2. Never Pay Full Price
Did you know that households that average an income of $100,000 or more use more coupons than households that earn under $35,000 annually? They also don’t shop at luxury stores like Tiffany & Co. or Brooks Brothers. Instead, they prefer to shop at Walmart, Target, and Home Depot.
The wealthy never pay full price for the items they want or need. (My personal experience is that the ultra rich never pay full price for anything.) I personally like to shop on eBay and Craigslist. This helps me get super nice quality things for a much lower price. Note: I still don’t buy crap, I purchase nice things. I just don’t pay full price for them.
3. Cut Out Unnecessary Expenses
There are a number of small ways that you can cut out those unnecessary expenses that will add up over time. For example, how much money have you spent on ATM withdrawal fees or transaction fees when sending or receiving funds electronically? There are a number of alternatives that don’t include these fees.
On a larger scale, you should also create a monthly budget, so that you can examine where your money is going each month. You may quickly realize that you actually don’t need that cable package that includes every channel. Instead, you can downgrade, or cut the cord entirely and use alternatives such as Hulu, Amazon, or Netflix. If a budget sounds too restrictive to you, try not having the money to budget! However, merely keeping track of all of your expenses will go a long way to helping you see what you are spending your assets on.