Wealthy People Never Say These 5 Phrases About Money
Written by
Dawn Allcot
Edited by
Levi Leidy
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Being wealthy requires more than just a high-paying job, opportunities, knowledge about investments or even being born into a family with money. While all of these things can help, people who are successful in acquiring wealth, and holding onto it, often have a different money mindset than everyone else.
What are some of the things you’ll never hear a wealthy person say about money?
“I don’t check price tags.”
Even the wealthiest people, if they’re smart, care about how much something costs. They will seek the best value, which might mean paying more for a higher-quality product that won’t need to be replaced. But they won’t automatically seek out the most expensive item to look good — or the cheapest item to save money — before making a purchase. Instead, they’ll evaluate the choices and see how it fits into their budget and their long-term plans.
“I don’t have to budget my money.”
Likewise, you’ll rarely hear a wealthy person say they don’t budget — at least not if they’re smart as well as rich. In a recent post, Avery White of VegOutMag.com wrote, “Even billionaires have budgets, whether it’s through a family office or a trusted advisor.”
“I’ll buy it now and worry about it later.”
Have you ever seen something you wanted and put it on your credit card to pay off at some undetermined future date, or even dipped into funds allocated for something else, like groceries or rent? Just as wealthy people follow a budget, they also think about the longer-term ramifications of their financial decisions.
“Most people think in days, weeks and months. Truly wealthy people think in decades,” Kevin Reed, CRO at Aquilance, shared.
Before you make a choice that could cost you down the line, Reed suggested asking yourself, “How successful will this decision look in 50 years?”
He added, “We’re all better served if we can focus on long-term goals and outcomes instead of instant gratification.”
“I’ll do it myself to save money.”
Common money-saving tips for the middle class include handling things like landscaping, car maintenance and even manicures or haircuts yourself rather than hiring a professional.
But a wealthy individual might say, “My time is too valuable to spend on something that someone else can do quicker and better.”
“High-net-worth individuals recognize the value of their time and the benefit of getting something done at the highest level by an expert,” Reed said.
“I can’t afford it.”
Most wealthy people won’t say they can’t afford a purchase — and it’s not just because they have the money in the bank to cover it. It’s inherent in their mindset.
“Affording anything […] must come with a financial sacrifice in other areas of our life,” wrote Dawn Baker, MD, in a blog posted on WealthyMomMD.com. “Everything we buy is a choice and is conversely a choice in the opposite realm (against saving or spending on something else).”
When we say we “can’t,” according to Baker, we’re adopting a scarcity mindset rather than acknowledging a choice.
Wealthy people, for the most part, recognize these trade-offs and approach decisions from an abundance mindset. Members of the middle class could be stuck in a dangerous scarcity mindset without even realizing it.
“The scarcity mindset keeps us from feeling we have choices or control over our financial situation. It places issues in a negative light,” Baker wrote.
Shifting your mindset and realizing you have control over your financial choices, to a certain degree, can lead to better long-term financial decisions and a path to building wealth.
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