Why Millionaires don’t Spend on Expensive Clothes?

Followers of richest people always follow their lifestyle and want to know why the millionaires don’t 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 need to wear designer brands to be successful or do well at work.

Remember the movie “Blank Cheque” from the 1990s? It’s a Disney movie about a boy who gets hit by a car by accident and is given a blank check to fill out with the amount he thinks is fair as payment. The boy decides to write “$1,000,000,” and to his surprise, the bank gives him the money without asking any questions. He decides to live his best life from then on.

The problem is that a million dollars doesn’t last forever, and the child quickly runs 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 is one reason why they don’t spend money on certain things.

This is why millionaires don’t spend a lot 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 did Mark Zuckerberg, Warren Buffett, and Steve Jobs who wore the same New Balance sneakers for years.

Why they don’t do it? Millionaires have a lot of things they don’t spend money on because they know money isn’t forever, making 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. For example, Gates told the Telegraph that he would rather spend his money on travel.

Bill Gates
Bill Gates. Photo: Reuters

Then what should you do? CBNC Make It says that Mark Zuckerberg sticks to the basics to create very similar looks. This is because it simplifies his life and lets him 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 function and practicality, which is why he wears Casio watches and simple outfits like button-down shirts, sweaters, and chinos. He loves to read books and advise people to 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 getting more use out of what you already have and not wasting money. Many millionaires have stayed on top by living simple, austere lives. Clothing is a good place to start practicing this like when Joaquin Phoenix wore the same suit to 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 move up in your career or personal life, and you can find great options at more reasonable prices that 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’ll probably have to buy new ones at some point.

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