What The Wealthy Don't Buy...

A little behavioral analysis for people who want to be wealthy, want to stay wealthy, or want to avoid being broke.

Dear Reader:

It’s not enough to ONLY talk about the stock market.

Last night after a 9 pm workout, I found myself trying to find protein wherever possible. So, I landed at the Royal Farms (think 7-11 for Yuppies).

On my way out the door, I reached into my pocket and found $2. