Saving has played a major role in Jonathan Sanchez's journey to wealth, and there are a few things he avoids wasting money and time on.
Jonathan Sanchez (39 years old, living in the US) became a self-made millionaire thanks to real estate investment and businesses related to personal finance. He is now the owner of a website that helps families learn how to get rich and raise financially responsible children. "Building passive income streams has allowed me to work less and spend more time with my wife and two children," Jonathan shared.
Aside from making money, saving and preserving money plays a big role in personal finance for this self-made millionaire. But for Jonathan, living frugally isn’t just about spending less or buying cheaper things. It’s about living more intentionally and not wasting money. Here are five things he refuses to spend his money and time on.
Jonathan Sanchez and his wife. Photo: Character provided to CNBC
Don't buy a new car
According to Kelley Blue Book, a major auto valuation and research company in the US, cars typically lose about 60% of their original purchase price within the first five years. That’s why Jonathan doesn’t spend too much money on something that he knows will lose value over time.
Also, insurance for new cars is often more expensive than used cars, so he prefers to buy a used car that is a few years old and has less than 100,000 miles (160,000 km) on it.
Don't buy fast fashion
Jonathan doesn't think too much about his clothes. He keeps a small, simple wardrobe that he rarely changes over time. If he's dressing casually, the 39-year-old millionaire will pair blue jeans with a T-shirt or polo shirt. If he's attending a formal event, he'll wear a suit and tie.
He only buys new clothes when he needs to replace clothes that have holes due to wear and tear. "One of the most important things I teach my kids is how to take care of their belongings and make them last," the self-made millionaire shared.
Don't buy more food than you need.
Jonathan and his wife are very intentional about making grocery lists and always plan meals based on what they already have at home. He also doesn’t like to throw away food that could be saved for the next day. If he’s at a restaurant and can’t finish everything on the table, he’ll take the leftovers home. Jonathan considers himself getting two meals for the price of one.
Don't buy poor quality goods
“Saving doesn’t mean buying whatever is cheapest. It’s not worth sacrificing quality just to save a few bucks,” he stressed.
If he’s looking to buy an item like a mattress, sofa, or refrigerator, Jonathan will research and read all the product reviews. He wants to buy something that will last through multiple uses rather than constantly replacing something that’s cheap but of poor quality.
No time wasted mowing the lawn around the house
One of Jonathan’s favorite pastimes when he owned his first home was mowing the lawn. He felt proud of himself every time he mowed the lawn around the house. But over time, the millionaire realized that the task was tiring and time-consuming.
Now Jonathan hires a landscaping company to mow his lawn once a week. He can spend the extra time with his family. The 39-year-old father will teach his kids how to code, play guitar, or take them to the zoo.
“The lesson here is simple: Delegating and paying people to do things, even simple tasks, is often worth the money. It frees you up to do more meaningful things,” Jonathan says.
Xiao Gu (according to CNBC )
Source link
Comment (0)