What Millionaires Refuse to Spend Money

Self-made millionaires often exhibit a frugal approach to their spending, avoiding certain expenses even when they can easily afford them. Here are some things they refuse to spend money on:

Fast Fashion: Jonathan Sanchez, founder of Parent Portfolio, prefers a minimalist wardrobe with timeless pieces to avoid the cycle of constantly buying new clothes. He only replaces items when they are worn out beyond repair.

Extended Warranties: Steve Adcock, who publishes the Millionaire Habits newsletter, avoids extended warranties on electronics and appliances. Instead, he adds to his emergency fund to cover any potential repairs, saving money in the long run.

Pricey Alcohol: CNBC's Jim Cramer considers expensive alcohol a waste of money, preferring to spend on durable goods like high-quality clothing instead.

Athleisure: Bernadette Joy, founder of Crush Your Money Goals, uses free promotional T-shirts from conferences and events for her workout attire, avoiding spending on trendy, expensive activewear.

Nights Out: Todd Baldwin, a real estate investor, rarely pays for dining out or entertainment. Instead, he participates in mystery shopping, where he gets paid to review these experiences.

By being intentional and frugal with their spending, these millionaires ensure they grow and preserve their wealth effectively​