6 things I never waste money on

Achieving financial success and accumulating wealth is often seen as a combination of hard work, strategic savings and smart investments. While every millionaire’s journey is unique, there are common (and unusual) spending habits that many self made millionaires to share.

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Surprisingly, frugality plays a significant role in your wealth-building strategies. Here are six things frugal self-made millionaires never waste money on.

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1. Sports equipment

Many might assume that the rich would spend on the best sports equipment for their hobbies or fitness routines. However, David CicarelliThe founder and CEO of Lake, an online vacation rental platform, says he doesn’t buy sports equipment he’s unlikely to use often.

“I got a golf bag that I use and the clubs were either secondhand or, again, items I won at charity golf tournaments,” Ciccarelli said. “I only play golf a few times a year – if that – so I can’t really justify the investment.”

2. Financial advisor fees

While financial advisors can provide valuable information and guidance, fees are often associated with these services, which can add up.

“I never waste money on a financial advisor who charges an asset management fee,” said Jim Wang, founder of Wallet Hacks.

Wang was working with a financial advisor who charged $4,000 a year. After five years, he paid $20,000 in management fees.

“The biggest benefit was having someone look at our portfolio and give us feedback on different allocations for long-term planning,” Wang added. “But the funds themselves were more expensive than something like Vanguard or Fidelity and now we use a financial advisor who only pays by the hour.”

3. Gym memberships

Physical fitness is important, but for some self-made millionaires, that doesn’t mean paying for a gym membership is mandatory or necessary to stay in shape.

“I wasted money on gym memberships and I won’t do it again,” says Andy Hill, podcaster and founder of Marriage, Children and Money. Hill worked in sales, and he and his wife were able to significantly increase their net worth over 10 years by paying off their mortgage, saving aggressively, and investing consistently. They reached the $1 million net worth mark in 2020.

“I know my habits and I don’t usually go to the gym more than a few times, so I’d rather not waste money,” Hill said. “Today I prefer running or exercising for free with Bully Juice videos on YouTube.”

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4. Hair services

Regular visits to high-end salons can add up quickly. Self-made millionaires may have more room in their finances to pay for these services, but some surprisingly choose to ignore the cost altogether.

“I don’t spend money going to the hairdresser, since the average black woman’s hairstyle costs $200,” says Ange Matthews, personal finance expert and wealth strategist at Happy Investor Method.

She says she started learning how to style her hair from YouTube videos four years ago.

“If I saw someone with a style, I would ask what it was and Google the online tutorial,” Matthews said. “At first it was very difficult and took hours, but after a month or two it got easier.”

5. Luxury bags and shoes

While it may seem like millionaires are constantly adorned with luxury accessories, some do-your-own individuals avoid spending excessively on fancy bags and shoes. They recognize that these items often come with high price tags and offer little functional value beyond their brand name.

“We don’t buy designer clothes, shoes, jewelry, bags or other expensive fashion accessories,” say Brock and Becky Waterman of FIRE Travel Family. “Instead, we source clothes frugally and often secondhand from garage sales, thrift stores, and from friends and family.”

“I actually used to buy luxury handbags and shoes before I sought financial freedom, but I did it just to look impressive,” says Bernadette Joy, debt-free millionaire and founder of Crush Your Financial Goals. “Now, I only buy good quality items from lesser-known brands and consider my retirement investments to be my new luxury handbags,” said Joy.

6. Streaming services

These days it’s easy to rack up multiple subscriptions, each costing a monthly fee.

“I have a subscription to a service that specifically provides Asian content that I can’t get in the US,” says Joy. “Otherwise, I just use YouTube for entertainment.”

Joy has also recently started the habit of “screen-free Sundays,” where she locks her phone in my car and challenges herself to go all day without looking at a television, computer, or phone screen.

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“It was a great reminder that there is so much to see in the real world,” she said.

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This article originally appeared on GOBankingRates. with: I’m a Frugal Self-Made Millionaire: 6 Things I Never Waste Money On