smart spending

Money-saving secrets of the rich and frugal

The wealthy don't buy on impulse

The wealthy don't buy on impulse

In an unforgettable scene from a TV documentary on Michael Jackson, the late King of Pop pointed out dozens of his pricey purchases at an upscale emporium in Las Vegas.

When people with a lot of money go shopping, they usually go on shopping sprees, right? Hardly, says Bradley.

"Wealthy people are not reactionary," she says. "They have a tendency to be a little more thoughtful."

One of the greatest fears of high net worth individuals is becoming poor -- especially if they have previously struggled with finances, explains Jason Flurry, president of Legacy Partners Financial Group in Woodstock, Georgia. So, they tend to take their time with purchases.

"I think that delayed response helps them avoid some of the impulses that would result in poor choices otherwise," he says. "Opportunities are more easily made up than losses."

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