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Money-saving secrets of the rich and frugal

How the wealthy stay that way
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How the wealthy stay that way © Minerva Studio/Shutterstock.com

How the wealthy stay that way

You've heard the expression, "Dress for the job you want, not the job you have." The same approach could be applied to wealth: You have to "think like a millionaire" if you aspire to be one.

While the rest of us focus on saving money in hopes of accumulating wealth, those in the high net worth crowd concentrate on holding on to their riches.

"Preservation is important to (the wealthy)," says Susan Bradley, CFP professional and founder of the Sudden Money Institute in Palm Beach Gardens, Florida.

Controlling what you spend is part of wealth preservation, she adds.

"You can't control interest rates and the stock market, but you can control a lot of the discretionary part of your lifestyle."

That can mean pinching a few pennies to maintain prosperity. Read on to learn four saving strategies that the rich rely on.

Compare high-yield money market account rates in your area.

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