20 Things That Are a Waste of Money, Even for the Rich

Millionaires aren’t just rich people; they are rich people who make smart choices. So, sometimes it’s a wise decision to stay away from certain things even when you can afford them! Because they are just bad choices, which are a one-way ticket to deception.

One Redditor asked, “What is something you would refuse to buy even if you were a millionaire?” This thread received thousands of comments, and we have compiled the top 20 items for you!

1. A Salt Bae Steak

A Turkish chef named Nusret Gokce (Salt Bae) has become an Internet phenomenon and slicing a steak and then fancifully throwing salt onto it.
Image Credit: answer5/Shutterstock.

Now, let’s get real for a sec. Is a Salt Bae steak really worth all the fuss? Some millionaires don’t think so. Sure, they’ll enjoy a good steak like the rest of us, but they’re not buying into the whole “Salt Bae” showmanship.

One user sarcastically commented, “What? You don’t want an overpriced steak just because a random guy on the internet decided it was funny to spread some salt into it?”

Someone else added, “Nothing his restaurant serves even looks good. I’ve seen better-looking plates from the local greasy spoon. All his restaurants actually provide is conspicuous consumption on the most grotesque scale. Gold leaf-wrapped steak seasoned with the tears of poor people (and cooked like total badly) and served with a bottle of Pétrus for $40K.”

2. Timeshare

Inscription "Timeshare" in the sand on a tropical island, Maldives.
Image Credit: V_E/Shutterstock.

A discerning Reddit user commented, “A timeshare. I heard the pitch in Vegas in order to get a free show and buffet. I told the guy up front that my wife and I were poor, but we wouldn’t buy what he was selling if we won a million dollars gambling. The pitch still went an hour overtime. When I asked why he said the presentation varied in time according to the level of interest. Not sure what I could have said to show less interest than that!

Edit: A lot of people said we should have left when the stated time was over, but we had to wait until the end to get our vouchers. Also, my wife was dying of cancer at the time, and we told them so (it was pretty obvious she was sick), but that didn’t help speed things up either. She lasted less than 6 months after that. As bizarre as the experience was, during the show, we finally got free tickets to, the Elvis impersonator sat on her lap and flirted with her while singing one of the songs, and it was the highlight of the trip!”

Another added, “I had to sit through one of these because my resort in Cabo convinced us to. They promised us jet ski passes, 0 cash, and free massages, so I was ok; this can’t be that bad. Man. The guy would just not understand how I didn’t think this was a good investment.

Not only could we not budget for it, but why would we only want to ever vacation in that one resort in Cabo for the next 20 years? And then only on other people’s time? It made no sense. They had me sit down with like 4 different “closers” who each tried to pressure me more and more and just kept asking me why I was there if I wasn’t interested. It was awful.”

Why on earth would you want to be tied down to a specific location and date for your vacation? That’s the question millionaires ask themselves when faced with a timeshare.

3. Exotic Animals

Close up portrait of a offspring chimpanzee making eye contact.
Image Credit: Patrick Rolands/Shutterstock.

Owning an exotic animal isn’t as easy as picking up a bag of chips at the grocery store. There’s a whole jungle of legal hoops to jump through. Trust us; millionaires have got enough paperwork to deal with already. They’d rather keep their lives simple and drama-free!

One said, “I love animals, and I’d only do this if they were rescues and couldn’t be sent back out into the wild and needed a home. Very few people have the resources to help animals like that, so if I did, I’d help them.”

Someone else replied, “Exactly. Don’t buy exotic animals; buy the habitat. Most animals that are endangered got there because of habitat destruction – so if you have a ton of money to buy steppes or savannahs or forests and leave it alone, that’s one fewer landscape for businesses to mess over in the name of profit. Think of the good someone like Bezos could do if he sold Amazon and bought the Amazon for truly altruistic purposes.”

