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Video: 12 Money Saving Secrets All Millionaires Follow

VIDEO: 12 Money Saving Secrets All Millionaires Follow
03/14/2019 08:47 12.5K 371 574.1K

It might seem like the rich do nothing but splurge their money on life’s luxuries, and a lot of them do! But truly wealthy people know that a penny saved is a penny earned. So, why not follow their lead instead? Believe it or not, these 12 practical money-saving tricks rich people do can change the way your savings account looks.

Other videos you might like:
7 Main Differences Between Rich and Poor People https://www.youtube.com/watch?v=gsTjM2WFAeE& Will You Be Rich or Poor? True Personality Test https://www.youtube.com/watch?v=QwqMbj88lT8& 12 Things to Avoid If You Want to Become Rich https://www.youtube.com/watch?v=gbQnWRvDetI&

TIMESTAMPS:

Dealing with bills instantly 0:26

Making shopping lists 1:08

Having “no spending” days 1:42

Paying with cash 2:23

Saving change 3:08

Fixing what’s still fixable 3:36

Spending money on things that make you better 4:13

Investing in services that save time 4:53

Putting money into your hobbies 5:33

Splurging money on new experiences 6:08

Following the 24-Hour Rule 6:53

The 50/30/20 Method 7:38

Preview photo credit:
WILD, Reese Witherspoon, 2014/ph: Anne Marie Fox/TM: By Fox Searchlight/Everett Collection/EAST NEWS, https://www.eastnews.ru/pictures/picture/id/35222574/i/4/t/127 CONFESSIONS OF A SHOPAHOLIC, Isla Fisher, 2009: By Touchstone Pictures/Everett Collection/EAST NEWS, https://www.eastnews.ru/pictures/picture/id/1187436/i/65/t/116 Animation is created by Bright Side.

Music by Epidemic Sound https://www.epidemicsound.com/

SUMMARY:
- Make it a rule to pay all your fixed expenses on the very first day through automated systems. This way, you'll always have a clear view of your financial situation.
- Plan your shopping list in advance, and schedule your big purchases during sales to get a good bargain!
- If lists don’t put an end to your impulsive shopping, it's time to try the ultimate technique: “no spending” days. Your task here is very simple: forbid yourself from spending money on any unnecessary things for one day.
- “Going cashless” seems really convenient, but this way of handling your finances isn't that effective once you see just how easy it is to swipe that piece of plastic!
- Any loose change that you drop in your bag and forget about can buy you a great cup of coffee or a snack that you normally pay for with the rest of your money.
- Whenever something breaks, our natural instinct is to replace it with a new one. But most of the time, it can be quickly and easily repaired! A lot of millionaires agree with this too and strongly believe in committing to a purchase until its last breath.
- Who said that saving money has to be miserable? You can tackle this problem from a completely different perspective, like splurging on things that make you better instead of buying yet another pair of shoes.
- While we're on the topic of effectively splurging money, according to Business Insider, the rich don't hesitate to spend money on services that save their time either.
- Don't stop yourself from buying a guitar if you're passionate about learning how to play it or spending money on a good camera if you wanna get into photography.
- Most millionaires have pretty colorful lives, and it's all thanks to their ability to invest money not only in cool ideas but also in new experiences.
- Let's say you're out shopping, and you see the coolest decorative art ever. Of course, you feel the strong urge to buy it right here and right now. But instead of doing that, you go home and let 24 hours pass.
- If you wanna finally start saving up some money, here's how you should divide your income: 50% goes to all your living essentials (rent, utilities, groceries, and so on), 30% is for personal things (like entertainment, shopping, hobbies, and other things that make you happy), and 20% must go straight to your savings account.

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Comments (591)
  • BRIGHT SIDE
    BRIGHT SIDE

    Hey guys, if you needed to make a shopping list right now - what would you include in it?

  • Petya Hristova
    Petya Hristova

    1. Chicken drumsticks 2. Green bell pepper 3. Organic baby carrots 4. Baby Bella Mushrooms 5. Tomatoes 6. Fresh rosmary 7. Garlic 8. Organic onion

  • Eden Paradise
    Eden Paradise

    @Lar M thanks!!!! Being healthy and simple is better.

  • Lar M
    Lar M

    @Eden Paradise Good for you.

  • Lar M
    Lar M

    Two things. Water and bread. That's all !

  • Maarij Tv
    Maarij Tv

    I need a I phone x 1 like 1 dollar

  • Erwin Saputra
    Erwin Saputra

    rich people don't watch bright side, poor people do

  • G. Germany
    G. Germany

    I like to use credit cards because I can see what I spend my money on to readjust my spending for the next day/week/month. Good money management tool imo. Love the cashback (free money) as well and I don't pay interest either. Whoever keep saying that you pay interest if you use a credit card obviously don't know about how not to pay interest. Ask your cash, "what you spent your money on 3 to 9 months ago?" I make multiple small purchases, no shopping list, and still able to manage. I guess I have a different mindset of the matter. Counting money trying to get the correct change at checkout is a waste of time. Ain't nobody got time for that! I smh at some people juggling their dollars in the stores. If they only knew!

  • Gary Reeves
    Gary Reeves

    I believe saving money gets a bad rap now days— If you invest everything and save nothing you won’t have enough liquid cash to fall back on when an investment goes south.. or even think about the big surprise investment opportunity that may come your way.. If you have all your cash tied up in other investment you could miss out on bigger and better deals.. Finances is all about balance and leveraging risk with rewards.. and you need a pile of cash to back you up.. Buying Power is very important when investing

  • Feeber Izer
    Feeber Izer

    The smart ones, like Warren Buffett, don't flaunt their wealth...

  • Space Monkey
    Space Monkey

    Using cash instead of a cc is only good for people with absolutely no will power. Cash doesn’t pay cash back on things you would purchase anyway. Cash doesn’t automatically record all of your expenses so you can see where your money is going. Carrying any balance on a cc is a mistake. But ignoring the benefits of using a cc and paying it off each month is bad also.

  • Elvie Dismaya
    Elvie Dismaya

    Yes 70 percent of my salary is my savings 😂 yeaaabhhhh

  • akash deep
    akash deep

    Kimberly palmer, a personal finance expert at Nerdwallet

  • Lise Mitchell
    Lise Mitchell

    What about those people that do all the things that “rich people” and things don’t work out. They do it all, but it doesn’t work. That’s very scary. I can control living with less, but a lot of those driven people are not very happy.

  • K T
    K T

    Tithe 10% of your income to charities that help the poor. God will bless you and you will never go without.

  • K T
    K T

    I don't do the 24 hr. rule. I bring home what I like and then 24 hrs. later return the items I don't need or want. It works out the same.

  • abinsha kshaji
    abinsha kshaji

    Where is the someone who, always list them. I'm waiting for him 😆

  • Michele Goodsell
    Michele Goodsell

    My ford truck is 12 years old has one million miles on it and I don’t want to buy another vehicle unless I can no longer fix my truck.

  • Darsana M.S.
    Darsana M.S.

    Difference between India and US Those 12 are the secrets of millionaires in US. Whereas in India those secrets are inbuilt rules since young age😂

  • Rahul kotha
    Rahul kotha

    Maintain a note of ur expenses, that always helps fir saving money... Which I'm following from last 6 months...

  • Michelle Swanson
    Michelle Swanson

    Rich people 🤑 get rich by stealing from the poor! I’m poor because one ☝️ of God’s Commandments is that ‘thou shall not steal’!!!