There’s a strange disconnect between how we think millionaires behave and how they actually live. We picture expensive cars, designer wardrobes, and that effortless abundance where money flows like water. But the reality? Most self-made millionaires got there by doing things that’ll make your friends raise their eyebrows.
I learned this firsthand during my years as a financial analyst. The clients with the most zeros in their accounts were often the ones clipping coupons and driving ten-year-old Toyotas. Meanwhile, the ones living large were frequently one market downturn away from panic.
The truth is, frugal habits that look ridiculous to others are precisely what separate those who build wealth from those who just look wealthy.
Let’s explore the habits that’ll earn you some judgment but build your fortune.
1. They hunt for the cheapest option at the grocery store
You know that person blocking the meat section, comparing prices down to the cent? There’s a decent chance they’re a millionaire.
One self-made millionaire who paid off $300,000 in debt openly admits she’s the woman holding up the chicken aisle to save 23 cents. She buys end-cuts of beef short ribs at her local international grocery store, paying $7.99 per pound instead of $11.99 for the traditional cut.
Are they as pretty? No. But they have fewer bones and are easier to prepare.
This isn’t about being cheap. It’s about recognizing that 93% of millionaires use similar strategies, looking for deals without sacrificing quality. Those extra dollars add up, get invested, and compound into real wealth.
The next time someone sighs behind you in line, remember: they’re watching their money disappear while you’re watching yours grow.
2. They shop at thrift stores
Walk into any Goodwill on a Saturday morning and you might be shopping alongside someone worth millions.
This one really throws people. The assumption is that once you’ve “made it,” you graduate from secondhand stores to Nordstrom. But financial expert and self-made millionaire Shanli Liu still regularly browses thrift store racks, not because she has to, but because it aligns with her values.
“It’s not just about saving money,” she explains, “though that’s certainly a benefit. It’s about valuing sustainability and smart spending.”
The money she saves on everyday items gets redirected into her business and investment portfolio. More importantly, it keeps her grounded. Wealth doesn’t have to translate into excess or impulsive spending.
People might judge you for buying used clothing when you can clearly afford new. Let them. You’re building wealth while they’re building debt.
3. They check prices before ordering at restaurants
Warren Buffett, worth over $116 billion, admits he still looks at menu prices before deciding what to order.
One self-made millionaire shared that no matter how much she earns, she’ll never kick the habit of reading what a dish costs before choosing her meal. She’s noticed restaurants strategically place higher-priced items at the beginning of menus to catch your attention.
This isn’t about deprivation. She proudly orders the extra guacamole now. But that ingrained awareness of where money goes? That doesn’t disappear with wealth. It’s often what created the wealth in the first place.
Being intentional about spending, even on small purchases, develops a financial consciousness that carries over into bigger decisions. The person who casually orders the most expensive item without looking might also casually overspend on cars, vacations, and homes they can’t actually afford.
4. They use coupons without embarrassment
Bill Gates once shared a photo of Warren Buffett treating him to McDonald’s using coupons. Yes, coupons. For McDonald’s. At that lunch in Hong Kong, one of the world’s richest men pulled out discount vouchers without a hint of shame.
This habit is more common than you’d think among the wealthy. Research shows that about 93% of millionaires use coupons when they shop and aren’t embarrassed about it.
The psychology here is fascinating. People who refuse to use coupons because it seems “beneath them” are prioritizing ego over wealth-building. They’re more concerned with what the cashier thinks than what their bank account reflects.
Meanwhile, those who clip coupons and hunt for deals redirect those savings into investments. Over decades, that mindset creates significant wealth.
5. They drive modest cars for years
Buffett famously still lives in the same house he bought in 1958 for $31,500. But his car choices are equally telling.
He drives about 3,500 miles a year, so he buys new cars very infrequently. When he does, it’s nothing flashy. According to research on millionaire spending habits, the top car brand among millionaires is Toyota, not Mercedes or BMW.
Why? Because cars depreciate about 60% within the first five years. Insurance premiums for new cars are also higher than for used ones. Millionaires see this as throwing money away for status.
I remember a colleague who earned a solid six figures but drove a 12-year-old Honda Civic. People joked about it constantly. “When are you going to get a real car?” they’d ask. He’d smile and say, “When this one stops running.”
That “embarrassing” car was paid off, reliable, and represented thousands of dollars he invested instead of spending on a depreciating asset. Who’s laughing now?
6. They cut their own hair or wear old clothes
One millionaire I read about started having his wife cut his hair 16 years ago, tired of dropping $30 every couple months on haircuts. They watched YouTube tutorials, bought scissors, and figured it out. They cut their kids’ hair at home too.
The saved money over the years? A few thousand dollars. But the bigger point is that he’s resourceful and avoids waste.
Similarly, many millionaires own fewer than five suits and wear them for over ten years. One billionaire told CNBC that if it weren’t for a Chinese businesswoman who measured him for suits and sends him new ones, he’d probably still be wearing the same five suits from a decade ago.
People see this and think it’s weird or cheap. But these habits reflect something deeper: a refusal to let social pressure dictate spending. They’re not interested in impressing strangers with fresh haircuts or designer labels.
7. They live in modest homes in average neighborhoods
About 60% of millionaires live in homes worth less than $500,000. Many have owned the same house for at least 20 years.
This one really confuses people. If you can afford a mansion, why wouldn’t you buy one?
Because millionaires understand that a house is shelter, not a status symbol. Every dollar spent on an unnecessarily large home is a dollar not working for you through investments. They’d rather have liquid assets and financial freedom than granite countertops and a home theater.
During my finance years, I noticed this pattern repeatedly. The people in the biggest houses were often the most stressed about money. Meanwhile, those in modest homes in regular neighborhoods were the ones with diversified portfolios and genuine peace of mind.
Final thoughts
These habits might not win you any popularity contests. Your friends might roll their eyes when you pull out a coupon or suggest a thrift store. They might question why you’re still driving that old car or living in that starter home.
Let them wonder.
Because while they’re busy looking wealthy, you’re busy becoming wealthy. The gap between those two things is enormous, and it’s filled with daily decisions that seem small but compound into financial freedom.
The millionaires who practice these “penny-pinching” habits aren’t depriving themselves. They’re making conscious choices about what matters. They’re refusing to let consumerism and social pressure dictate their spending. They’re building wealth instead of performing it.
And here’s what I learned after years in finance: the people who mock frugality are often the same ones who’ll struggle financially. The ones who embrace it, even when it’s uncomfortable? They’re the ones who actually achieve financial independence.
So go ahead. Be that person comparing prices in the grocery store. Shop at thrift stores. Use those coupons. Your future self will thank you.
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