MoneyMindedMoms: Three Things Rich People do that Poor People Don’t

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Three Things Rich People do that Poor People Don’t
May 04 2011 07:00 PM | Sabrina O’Malone  in Erasing & Managing Your Debt -----
There are three things “rich people” (or people who actually have money) do that poor people don’t. Even if you have a relatively low income, these kinds of habits can help your family get ahead.

1. Rich people know exactly how much money they’ve got & know what they’re willing to spend. Why not create a spending plan or write out your budget and stick to it - like they do?

2. Re-think impulse purchases. Consider the ones strategically placed in checkout aisles. Their purpose is to sway easily suggestible people or people with weak self-control. Be honest, how often do you really go to the store for a candy bar? Or a magazine? But how often do you actually buy them anyway on your way out of the checkout aisle? If the answer is more often than you’d like, then be like rich people. Be of a strong mind and refuse to buy anything you hadn’t planned on when you set foot in the store - unless it’s marked down so low it’s practically free and it’s something you need. This habit can save you a small fortune.

3. Wise up to slick marketing ploys and start laughing at status-symbol items. Showy, expensive cars, designer purses, expensive sneakers, etcetera that practically scream “I spent a LOT OF MONEY ON THIS, SO EVERYBODY PLEASE ASSUME I AM RICH!” If you’re trying to “look and act rich” it’s a sure-fire way to stay broke and poor. Real rich people would rather have money in the bank than showy, depreciating assets.

So if you’d like to stop having more “month left at the end of your money” these three easy “rich people” habits can certainly help you reach your goals!

Sabrina O’Malone works full-time while raising and homeschooling her 6 children ages 13 and under. (That’s no typo - six kids + a full-time job + homeschooling!) Thanks to the Great Recession, she and her husband Daniel are rediscovering the lost art of frugality - and writing about the secrets to maintaining a great lifestyle while saving money. To keep up to date on Sabrina’s comings and goings and other hot-button topics, check out the following:


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