anyone can get mileage out of.
Organize Everything
Organization is a superpower. And while rich people often have more time, money, and resources to organize their lives, that doesn’t mean you can’t. It’ll take more effort and research on your end, but the mental clarity you get from organizing everything from your finances to your pantry is worth the cost.
We recommend starting with your finances. That means establishing a budget, tracking your expenses, and setting clear financial goals. It sounds bizarre, but we’d encourage you to try taking a more organized approach to everything in your life and see if you don’t feel a little richer while also saving money. It’s a hack that can improve the quality of your life in the blink of an eye.
Go High-End For Cheap
Rich people won’t hesitate to shop somewhere expensive; they don’t have to. Yet what many people don’t realize is that these people aren’t always just buying the most expensive things there. They’re often doing the opposite, still looking for ways to save a buck or two by seeking out high-end items that are on sale, discounted, or even lightly pre-owned.
Rich people know that luxury brands often have sales or outlet stores where you can find top-quality products at a fraction of the original cost. They also know that timing is everything. Shopping during end-of-season sales or major holiday promotions can lead to incredible deals on items that would normally be out of reach.
Buy The Best of Something
Buying the highest quality item you can doesn’t sound frugal. But when you realize you only have to buy it once, the value is obvious. For example, consider a high-end kitchen knife. Yes, it’ll be much more expensive than your run-of-the-mill knife. And that won’t matter, because a well-crafted knife will last for years, if not decades, with proper care.
Rich people know the secret: buying the best of something is not about splurging; it’s about making smart choices that lead to greater savings and satisfaction over time. The good news is that the “best” doesn’t always equate to the most expensive, either, so that’s something to keep in mind.
Network
One of the most powerful frugal tips that the wealthy often use is leveraging their networks for discounts and deals. Rich people understand the value of connections and often tap into their social circles to find exclusive offers, insider information, or even barter services.
They know that asking for a favor or sharing resources can lead to significant savings. You can adopt this strategy too—don’t hesitate to reach out to friends and family when you’re looking for solutions or answers to financial situations. You never know when someone is willing to extend a hand, especially if it’s mutually beneficial.
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