There’s a common misconception that saving money means avoiding all expenses that seem unnecessary. But in reality, many things that poor people think are wasteful are actually investments that pay off in the long run. Wealthy individuals tend to spend strategically—not frivolously—on things that increase their productivity, education, or network……CONTINUE READING
Here are 10 habits and purchases that may seem wasteful to some, but actually help build long-term wealth:
1. Hiring Professionals (Accountants, Lawyers, Advisors)
Why it seems wasteful:
“Why pay someone when I can do it myself?”
Why it builds wealth:
Professionals help you avoid costly mistakes, manage taxes better, and protect your assets. Rich people invest in expert advice to make smarter decisions.
2. Paying for Education and Courses
Why it seems wasteful:
“Education is expensive, and I already went to school.”
Why it builds wealth:
Lifelong learning increases your earning potential. Courses, certifications, or skill upgrades often lead to higher-paying opportunities or better businesses.
3. Networking Events and Masterminds
Why it seems wasteful:
“It’s just small talk and fancy lunches.”
Why it builds wealth:
Connections often matter more than credentials. Wealthy people attend masterminds, conferences, and networking dinners to meet people who open doors.
4. Quality Over Quantity
Why it seems wasteful:
“Why spend ₦100,000 on one item when I can get ten for ₦10,000 each?”
Why it builds wealth:
High-quality purchases (like durable clothes, furniture, or tools) last longer and work better—saving money in the long run.
5. Personal Development (Coaching, Therapy, Books)
Why it seems wasteful:
“Paying someone to talk to me or read books?”
Why it builds wealth:
Improved mindset, emotional intelligence, and focus lead to better life and business decisions. Rich people constantly work on themselves.
6. Time-Saving Services
Why it seems wasteful:
“Why hire help when I can do it myself?”
Why it builds wealth:
Delegating chores (cleaning, delivery, admin work) frees up time for high-income tasks or strategic thinking—exactly what wealthy people prioritize.
7. Health and Fitness Investments
Why it seems wasteful:
“Gym memberships, personal trainers, and healthy food are too expensive.”
Why it builds wealth:
Health is wealth. The rich know that energy, focus, and productivity come from staying fit. They invest in their well-being to perform at their best.
8. Having Multiple Bank Accounts and Investments
Why it seems wasteful:
“One account is enough, why complicate things?”
Why it builds wealth:
Rich people segment their finances for budgeting, investing, taxes, and growth. They also diversify income and savings—something poor people often ignore.
9. Paying for Software or Tools
Why it seems wasteful:
“Why buy when there’s a free version?”
Why it builds wealth:
Time is money. Tools that automate tasks, improve productivity, or offer better analytics help you grow your business or career faster.
10. Travel and Experiences
Why it seems wasteful:
“That’s just leisure and money down the drain.”
Why it builds wealth:
Travel expands your mindset, helps you see new opportunities, and often sparks ideas. The wealthy view experiences as investments in perspective.
Wealth isn’t built by being cheap—it’s built by being strategic.
The key difference is that poor people often focus on immediate cost, while the rich focus on long-term value. If you shift your mindset from “how much does this cost?” to “what does this give me in return?”, your path to wealth gets a lot clearer.CONTINUE READING
