The spending habits of the rich is usually different from the average and poor; these two or three classes of people think differently as regards money.
There are certain things the rich do differently with their money.
1. THEY USE LOANS DIFFERENTLY
To the poor and middle-class, debt is a means to settle a mess or make certain payments that they can’t handle at the moment. However, the rich see loans differently; to them, loans are leverages used to increase returns on investments. Rich men take loans too, probably even more than the poor and average, but loans and debts to them are solely for money-making ventures, and that’s a big difference.
2. THEY DON’T PLAN AND INVEST FOR TODAY
The poor and average class have a different mentality as regards investments; they prefer investments that would yield profits almost as soon as possible — and more often than not, such investments would never make your purse thick. The rich see investment as a journey in which the profit would take a much longer time — years and even tens of years.
3. THEY SPEND MONEY ON KNOWLEDGE
The rich man reads way more than the poor man, not because they actually love reading, but they understand the value of knowledge. The poor would rather spend on pleasure, but the rich finds delight in being knowledgeable.
4. THEY SPEND ON LESS TRADITIONAL INVESTMENTS
The poor and the average mostly have an average mentality as far as investments are concerned, but never the rich. The rich and those who want to be rich think outside the box as far as investments and money-making is concerned. The billionaires of the world today didn’t think and spend on traditional investments; they went outside the norms.
5. THEY ARE FRUGAL SPENDERS
The rich understands that if you aren’t careful, you can lose your wealth, no matter how wealthy you are. For this reason, many rich men tend to be frugal spenders when compared to most poor and average who are spendthrifts when given the opportunity.
6. THEY GIVE TO CHARITY
Most rich people would tell you that there’s a blessing in giving and they give massively. However, the poor believe that giving should only be done by the rich.
The rich give massively to charity, and the likes of Bill Gates top the list in that aspect.
The rich think differently from the poor, and in order to be successful you have to study what really has made successful people to be successful, and one of the difference lies in how they spend or use their money.
Jake