How the wealthy stay that way
You've heard the expression, "Dress for the job you want, not the job you have." The same approach could be applied to wealth: You have to "think like a millionaire" if you aspire to be one.
"Preservation is important to (the wealthy)," says Susan Bradley, CFP professional and founder of the Sudden Money Institute in Palm Beach Gardens, Florida.
Controlling what you spend is part of wealth preservation, she adds.
"You can't control interest rates and the stock market, but you can control a lot of the discretionary part of your lifestyle."
That can mean pinching a few pennies to maintain prosperity. Read on to learn four saving strategies that the rich rely on.
The wealthy don't buy on impulse
In an unforgettable scene from a TV documentary on Michael Jackson, the late King of Pop pointed out dozens of his pricey purchases at an upscale emporium in Las Vegas.
When people with a lot of money go shopping, they usually go on shopping sprees, right? Hardly, says Bradley.
"Wealthy people are not reactionary," she says. "They have a tendency to be a little more thoughtful."
One of the greatest fears of high net worth individuals is becoming poor -- especially if they have previously struggled with finances, explains Jason Flurry, president of Legacy Partners Financial Group in Woodstock, Georgia. So, they tend to take their time with purchases.
"I think that delayed response helps them avoid some of the impulses that would result in poor choices otherwise," he says. "Opportunities are more easily made up than losses."
The wealthy love bargains
This may surprise you: Like most of us, wealthy people are all about getting the most bang for their buck.
"There's just sort of a worry that they're going to overpay for things," Flurry says.
Among those with annual household incomes of $75,000 or more, 74 percent use coupons at least some of the time when shopping online, according to a 2013 survey by PromotionalCodes.com.
The consumer savings website also found that a third of people in that group always or often use coupons during online shopping.
The wealthy can exploit other opportunities for saving money because they have more of it to stretch, says Bradley. A rich person can, for example, take greater advantage of a liquidation sale at a high-end clothing store.
"Just because (a store) is going out of business doesn't mean that I have any more money to spend on clothes that month," she says, "but if you're wealthy you can take advantage of that."
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