Note: This article is courtesy of Iris.xyz
By Frank Holmes
Many people might have the impression that the top 1 percent of society—those making over $521,411—deal mainly in exotic investments such as derivatives, fine art and rare French wines.
The truth is actually a lot less exciting.
It’s well documented that high-net-worth individuals (HNWIs), in many respects, tend to be more practical in their spending habits than most folks. They appreciate a good deal, and they’re finely attuned to saving money where they can—one of the biggest contributors to how they got where they are.
“What are the three words that profile the affluent?” ask Thomas Stanley and Willian Danko in their bestseller The Millionaire Next Door: The Surprising Secrets of America’s Wealthy. The answer? “FRUGAL FRUGAL FRUGAL.”
This penny-pinching attitude extends to their investment decisions.