10 Things Rich People Rarely Spend Money On

April 24th, 2025

6 min read

10 Surprising Things Wealthy Individuals Tend to Avoid Spending Money On

Rich people often avoid spending on things like flashy brands, frequent gadget upgrades, and impulse buys. Learn the money habits that help them build long-term wealth and maintain financial success.

10 Surprising Things Wealthy Individuals Tend to Avoid Spending Money On

While most might think that the rich spend lavishly on extravagance and excess, the reality is otherwise. Rich individuals are generally intelligent with their expenditure, prioritising value and long-term gains over short-term fads.

Unlike their glamorous lifestyles as seen in the media, the richest of them all are actually conscious of how they spend. Below are some unexpected things that rich individuals hardly spend money on.

1. Flashy Designer Labels and Blatant Brand Logos

Rich people tend to go for understated luxury. They appreciate quality rather than flashy branding. Rather than parading around with flashy logos, they prefer classic, well-made pieces that don't cry out for attention. This is sometimes called "quiet luxury," where the focus is on craftsmanship and subtlety instead of blatant displays of wealth.

For example, instead of flaunting giant designer logos, most wealthy individuals opt for items from brands such as Loro Piana and The Row, which are renowned for their quality without the loud logos. They feel that real wealth doesn't have to be splashed everywhere, opting to let their success and self-assurance be self-explanatory.

2. Constantly Updating to the Latest Devices and Gadgets

Instead of keeping up with the newest phone or technology device, wealthy individuals spend money on rugged, high-capacity devices. They are more concerned with reliability and usability than with upgrading to the latest version constantly. While others hurry to acquire the newest iPhone or tablet, rich individuals wait until their devices can no longer meet their needs.

Rather than being influenced by trends, they look at the long-term utility of their tech investments. They tend to hold on to their devices longer, getting value and not spending extra money on gadgets that lose their value in no time.

3. Purchasing Lottery Tickets or Betting on Luck-Based Games

You won't see many millionaires buying lottery tickets. They consider gambling a poor investment and prefer to take calculated financial risks that offer a chance for a return. Although most wish for a stroke of luck, the wealthy think about options with higher chances, like investing in real estate, stocks, or companies.

They know that accumulating wealth is a product of well-thought-out decisions and intelligent investments, not luck. By resisting the urge to gamble, they invest their money in projects where they can dictate results and create long-term financial stability.

4. Making Impulsive Purchases Without Careful Consideration

Wealthy individuals exercise restraint and prudent planning. They refrain from impulse purchases by being long-term thinkers and assessing whether or not a purchase adds value to their lives. While most individuals make emotional buys based on fleeting wants, wealthy individuals postpone gratification and plan their purchases.

This thoughtful consideration allows them to avoid buyer's remorse and ensures each purchase aligns with their financial objectives. They only look for what is truly required and steer clear of mindless splurges.

5. Leasing Expensive Vehicles Which Lose Their Value Quickly

Leasing luxury vehicles every few years might sound glamorous, but most affluent individuals shun it. They either purchase vehicles outright or invest in functional, long-lasting vehicles. They know the quick depreciation of vehicles and prefer cars that offer durability and long-term value.

Instead of pursuing the newest sports car or leasing high-end cars, they prioritise quality and longevity. They know that buying cars and holding onto them for a few years enables them to get the most out of their investment.

6. Overspending on Quickly Changing Fashion Trends

Rather than spending money repeatedly on new trends, rich people have simple, high-quality wardrobes with timeless, elegant pieces that continue to perform for decades. They understand that perpetually pursuing cheap fashion is expensive and wasteful. Spending money on timeless, versatile pieces guarantees that they have a wardrobe that remains fashionable without needing endless replenishments.

By focusing on quality rather than quantity, they break the cycle of purchasing clothing solely to keep pace with passing trends. This not only saves them money but keeps them looking refined and ageless.

7. Shelling Out for Excessive Subscription Services or Memberships

Rich people often review their recurring expenses, cutting out subscriptions that don’t provide significant value. In a world of endless subscription services, it’s easy to accumulate charges for things like streaming platforms, fitness memberships, and digital tools. Wealthy individuals tend to be selective and mindful about where their money goes.

They continuously review their subscriptions to make sure each one serves their purpose and contributes to their lives. By cutting out those that do not offer real benefits, they prevent spending money on services that are not necessary.

8. Redecorating Often with Fad Interior Design Trends

Rather than frequently redecorating their homes with the latest trends, wealthy individuals invest in timeless home decor that remains elegant and functional for years. They understand that constantly updating living spaces can be both expensive and unnecessary. Instead, they focus on creating environments with classic furniture and decor that last.

By selecting items that resist the passage of time, they eliminate the ongoing expenses related to redecorating every time the latest trend appears. This action ensures their homes remain fashionable without being expensive.

9. Indulging in Overpriced Convenience or Prepackaged Foods

Though they have access to gourmet food, most affluent individuals eat healthier, less expensive fare. They prioritise nutrition and value for money over the expense of convenience foods. Prepackaged meals and fast food are both costly and unhealthy, so the rich tend to use fresh, healthy ingredients for home-cooked meals.

By sticking to simple, whole foods, they are able to keep both their bodies and wallets in top condition. Rather than indulging too heavily in high-priced takeout, they value well-balanced, home-cooked meals for superior value and nutrition.

10. Spending Money Simply to Impress Others with Luxury

Only very rich individuals don't need to establish their status before people. They utilise their funds as a means of investing, freedom, and comfort, never for impressing. Most individuals spend lavishly on luxurious things just to brag about money, but not the rich. They are rarely caught up in this. They set their future high and invest their wealth to secure it, not to flaunt it.

Instead of spending money to impress others, the rich invest in things that will make their lives better, like real estate, business, and philanthropy. They know that being wealthy is more about freedom and making significant choices, not about impressing people with things.

Get Your Pay Early on Your Path to Becoming Rich Yourself

We can certainly learn a lot from rich people, especially when we keep in mind that our goal is not that far from their financial stability. Not everything that we think is important falls into that category, and we must most certainly reevaluate our choices when even the people we strive to be do not have the time to think about these things.

While on the path to greatness, though, we must have a fallback when all else fails in our finances. You can have Wagetap in mind for that—Australia's leading wage advance app. It can give you the privilege of having early access to up to $2,000 of your pay. Just download the app from the App Store or Google Play.