They won't throw money into the lottery, buy extended warranties, or swipe their credit cards indiscriminately only to end up paying a mountain of interest.

When you think about the possessions of the wealthy, you probably picture Maserati cars, luxurious homes, and wardrobes full of designer clothes. It's true that the rich have very extravagant tastes, but many of them remain quite cautious in their spending habits.

They don't buy, pay for, or work for things they consider a waste of money. Besides, their living expenses are much lower than most people think. According to Go Banking Rates, here are some things wealthy people never spend money on.

1. Lottery tickets

Wealthy people rarely spend money on lottery tickets.

Let's do a little calculation. A Powerball ticket costs $2. That's not much. But if you play twice a week for a whole year, buying one ticket each time, you'll spend $400. That's a perfectly reasonable amount to save for retirement.

Studies have shown that "the probability of being hit by a plane crash is 17 times higher than the probability of winning the lottery." David Henderson, a financial expert at Client One Securities, says that wealthy people tend to make more logical decisions and will "invest their money elsewhere."

"Numerous studies indicate that low-income individuals play the lottery far more frequently than high-income individuals. High-income earners typically only play when the prize value is extremely large and attracts significant media attention," Henderson stated.

2. Credit card interest rates

Using a credit card is like eating a tub of ice cream. At first, you might feel a little guilty for overspending. But because they're so convenient, you just keep going.

The truth is, you'll never see wealthy people accumulating credit card interest, because for them, it's a waste of money.

If you're in debt, try to live frugally, below your monthly income. "If you cultivate the habit of saving for the future, you can build wealth gradually and no longer need to rely on credit cards or other types of debt," Henderson says. That's what it truly means to live like a rich person.

3. Purchase an extended warranty.

Occasionally, when shopping, you'll be asked questions like, "Would you like to purchase an extended warranty?" A financially successful person will always answer "No."

While everyone wants to get the most benefit from a product, extending the warranty doesn't offer much benefit. Wealthy people are unlikely to want to throw more money into the pockets of large corporations. According to US News Money, the manufacturer's standard warranty is more than sufficient. Furthermore, extended warranties come with many conditions. So, if a salesperson asks you this question, just say "No."

4. Impulsive buying

Have you ever walked into a store, thinking you wanted to buy something, but ended up leaving with a shopping cart full of items? That's impulsive buying.

And it's not a typical shopping habit of the wealthy. They are people who know how to plan. And impulsive shopping goes against this principle. Leslie Tayne, a financial advisor at Tayne Law Group, says that if you want to learn from their behavior, you need to be more cautious about money.

To avoid overspending, only bring enough cash when shopping. "Just bring the exact amount of money you intend to spend on what you need. It will help you stay on budget and curb overspending," Tayne advises.

5. Luxury brands

You might see wealthy people wearing a lot of designer clothes on the red carpet. But most of them don't buy them to wear every day. They have their own budgets and purposes for luxury items.

"Financially successful people compare stores. They understand the importance of both quality and cost. They can buy cheaper items, or buy higher-quality items. As long as it's the smartest purchase financially," Tayne said.

So next time you're thinking about buying a $200 pair of jeans, stop and ask yourself if it's worth the money? Would a $30 pair be better? Remember to always shop smart and stick to your budget.

According to VnExpress