4. Car Subscription Services

Old stylish good looking man sitting in electrical car near the sport plane.
Image Credit: Danyil Sekunda/Shutterstock.

Now, you might think that millionaires would be all over this but hold onto your steering wheels because it turns out even they won’t touch a car subscription service with a ten-foot pole!

A Reddit user wrote, “Car manufacturers these days are making customers pay a monthly or yearly subscription for features their car comes equipped with already from factory. Popular examples of this are BMWs and them requiring a subscription to use your heated seat features even if you already have the physical hardware installed from factory. Don’t pay? Then you don’t get to use the heated seats. Toyota does it with their remote start button on the key fobs.”

Another person pitched in to say, “That’s pretty vile. I’m facing it with the remote start (and the few other bare features) my car company offers on their mobile app–my car doesn’t have remote start on the key fob, just on the app. I’d be even more upset if it was disabled on my physical key fob…

I bought the car, you sold me on features that came with the car, I paid, and now you’re saying I don’t get to hold onto the features that are built into my car?”

5. NFT’s

A non-fungible token(NFT) is a special type of cryptographic token which represents something unique. NFT blockchain marketplace
Image Credit: Rokas Tenys/Shutterstock.

Millionaires didn’t stack their cash by throwing money at digital assets that might disappear into thin air. NFTs might be the latest craze, but they come with a hefty price tag that could make even a millionaire’s bank account gasp for air.

One Redditor stated, “I get them; I just don’t get why people would buy them!”

Someone on Reddit said, “Well, some people bought them with the intention of using it purely to make money like a stock but a good portion of the internet actually believes they owned that picture because they bought it as an NFT.”

6. Designer Brands

Glamorous woman with multicolored bags posing isolated background
Image Credit: ViChizh via DepositPhotos.com.

Here’s the thing: Millionaires don’t need a designer label to look fashionable. They know that a well-tailored cloth can make a statement without a logo plastered all over it!

Someone commented, “Designer brands. Idc, if I have $10,000,000 I refuse to spend $500 on a t-shirt.”

Another Redditor couldn’t agree more and said, “Yes! I’ve occasionally strolled through high-end shops, and the prices for totally normal things like jeans or shoes, or shirts were CRAZY. Like, $350 for a single button-up shirt. What?!”

7. The Kardashians

Kim Kardashian West at the 2017 LACMA Art + Film Gala held at the LACMA in Los Angeles, USA on November 4, 2017.
Image Credit: Tinseltown/Shutterstock.

One said, “Any product that the Kardashians are associated with.”

Someone wrote, “Maybe it’s because they are the epitome of the focus on having a perfect body, resulting in women with eating disorders. Maybe they contribute to depression in teens because they can’t measure up. Maybe it’s the indirect pressure to mold yourself into a perfect body through expensive and sometimes dangerous plastic surgery.

Maybe it’s the blatant glorification of money. They flaunt designer clothes, the jewels, the cars, the houses, the travel. Maybe the obscene amount of money they spend while the average American struggles just to get by. They model excess and influence so the young, in particular, think they need all the trappings of wealth to be happy.”

Millionaires might have more money than they know what to do with, but they didn’t get rich by splurging on overpriced Kardashian products.

8. Crocs

Image Credit: claire Bullion/Shutterstock.

One user shared, “Those stupid $900 Yeezy croc looking shoes that look like a 3D printer had an abortion.”

Another person stated, “Lol, I know some people that are obsessed with yeezys. I just stay quiet in those conversations bc what I really want to say is “those shoes are really ugly, bro”. Like, even the ones that aren’t THAT bad looking, are still not something I’d ever be interested in, and they’re definitely not worth the money.”

Crocs might be comfy, but they’re not going to cut it in the fashion department of a millionaire!

9. The Cashier Donations

Cashier working in grocery store
Image Credit:
Goodluz via DepositPhotos.com.

A Reddit user wrote, “Charities at cash registers.”

