I’m a Financial Advisor: 3 Bills My Millionaire Clients Never Put on Autopay
Written by
Cindy Lamothe
Edited by
Jenna Klaverweiden
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Autopay feels like one of life’s little luxuries. You set it up once, and suddenly bills are paid on time, late fees disappear and your to-do list gets a little shorter. For most things, it’s a no-brainer — why not make life easier?
But here’s the twist: Not every bill belongs on autopay. Some expenses are better managed with a watchful eye, whether it’s because the amounts can change, mistakes happen more often or you just don’t want to hand over full control.
GOBankingRates spoke with Michael Foguth, founder and president of Foguth Financial Group, to discuss the bills his millionaire clients keep off autopay — and for good reason. “Autopay is convenient, but my millionaire clients are very selective about which bills they put on autopilot. Even with plenty of resources, they avoid three categories,” he said.
Here are the three bills his millionaire clients don’t put on autopay.
Credit Card Bills
According to Foguth, high net worth clients often have multiple cards for points or business expenses. “If all of them were set to autopay the statement balance automatically, it could trigger overdrafts or liquidity issues in certain accounts,” he said.
More importantly, he said they prefer to review charges line by line to catch fraud, billing errors or duplicate charges. “I had a client spot $2,500 in fraudulent international transactions simply because they manually reviewed before paying,” he said.
Medical Bills
Medical bills are notoriously prone to errors, double billing, miscoding and insurance issues.
Foguth noted that putting these bills on autopay means you may be paying more than you should. “One client avoided a $1,200 overcharge by requesting a corrected statement instead of letting autopay sweep it through,” he said.
Large, Variable Utility or Tax Bills
Foguth explained that property taxes and certain utilities (like heating in winter) can fluctuate dramatically. “A $300 average gas bill can suddenly jump to $900 during a cold snap,” he said.
His millionaire clients prefer to review and plan cash flow before authorizing these spikes, rather than risk an unexpected hit to liquidity in one account.
Wealth Doesn’t Eliminate the Need for Oversight
According to Foguth, the broader lesson here is that wealth doesn’t eliminate the need for oversight.
Autopay is best for predictable, low-risk bills, like subscriptions or insurance premiums. “For large, variable or error-prone expenses, a manual review protects you no matter your net worth,” he said.
Taking a moment to check these bills can prevent surprises. It can also help you catch mistakes and even give you a better sense of where your money is going each month.
It’s less about inconvenience and more about control — knowing that every dollar is accounted for and working as it should. After all, staying engaged with your finances is one of the simplest ways to keep them running smoothly.
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