Secrets Of A Thrifty Millionaire: 5 Things He Doesn't Spend Money On

Jonathan Sanchez, who runs his own personal finance business, is no stranger to money. The 39-year-old is a self-made millionaire, and the first one in his family to achieve the milestone.

When managing your personal finances, it’s important to ration and determine when and where you are spending your money. Some people may prioritize saving money, while others may want to spend their money on trips and experiences with their families.

Sanchez outlined five things that he chooses not to spend his hard-earned money on, according to a recent CNBC article. 

New Cars

Sanchez says he never buys brand-new cars, and instead opts for used cars that are less than five years old and low mileage. Sanchez points out that insurance costs are also lower with slightly-used cars. 

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1. Fast Fashion Items 

Sanchez keeps a simple wardrobe and only buys new clothes when they get torn or ruined. 

Too Much Food

If you’re someone who’s constantly throwing away uneaten food, those costs can add up. Sanchez says he is careful about not buying more food than is needed.

Low-Quality Items

When making a big purchase, like a sofa or new refrigerator, Sanchez takes his time making sure it’s a quality purchase. Then, he knows the item will last a long time, and he doesn’t have to waste time or money replacing it. 

Spending Time Mowing His Lawn

This one may seem counterintuitive - Sanchez is actually paying someone else to mow his lawn, as opposed to saving money and doing it himself. But, delegating the task frees up time for Sanchez to do productive activities with his children like going to the zoo, which is more valuable than the cost of the landscapers. 

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This story is part of a new series of features on the subject of success, Benzinga Inspire.

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