Someone else replied, “If they care about the causes they collect for, why don’t they “round down” and donate the change from every transaction? It’s effectively the same thing to the charity, but I’m not a multi-billion dollar corporation asking someone who makes 40k a year to donate on every purchase.”

Millionaires choose to support causes that truly matter to them and organizations that can create real change. They won’t let a spur-of-the-moment cash register donation disrupt their charitable plan!

10. MLM Products

Close up on businessman holding a wooden block with "Multi level marketing" message
Image Credit: Uuganbayar/Shutterstock.

Millionaires know that MLM products are all about recruiting more people into the system and less about the actual quality of the products.

One Redditor stated, “Not sure why – I’m sure many MLM products are decent, even if the business model is questionable, unethical/unsustainable. Also, not sure how this relates to being a millionaire. It’s not like MLM products are generally out of reach.”

Another person pitched in to say, “They aren’t, actually. Many of them are downright dangerous but aren’t regulated due to their unethical businesses: Paparazzi has lead in their jewelry, Herbalife has caused organ damage & lost lawsuits over it, Monet causes premature balding & hair loss, Nuskin has a known carcinogen in many of their products, etc.”

11. Jeep

man wearing red tshirt looking upset
Image Credit: vova130555@gmail.com via DepositPhotos.com.

Someone on Reddit said, “a $90,000 Jeep Wagoneer….no Jeep is worth that much.”

Someone else couldn’t agree but say, “Build quality of Jeeps, in general, is so god**n poor I can not see how the company is in business….oh, that’s right, they have gone bankrupt repeatedly.”

Jeeps might be great for off-roading but don’t match the luxury standards millionaires seek.

12. Software Subscription

person hacking a computer
Image Credit: SimpleFoto via DepositPhotos.com.

Millionaires value control and ownership. They know that with software subscriptions, they’re essentially renting the tools they need. They’re not about to let someone else hold the keys to their digital kingdom!

Someone commented, “A software “subscription” that basically requires you to use a program remotely instead of literally owning a copy.”

Another Redditor agreed to say, “I would deliberately pirate Adobe stuff if I were a millionaire. They’ve already gotten thousands from me for software that doesn’t work.”

13. A Trip to North Korea

North Korea, Pyongyang - May 1, 2019: A group of North Korean children members of the Korean Childrens Union KCU, Young Pioneer Corps visit the Mangyongdae village, birthplace of Kim Il Sung.
Image Credit: Oleg Znamenskiy/Shutterstock.

North Korea might offer a unique experience, but it comes with strict restrictions on what you can see, do, and say.

One said, “I would never go because you would be taken prisoner and declared an American spy or something, but I am very curious about what life is actually like in NK. All the documentaries are very controlled.”

Another Redditor couldn’t agree more and said, “An American tourist got arrested for allegedly stealing a propaganda poster. He was almost braindead by the time the US got him back.”

14. Cars

angry man driving car
Image Credit: vladacanon via DepositPhotos.com.

One user shared, “A normal sedan goes plenty above the speed limit. Don’t need a sports car that will only give me the ability of getting a bigger speeding ticket or jail.”

Another person stated, “Agreed. Splurged at 50 and bought my first new car. Drove it two years and thought, “I’m paying monthly for an amusement park ride. This is stupid.””

Millionaires know that life’s about more than just the car you drive. They know that the real joy in life comes from the moments they create, not the metal they roll in.

15. House

San Francisco travel tourists couple looking at houses landscape banner.
Image Credit: Maridav/Shutterstock.

Someone said, “I use my kitchen, living room, and bedroom 99% of the time. Having a big house is pointless.”

Another added, “When I was a kid, I thought I’d become really successful and have like an 8,000 sf house. I currently have a 1,300sf house, and even this seems like a lot to clean. I honestly don’t want more.”

If you become a millionaire, would you buy a huge house for yourself?

