Lots of people aspire to get rich, but once you have wealth, how do you ensure that you keep it, grow it, and pass it along to the next generation?
The answer is that you don’t waste money on things you do not need. Oftentimes, the middle class can find themselves in debt or not saving enough and citing that as the cause for not ascending into a higher level of financial prosperity.
Explore More: I’m a Self-Made Millionaire — These 2 Habits Made Me Rich Without Trying
Find Out: 6 Subtly Genius Moves All Wealthy People Make With Their Money
For experimental purposes, GOBankingRates asked ChatGPT what the richest people never waste money on and here are ten things the middle class can learn. Directly responding to the prompt, ChatGPT stated: “Rich people tend to be strategic about their spending, and while individual preferences vary, there are a few things they commonly avoid wasting money on.”
Here are those things ChatGPT noted.
Depreciating Assets
In ChatGPT’s vast knowledge, the rich know that luxury cars, expensive clothing or anything that loses value quickly is often to avoid being purchased unless it’s part of a well-thought-out investment strategy or a passion.
Consider This: Warren Buffett — 10 Things Poor People Waste Money On
Impulsive Purchases
Many wealthy individuals are careful with their money and don’t make spur-of-the-moment decisions, according to ChatGPT, adding that the rich “tend to research before buying anything significant.”
Excessive Consumer Goods
Instead of buying tons of trendy gadgets or designer goods that have little lasting value, ChatGPT found that rich people prioritize purchases that bring long-term utility or joy.
Bad Debt
According to ChatGPT, the wealthy avoid credit card debt or high-interest loans, often preferring to pay cash for purchases or taking on low-interest, investment-driven debt.
Unnecessary Subscriptions
Rich people might trim subscriptions or memberships that don’t provide value, even if they’re relatively inexpensive, with ChatGPT noting that this is “all about efficiency.”
Sunk Costs
Wealthy individuals tend to avoid “throwing good money after bad,” in the words of ChatGPT, meaning they are unlikely to keep paying for something that’s already lost its value. Examples of this are a failed business or investment opportunity.
Fads and Trends
Wealthy people, based on what ChatGPT found, usually stay away from fleeting trends or anything they view as a passing phase. The AI bot added that the rich are “more likely to invest in timeless assets or opportunities.”
Luxury for Luxury’s Sake
ChatGPT described that while financially successful people may indulge in high-end experiences or items, it’s often with careful consideration of quality, utility or personal value — not just for the sake of showing off.
Not Investing in Knowledge
“Education or self-improvement is never seen as a waste of money,” ChatGPT highlighted, pointing out that the rich might invest in mentors, courses or experiences that build their skills or network.
Not Paying for Expertise
ChatGPT explained that the rich tend to outsource tasks where experts can save them time or money in the long run, such as financial advisors, lawyers or accountants.
“This avoids costly mistakes and poor decisions,” ChatGPT summarized.
More From GOBankingRates
- Trump's $2K Dividend: Who Qualifies and How You'll Get It
- Could Homer Simpson Support His Family in 2025?
- How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
- 5 Things You Must Do When Your Savings Reach $50,000
This article originally appeared on GOBankingRates.com: I Asked ChatGPT What the Richest People Never Waste Money On: 10 Things the Middle Class Can Learn
