I'm a Multimillionaire: 3 Frugal Ways I Stay That Way
A $1 million net worth isn't quite what it used to be in light of a rising cost of living, but reaching that status or becoming a multimillionaire remains a notable accomplishment. The real secret to wealth, though, is holding on to that money.
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Rachel Rodgers, founder and CEO of Hello Seven as well as the author of "We Should All Be Millionaires," shared three aspects of her life where she remains incredibly frugal despite her wealth.
Booking Low-Cost Family Vacations
Recent trends point toward spending money on experiences, not items. But that doesn't mean you have to bust your budget planning the perfect getaway, according to Rodgers. "I've learned that a higher price tag doesn't always mean more fun," she said.
To save money, steer clear of tourist traps. Look for off-the-beaten path vacation rentals and affordable places to eat and play like the locals.
Buying Affordable Everyday Clothes
It's important to look your best in well-tailored outfits if you're attending a business meeting or networking event. The adage of dressing for the job you want still rings true.
Rodgers said, "When I'm in a business setting, I want to look and feel like a million bucks and will shop accordingly."
But on her days off, she cuddles up in Target sweats and binges Netflix. Pricier clothes might last longer, which is important in a business setting. Just make sure you're paying extra for the quality, not the brand name.
For everyday wear, jeans or sweats and T-shirts only get more comfortable as they get older and well-worn.
Making Meaningful Use of My Time
"To me, frugality is about being intentional, starting with how I spend my time," Rodgers explained. Before saying yes to a meeting, invitation or any other commitment, Rodgers said she evaluates it based on the money, energy, time or joy it will bring her.
This decision led her to declining 99% of requests for her time, making it that much more meaningful when she says, "Yes."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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