5 Things Self-Made Millionaires Refuse to Spend Money on

Economists explain that "self-made millionaires" represent a rare and unique category of the world of wealth. These are not just ordinary wealthy people.

But they are people who were able to build their financial empires from scratch, amidst challenges, sacrifices and difficult decisions, which contributed to their achievement of what is known as "self-made success", which requires exceptional skills and personal qualities, reflecting a person's ability to achieve what may seem impossible.

Adopting a Different Financial Approach

"Self-made millionaires" adopt a different financial approach than many wealthy people, as this approach is characterized by wisdom and relies on unconventional habits, highlighting their distinctive lifestyle, which is often a source of inspiration for others. They tend towards smart investment that ensures continuity and growth, and they reject the manifestations of excessive wealth, and avoid extravagance in spending, as "self-made millionaires" refuse to spend money on many things that ordinary people see as things worth their price.

According to a report published by "CNBC", it is easy for people to imagine what they would buy for themselves if they became rich.

However, when someone talks to "self-made millionaires", they realize very well that no one earns or keeps a million dollars by spending excessively and without studying. Actual millionaires consider saving to be more of a challenge to oneself, as it is really fun to be able to buy something and then choose not to do it.

The answers of 5 self-made millionaires to "CNBC" show that they never spend money on the following things:

No spending on fast fashion

"Self-made millionaires" maintain a low clothing budget. They do not think about buying new clothes, except when old clothes are worn out due to the passage of time. They have a small closet containing simple and timeless clothes.

The dress code of self-made millionaires is based on the following rules: jeans with a T-shirt or polo shirt on normal days, and a suit with a tie on formal occasions, as this rule allows you to avoid the temptation to spend on flashy new clothes or cheap fashion.

Extended warranties are rejected

An extended warranty is a form of insurance policy that covers repair costs after the manufacturer or retailer's warranty on a device has expired. Self-made millionaires believe that professional success, investing wisely and living frugally absolutely prevent them from spending on "extended warranties" on home appliances and electronics from large stores, and they consider it just an additional profit for the store. Instead of paying for the "extended warranty" policy, these people put a little money in their emergency fund every month to cover repairs that may occur, so that they have the necessary funds in the event of a breakdown.

Expensive Drinks

Some self-made millionaires refuse to buy expensive drinks, especially alcoholic beverages. They take a frugal approach when it comes to this matter, and consider that spending a lot of money on something that will not last is simply a waste of time and a loss of wealth.

Sports wear

Many self-made millionaires refuse to spend their money on clothes designed for exercise. Although the gyms that these millionaires go to sometimes resemble fashion shows more than fitness centers, they dress very casually and do not care about anything else.

Going out at night with friends

"Self-made millionaires" rarely spend their money on activities such as going out at night with friends to go to restaurants or to the cinema. Their way of thinking makes them tend to do activities that can generate financial income for them.