Self-Made Millionaires Say Stop Buying These Things If You Want to Build Wealth
Building wealth is not necessarily about refusing to spend money on anything enjoyable. Self-made millionaires interviewed about their spending habits instead emphasized being selective about purchases that offer little lasting value, particularly when the money could be saved or invested. Entrepreneurs Brian David Crane and Jared Bauman specifically pointed to status purchases and recurring luxuries they avoid, offering a broader lesson about separating what someone can afford from what is actually worth buying.
Designer Labels Can Come With an Expensive Premium
Crane says he avoids spending heavily on designer luxury brands simply because they carry a prestigious name. Clothing, accessories, and other status purchases can cost dramatically more than alternatives that perform the same basic function, while many items also lose value after purchase. His approach is to consider quality alongside cost and direct more of his available money toward investments rather than automatically choosing the flashiest option.
An Oversized House Can Create Oversized Expenses
A massive home can be an impressive status symbol, but Crane questions paying for space someone rarely uses. Beyond the purchase price, larger homes can bring higher property taxes, insurance, utilities, furnishing costs, repairs, and maintenance, potentially tying up money that could have been used elsewhere. His distinction is between purchasing real estate because it serves a financial purpose and spending heavily on an enormous personal residence simply to demonstrate wealth.
Luxury Cars Can Become an Expensive Way to Show Success
Bauman specifically identifies luxury cars as one of the status purchases he avoids despite being able to afford them. A premium vehicle may provide features, performance, or enjoyment that a buyer genuinely values, but purchasing one primarily to demonstrate financial success can direct a large amount of money toward an asset that generally depreciates. His broader rule is to avoid purchases that drain savings without delivering enough lasting personal value in return.
Expensive Watches Aren’t Necessary Proof You’ve Made It
High-end watches are another traditional symbol of wealth that Bauman says he skips. Collectible watches can have a legitimate market and certain models may retain substantial value, but that does not make every expensive timepiece an investment or financial necessity. For someone primarily interested in building wealth, spending thousands simply to communicate success can compete with saving, investing, eliminating debt, or pursuing other goals with potentially greater long-term benefits.
Ultra-Luxury Vacations Can Consume Money Quickly
Crane also cautions against automatically upgrading every experience simply because income allows it, pointing to costly international vacations and private jet travel as examples. Travel itself can provide meaningful experiences, so his argument is not that vacations are inherently wasteful, but that comparable enjoyment may sometimes be available without paying for the most extravagant version. Keeping lifestyle inflation under control becomes especially important when higher income begins making previously unimaginable luxuries feel routine.
Constant Fine Dining Can Turn Into Another Lifestyle Expense
Expensive restaurants fall into the same category for Crane, particularly when dining out becomes part of maintaining an image rather than something genuinely valued. An occasional memorable restaurant meal may easily be worth the expense to someone who loves food, but repeatedly choosing the most expensive option can create a substantial recurring cost. The underlying wealth-building principle is less about eliminating restaurants and more about asking whether a premium experience provides enough personal value to justify what it costs.
The Daily Coffee Habit Can Add Up Too
Not every spending leak involves mansions or private jets. Bauman says overpriced coffee shops are one everyday indulgence he avoids, illustrating how relatively inexpensive purchases can accumulate when repeated frequently. A $5 coffee is unlikely to determine someone’s financial future by itself, but examining recurring purchases can reveal expenses that someone does not actually value enough to keep, freeing that money for goals that matter more to them.
Buying Things for Appearances Can Be the Costliest Habit
The common thread running through these millionaires’ choices is spending for appearances. Crane warns about extravagance designed to look impressive, while Bauman focuses on whether purchases provide real and lasting personal value. Someone can apply that test to far more than cars or clothing by asking whether an upgrade is genuinely improving their life or whether social pressure, advertising, and comparisons with other people are driving the purchase.
Building Wealth Is More About Priorities Than Giving Everything Up
These examples should not be interpreted as a universal rule that anyone hoping to become wealthy must stop buying coffee, traveling, owning a nice car, or enjoying designer clothing. The more useful takeaway from Crane and Bauman is that earning more does not have to mean automatically spending more, particularly on purchases made mainly for status. Building wealth ultimately depends on a much broader financial picture, but consistently directing money toward the things someone values most instead of every available upgrade can leave more resources available for savings, investments, and long-term goals.