7 Cheap Items Money Experts Will Always Buy
Written by
Crystal Mayer
Edited by
Chris Cluff
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
It may seem counterintuitive, but many rich people are actually very frugal shoppers. Millionaires and billionaires alike are notorious for living less-than-luxurious lifestyles.
For instance, Warren Buffett reportedly still lives in the home he bought over 60 years ago. The billionaire, who is worth a jaw-dropping $106 billion, has no plans to move from his affordable five-bedroom bungalow.
The Oracle of Omaha isn’t alone in his less-than-luxurious lifestyle. Many financial experts note that they do not spend money where they do not need to, instead focusing on investing their income. They also aren’t afraid of a good discount.
“Real Housewives” alum Bethenny Frankel routinely touts her drugstore beauty finds that are comparable to or better than much more expensive brands.
If you are hoping to follow in the footsteps of these frugal folks, here are seven cheap items that money experts will always buy.
Apparel
You may imagine a rich person dripping in name-brand designer clothes; but, for many money moguls, it simply isn’t the case. As a matter of fact, people with considerable wealth tend not to cover themselves in head-to-toe luxury items. They may own a few designer pieces, but most of the time they opt for clothing that is affordable and long-lasting.
In addition to not falling victim to luxury item prices, they also know that fast fashion can end up being just as expensive. Fast fashion or trendy clothing can wear out quickly, meaning you end up buying new clothes all the time. Wealthy people search for quality items that won’t end up in the giveaway pile after only a few wears. They also tend to be extremely loyal to a company once they find something they like.
Real Estate
Rich people don’t rush out to buy the largest house they can find. Many money experts are extremely savvy with their real estate purchases. They may stay in a house for decades, even if it isn’t the biggest home on the block.
People who are truly good with money usually see their homes as investments. They also know that being house poor isn’t worth the glamorous living space.
Cars
Despite what music videos and movies may have you think, many rich people drive modest cars. As a matter of fact, a fair number of billionaires drive surprisingly cheap cars. Instead, they prefer reliable modes of transportation, putting safety and comfort ahead of luxury. The low-cost cars are also cheaper to maintain, making it a win-win all the way around.
Store Brand Products
Money experts aren’t afraid to buy off brand, either. Celebrities and other well-known wealthy people are frequently sighted at places like Walmart, Target and Costco. They celebrate finding deals and drugstore products that outperform their more expensive counterparts.
What many people who have reached financial stability understand is that you don’t get that way by spending beyond your means. You save where you can, particularly when you can get the same quality at a lower price.
Bulk Items
Financial gurus don’t mind buying in bulk in order to save a buck. Once they find a product that they simply can’t live without, they don’t mind buying the store out of stock.
Best-selling financial author Dave Ramsey explained how buying in bulk really can save you money but cautioned “it all depends on what you’re buying.” He said consumers should buy in bulk only thing they know they will use and should generally avoid buying massive amounts of anything that is perishable.
Groceries
Groceries are another area where people can save big, and individuals with healthy bank accounts know all the tricks to get the deepest discounts. In addition to buying certain things in bulk, they may use things like coupons or loyalty programs to cut down costs.
Wealthy people know how to make their money last, and they aren’t about to pay full price when they don’t have to.
Household Goods
Finally, some of the richest people in the U.S. do not mind buying less expensive household goods. Everything from cheaper furniture to homemade cleaning supplies is up for grabs.
Now, cheaper doesn’t necessarily mean that the product is not high quality. A financially savvy person may look for a well-made bedside table at a consignment store or flea market instead of buying a pricey product from a warehouse. The person might make cleaning products because of the harsh chemicals that are frequently used in commercial items. The fact that it ends up saving money may just be icing on the cake.
More From GOBankingRates
