Saturday, September 23, 2023

Why don’t millionaires spend on expensive clothes?

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Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Supporters of the richest people always follow their lifestyle and want to know why the millionaires do not spend on expensive clothes. Yes, we know that many of the world’s millionaires don’t spend money on expensive clothes. They could, but they don’t because they know it’s a waste of money and they don’t have to wear designer brands to be successful or perform well at work.

Do you remember the movie “Blank Check” from the 90s? It’s a Disney movie about a boy who is accidentally hit by a car and given a blank check to fill with whatever amount he deems reasonable as payment. The boy decides to write “$1,000,000” and to his surprise, the bank gives him the money without question. He decides to live his best life from then on.

The problem is that a million dollars won’t last forever and the child will soon run out of money. This teaches us all a very important lesson: Even if you have a lot of money, it won’t last forever if you don’t take care of it.

This has nothing to do with Bill Gates, Mark Zuckerberg or any of the other richest men in the world right now, but it’s one reason they don’t spend money on certain things.

This Is Why Millionaires Don’t Spend Much On Clothes

Bill Gates, for example, doesn’t spend much of his money on clothes or accessories. He’s known for wearing a Casio watch that costs less than $100, and so were Mark Zuckerberg, Warren Buffett, and Steve Jobs, who wore the same New Balance sneakers for years.

Why don’t they? Millionaires have a lot of things they don’t spend money on because they know money doesn’t last forever, so it takes a lot of work, and some things aren’t that important. It doesn’t mean you can’t buy nice things; it just means you have to be smarter about how you spend your money. Gates told the Telegraph that he prefers to spend his money on travel.

Bill Gates
Bill Gates. Photo: Reuters

What do you have to do then? CBNC Make It says Mark Zuckerberg sticks to the basics to create very similar looks. This is because it simplifies his life and allows him to focus on his work and the things that matter since he doesn’t have to decide what to drink in the morning.

Bill Gates is all about functionality and usability. That’s why he wears Casio watches and simple outfits like button-up shirts, sweaters, and chinos. He likes to read books and advise people on the rule. He does this because Warren Buffet taught him that you don’t need much to look good, feel comfortable, and be productive.

The key is to repeat. It’s about making more use of what you already have and not wasting money. Many millionaires have stayed on top by living simple, frugal lives. Clothing is a good place to start with this, like when Joaquin Phoenix wore the same suit at every award show he was nominated for.

An expensive shirt is a luxury and can make you feel better, but you don’t really need it to get ahead in your career or personal life, and you can find great options at more reasonable prices that will help you take better care of your money .

On the other hand, clothes don’t last forever, so many millionaires think that buying expensive clothes is a waste of money because you will probably have to buy new ones at some point.

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