9 Practical Pieces of Advice Heard From Millionaires Everyone Can Use

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6. Try to buy from manufacturers.

Before you buy something in a shop, ask yourself this question, “Is it possible to buy it straight from the manufacturer?” Quite often you may find out that you can order the product for a lower price. Sometime you might face minimum order quantity. In this case, you can suggest friends to place the order together by motivating them with the attractively low prices.

“We were paying for organic produce, and the prices were killing us. So I thought, ‘Where is this store getting its food from?’ We did the research, called the wholesaler, and found out the criteria for ordering. The minimum order was $250. So we started taking orders from friends and arranged to get palettes of food dropped off in our driveway.”

Jerrod Sessler, founder and CEO of HomeTask

5. Not spending money is the same as making money.

The less money you spend, the more you have. It’s an obvious conclusion. Do your shopping rationally. If you struggling with impulse shopping, you can ask yourself these questions before each purchase, “Do I really need it? What if I don’t buy it?”

“People are always surprised that I don’t have a closet full of suits. I buy three suits every five or so years and only own 10 total. That’s all I need.”

T. Boone Pickens, oil billionaire

4. Live below your means.

The biggest problem of many people is that they spend more that they earn. The only way you can increase you budget is living below your means.

We often meet people who buy nice houses in a nice neighborhood just because they want to impress other people. They think about what their friends and family members are going to say. Think about yourself, focus on your life, and don’t try to show off.

“I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income. I was still driving a Toyota Camry when I become a millionaire. Be known for your work ethic — not the trinkets that you buy.”

Grant Cardone

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