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Money has become a touchy subject in today’s society.
From discussing salaries to budgeting our spending, it can be uncomfortable and even overwhelming for many people.
However, there’s one group of individuals that always seems to come out on top when it comes to money: the wealthy.
Surprisingly, though, some luxurious items won’t necessarily break the bank for even these fortunate few; if you’re looking to invest your hard-earned money efficiently and avoid blowing your paycheck needlessly, take a look at these 14 things you don’t need the richest budget around for!
Table of Contents
Cryptocurrency is still relevant in today’s world. You’ve likely heard of Bitcoin.
However, the most recent craze centered around NFTs or non-fungible tokens. NFTs are supposed to be unique because they’re essentially digital collectibles that are one-of-a-kind.
The problem? Most have no value, and those of value have seen their value blown out of proportion.
Additionally, the bulk of the items for sale were often something you could screenshot, making it silly to buy the image in the first place.
NFTs have lost popularity, and many would not purchase one today, regardless of the price point.
#2. Gold Steaks And Other Food Items
Some things are unnecessarily decadent, and I agree that gold steaks would be at the top of the list of things not to buy, no matter how much money I had.
It would not only not enhance the taste but also be extremely expensive without adding anything to the experience.
Of course, this applies to other food items as well. As one person stated, “I used to work at a very high-end sushi bar and we put gold on a few of our rolls. Yeah, it has absolutely no flavor at all. It’s purely for show.”
Imagine spending money on a location and only being able to use it for a certain period throughout the year.
That’s the concept of a timeshare. In today’s world, timeshares get an especially bad wrap, usually because they’re often pitched in long meetings and are notoriously hard to get out of.
There are a lot of people who still wouldn’t put money into them even if they had the money to do it. After all, you could easily save that money to use on vacation or rent something for yourself and save money down the road.
#4. Loot Boxes
Video games used to only cost the initial investment of buying the game itself. Now? Not so much. There are many pay-to-play games on your phone or online where you have to sink money into the game to access some of the best items and beat out the competition.
It used to be a novel idea, but microtransactions have become something that most people in the gaming community will immediately respond to with aggression.
It turns out that people still wouldn’t buy products like loot boxes and other pay-to-play items even if they did have money.
#5. Lottery Tickets
The lottery is much more than just a chance to win money. It’s a shot at the dream life for those who could potentially win millions or billions playing the lottery. However, some people are really torn about this one.
While some people say they might, others are against spending money to potentially earn money when the chances aren’t high that they will make a profit. I can’t blame them!
Bottled water is still quite popular. We have a range of filtration products on the market, but some people still want bottled water because it’s convenient.
However, many recognize that, in reality, bottled water isn’t necessary to spend hundreds of thousands of dollars on when their tap water is perfectly suitable.
One person responded, “I read yesterday that the most expensive tap water company charges €1,78 for 1000L of water in my country.
That’s insane compared to bottled water and also kind of dystopian compared to other places in the world where it’s a daily struggle to find clean water at all.”
#7. MLM Products
You can’t go anywhere these days without seeing products from multi-level marketers either in real life or in the form of a pitch from someone you went to high school in your inbox.
Even though some MLMs were previously known for their quality, many companies produce low-quality items and charge exorbitant prices to make even more money off of the people selling for them.
Very few people want to spend money on such items when they can buy something better from their local retail store.
#8. Twitter And Other Social Media Accounts
Part of the joy of social media is that you don’t have to pay for it. It’s free entertainment in the palm of your hand.
However, you could shell out extra for more features in today’s world. Some people will dig into their pockets to get more out of the experience, whether this is tokens for awards, verification, or other features.
However, most people agree they would not be one of those individuals paying more to use their already free social media accounts.
#9. Cars They Can’t Afford
Everyone loves luxury vehicles.
The ride seems to be more enjoyable every time.
But the wealthy can afford these vehicles, while the average person cannot.
If the wealthy cannot comfortably afford it, they won’t buy.
The poor person however, will still buy it, no matter how tight it makes their monthly budget.
#10. Extended Warranties
While most calls and emails you get regarding extended warranties are scams, the ones sold by dealers are legit.
But this doesn’t mean you should buy them.
One reason is because most cars can last 100,000 miles or more, assuming you get routine maintenance.
And second, the dealer will do everything to try to claim your repair does not fall under the warranty.
As one person said, “I worked for GM, and they would try to avoid warranty work at any cost. Didn’t get all your oil changes at GM? Your warranty is now void. You literally had to fight to get stuff approved.”
#11. Designer Purses
We typically see people like the ultra-wealthy and celebrities with name brands that are generally out of the price range of even the middle class. But would people spend money on these goods if they had money?
No! Whether it’s a $100,000 Birkin purse or another designer item, people agree they wouldn’t waste their money on these items (except for starting their own resale business).
#12. Designer Clothes
It’s not that the wealthy don’t buy expensive clothing, but they don’t buy it simply because of the tag.
Too many poor people will buy a $100 plain white t-shirt and wear it as a status symbol when they could have paid $10 instead.
The wealthy will buy the $10 and invest the other $90 and grow it into more wealth.
#13. Outdoor Equipment
It can be costly to purchase an maintain a lawn mower and all the other landscaping tools you need.
As a result, wealthy people opt to instead pay a landscaper because it is cheaper in the long run.
Plus, by having someone else do the work, they have more time to do the things they enjoy.
#14. Cheaply Made Products
Sure you will spend less money by purchasing the lowest priced item today, but what about in a few months?
The reality is for things you plan to use regularly, spending more upfront is a smarter move.
And wealthy people realize this.
They will spend more on high quality items and shun cheaply made items because they know these items will cost them more in the long run.
Habits of The Wealthy
Do you what separates the wealthy from everyone else? It’s their habits.
The good news is learning their habits is simple which means with a little effort, you too can become wealthy.
How To Become Financially Independent
Being financially independent means not having to worry about money ever again. You can choose to work if you want to, and spend money as you wish. But how do you get there? Here are the steps you need to take.
How To Invest In Yourself
We all know we grow wealth by investing in the stock market or putting our money into savings accounts.
But many of us are unaware that the best returns are by investing in ourselves. When we improve ourselves, we have the ability to earn a lot more money, which makes it easier to become filthy rich.
Steps To Building Wealth
We all want to have enough money that our finances are no longer a stress in our lives.
But with so much financial advice out there, building wealth seems impossible. Not any more. Here are the simple steps you need to take.
Learn How To Save $100K
Saving money can be hard, especially if you are looking to have $100K in the bank.
But while it feels difficult, don’t let this stop you. Here is how you can save $100,000 in nine steps.
This thread inspired this article.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.