smart spending

Money-saving secrets of the rich and frugal

The wealthy buy quality products
The wealthy buy quality products © sippakorn/Shutterstock.com

The wealthy buy quality products

The rich tend to adopt the "quality over prestige" mindset when purchasing big-ticket items, such as a car or piece of furniture. A Mercedes is more appealing than a flashier Maserati, Flurry says.

"They find that place that's kind of good enough on a quality level, and then they lock in the value at that price point instead of feeling like they have to climb up as high as their income or net worth would allow," he says.

Wealthy families often hand down valuable, well-made furniture from generation to generation, Bradley adds, demonstrating how buying quality helps to preserve wealth.

"For the important things in life, buy quality; take good care of it, so you buy it once," she says.

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