16. Tesla

Line of Tesla electric car chargers with cars on charge at a motorway service area on a clear autumn evening in warm light from setting sun.
Image Credit: angus reid/Shutterstock.

Millionaires know that Teslas come with a hefty price tag and are not about to blow their hard-earned dough on an electric car.

One Reddit user wrote, “Especially now that other cars are catching up. I’m a Volvo faithful and hoping to buy an electric XC90 (or equivalent) in a few years. Had a friend that said a few years ago, “Tesla will be irrelevant once you can buy an electric F-150,” and that’s ringing more and more true.”

Another commented, “Yeah. I heard that the Tesla smart screens started to stop working suddenly when the screens has like 90 percent of the car controls. Yea, I will stick to Mitsubishi.”

17. Homeowners Associations

angry man
Image Credit: alan payne/Shuttesrstock.

You might think that millionaires would be jumping on board with all those neighborhood rules but turns out they don’t like to play by the rules.

Someone said, “A house that comes with an HOA. F*** HOAs”

Someone else agreed and said, “When I went to buy a house a few years ago, an HOA was an immediate disqualification for a house. Did. Not. Want. People think “Oh it helps with property values”, well people avoiding a house because of HOAs make demand (and thus the value of the house) go DOWN.”

18. Dangerous Drugs

Furious,enraged man with grumpy grimace on his face,with mouth opened in shout, ready to argue and swear, wants to gain respect, show strength, isolated over white background.
Image Credit: nakaridore/Shutterstock.

A Redditor wrote, “When I was a teenager, I smoked pot. I had this really cool lighter with a pot leaf on it. When you lit the lighter behind the pot leaf glowed green. As a 15-year-old stoner, it was a super cool lighter. Anyway, I forgot that lighter in my pocket; Mom found it, told Dad, “You better talk to her about drugs,” so Dad gave me the talk.

Here’s how my dad’s version of “the drug talk” went. “So, mom found this lighter, said I need to talk to you about drugs.” Holds his hand up to stop me from saying anything. “Look, we’re not stupid; we know you’re going to experiment. Just be safe. Be careful. Only ever drink or do drugs with people you trust when you’re somewhere safe. You can ALWAYS call us. We’ll come pick you up anywhere, any time. No questions asked, and we’ll never talk about it again. Never do anything that YOU do not want to do. And most importantly, DO NOT EVER TRY COCAINE.”

Another person shared similar thoughts and mentioned, “There are three drugs that I won’t even consider. Cocaine, meth, and heroin. Everything else is worth a conversation and research. But those three are 100% off-limits. Though these days, fentanyl should also be on that list. There ya go. 4 automatic no’s.”

Rich or not, staying away from drugs is always a better idea!

19. Yacht

Cruise ship holiday travel vacation – Happy couple enjoying in cruise
Image Credit: Lucky Business/Shutterstock.

Someone said, “A big show-off yacht!!!”

A discerning Reddit user commented, “First thing I thought of. I would never pay tens of millions for a boat.”

Someone else added, “I can’t see myself buying a boat at all either. They’re nice, I can appreciate them, but I know that if I buy one, I’ll never use it anywhere near as often as I should justify the cost.”

Ah, have you ever seen a show-off with a yacht?

20. iPhone

young woman smiling at phone screen
Image Credit: marinademeshko via DepositPhotos.com.

One user said, “I came to say this. I remember my dad getting the latest iPhone (he was one of them that got the latest model on every release)a few years back and being excited about some new feature on it (I remember neither the model nor what feature it was now) But I do remember him proudly showing me what his iPhone can do and indicating it was better than my phone. I showed him my phone could do that too and it was already two years old! That cemented it to me that iPhones are not all that.”

Another wrote, “Updates are BS. I had my last phone for eight years. Went years without updates. It worked fine.”

You might think that millionaires would be flashing their iPhones like it’s the next big thing, but that might not always be true!

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This article was produced and syndicated by A Dime Saved.