🙅‍♂️ 5 Things Millionaires Never Spend Their Money on

Here are 5 things that you should never spend your money on If you want to become rich

Author

Millionaire Syrup
December 05, 2023

5 Things Millionaires Never Spend Their Money on

Here are 5 things that you should never spend your money on If you want to become rich

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High Interest Debt

One of the worst financial decisions you can do is to fall into the trap of high interest debt. While it can be very tempting to use the available credit on your credit card. You're effectively paying around 18-25% interest on that money borrowed.

Luxury Items

This includes designer clothing, expensive watches, expensive cars and any other high-priced status symbol items. Rather focusing on building your assets that build passive income. Then later on once you've built a nice portfolio of steady passive income can you afford to make those luxury purchases.

Rent

Your housing expense is easily going to be your highest monthly expense. Renting may seem like a more affordable option than owning a home, but it can be more expensive in the long run. Rather investing in real estate whether that's your primary home or rental properties is a much better option.

Car Payment

While having a car is important for getting from A to B, it dosen’t mean you have to buy newest Range Rover on the market. Having a high car payment is one of the biggest liabilities that the middle class continue to pay each year.

Lease
Leasing a car might be a better option as a business owner, as you can use it as a write off to save on taxes.

Bank Fees

While this one might seem small, having a reliable bank with zero account fees is a not a bad idea. Our top recommendation for Best Bank for 2023 is Sofi, they offer zero account fees, .5% APY checking and 4.6% APY savings which one of the highest in the industry. Grab their new welcome bonus using the link below to get $275 for free when you set up direct deposit!