The wisdom that money experts are most likely to offer people who want to get rich is to spend less money — and in most cases, that’s advice worth heeding.
The discipline to tighten your budgetary belt and free up cash for investments and other wealth-building ventures is one of the hallmarks of the millionaire mindset.
But nearly every member of the two-comma club has a few expenditures they’ve never been willing to part with throughout every stage of their financial journies.
The following is an introduction to two self-made millionaires and the things that continue to give them the rare feeling of being happy to part with their dollars.
Gene Caballero is the co-founder of GreenPal, an online marketplace that matches lawn care and landscaping service providers with customers looking for just the right company for their outdoor needs. It examines the history and reputation of each business it lists and contacts them on behalf of interested customers. Those customers can then compare free quotes from services in their immediate area and book next-day service without doing any legwork.
Caballero has helped grow the company into an industry giant that facilitates more than 10,000 daily bookings.
He became a “proud self-made millionaire” through frugality, disciplined saving and living well below his means — but there are some things that he thought and continues to think are worth every penny.
“Over the course of my wealth-building journey, I’ve come to realize the importance of certain investments that, no matter how much money one has, should never be compromised,” said Caballero. “Here are two paramount things based on my personal experience.”
Some optional expenditures are splurges for the present. Others are investments with the potential to pay you back in the future. According to Caballero, anything that enhances your knowledge and ability to progress in your field falls into the latter category with almost no exceptions.
“This is not limited to formal degrees or certifications,” he said. “Millionaires understand that the world is ever-evolving, and staying updated is crucial. Whether it’s an online course, attending conferences, reading books, or even hiring a mentor, investing in oneself ensures that you’re always at the top of your game.”
In his mind, the choice is to spend what’s required to keep up or accept that you’ll be left behind.
“As the landscape of industries changes, so should your knowledge,” said Caballero. “Continuous learning equips you with new perspectives and strategies that can be transformative.”
Caballero is a firm believer that money spent to keep your body in peak working shape is an investment worth making — and not because he likes getting second glances on the beach.
His philosophy is that fitness pays long-term dividends.
“Health is wealth — quite literally,” said Caballero. “Without a fit body and mind, even the most accomplished millionaire can’t enjoy their life to the fullest.”
While you can get fit for free, the guidance of an experienced professional can be indispensable — even if it isn’t cheap. According to GoodRx Health, personal trainers charge an average of $50 an hour. At that rate, many people might be inclined to keep the cash and go it alone — but maybe not if they knew what their money was buying.
“Hiring a personal trainer has been one of my best decisions,” said Caballero. “It’s not about vanity or aesthetics but the discipline, energy, and mental clarity that regular exercise brings. A personal trainer ensures you’re consistent, pushes you beyond your perceived limits, and customizes a routine that’s tailored to your body type and goals. This investment pays dividends in the form of better health, reduced medical bills in the future, and the stamina to work on your goals.”
Caballero has always regarded money spent on his body and mind to be non-negotiable investments in his financial future that would eventually make him richer, both literally and metaphorically.
“They propel you forward, ensuring you’re mentally agile and physically fit to tackle the challenges of entrepreneurship and life,” he said.
Some expenses improve your health, well-being and prospects for a longer and more productive future. Others make life worth living.
Lisa Lane, president of Lane Innovations and the inventor of the Rinseroo brand of products, knows that the latter can be just as beneficial as the former.
A veteran of the pharmaceutical sales industry, Lane conceived the idea for her invention in her Jersey Shore bathroom and developed it into a product line that’s now on store shelves. Her creations have earned her big money — but she never stopped splurging on small pleasures.
“In my opinion, one should always spend money on entertainment and dining,” said Lane. “Spend regularly with yourself and your family, with your customers and with employees. There is no better ROI.”
For her, an evening out provides much more than a meal and a few hours of entertainment.
“Families bond, customers become friends, and employees become loyal,” said Lane. “A great steak dinner or tickets to a show may sound pricey, but the long-term benefits are worth every bite.”
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