While millionaire status may be more achievable than ever, there is still a certain mindset that can help an average joe reach that money milestone.
What many financially challenged people do not realize is that many millionaires are surprisingly frugal, refusing to spend money on stuff that they do not need. Unlike what is portrayed on TV, many millionaires aren’t focused on luxuries but instead build wealth over time.
To further understand how I could reach a seven-figure net worth, I asked ChatGPT what millionaires never waste money on. Here is what it said.
Lifestyle Upgrades
According to the Global Wealth Report by Swiss Bank UBS, around 1 in 10 adults in America are millionaires. These millionaires, however, aren’t necessarily living a lavish lifestyle. In fact, many millionaires forego luxury upgrades, as indicated by ChatGPT.
The AI-assistant explained that people with a seven-figure net worth do not spend money on high-maintenance lifestyle upgrades like a bigger house or fancier car since every upgrade means more money out the door.
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Status Symbols
ChatGPT also noted that millionaires generally do not waste money on “flashy status symbols” like $20,000 watches, logo-heavy designer clothes or expensive cars. Instead, the chatbot said they value their “freedom” and “privacy.”
High-Interest Debt Traps
Another thing millionaires avoid, according to ChatGPT, is paying interest on credit cards or “Buy now, pay later” schemes. Instead, many millionaires turn toward a financial advisor to avoid debt and build long-term wealth. A Planning and Progress study by Northwestern Mutual found that 69% of millionaires in America sought the help of a financial professional compared to just one-third of the general population.
Overpriced Convenience
While many people are willing to pay for convenience, millionaires may be more mindful of the expense. ChatGPT noted that wealthy people often avoid things like “daily DoorDash and UberEATS habits,” which are known to be overpriced. As reported by Ramsey Solutions, one of the frugal habits common to many millionaires is that they focus on living below their means, instead choosing to focus on building an emergency fund.
Trends
Millionaires, ChatGPT said, are also not tempted to waste money on “trendy investments” like get rich quick schemes, unproven crypto coins and meme stocks. Instead, they prefer proven, non-speculative investments that grow wealth over time.
According to reporting by The Currency, 47% of millionaires own stocks with an average portfolio of $949,248. Savvy investors often look for investments that can grow steadily, focusing on the long-term instead of risky short-term returns.
Low-Quality Goods
The chatbot said millionaires don’t waste money on low-quality goods that require frequent replacing, instead choosing to buy quality pieces even if they have a more expensive price tag. The wealthy, according to the AI-assistant, don’t spend money on “cheap shoes,” “low quality electronics” or “disposable appliances.”
Unused Subscriptions
As reported by Forbes, Americans pay an average of $46 per month for streaming services, but you won’t find millionaires forking over money or subscriptions they don’t use. ChatGPT noted that millionaires do not waste money on excessive subscriptions from apps to gym memberships. Instead, those with a seven-figure net worth track their expenses and work to “avoid mindless spending.”
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT What Millionaires Never Waste Money on — Here’s What It Said
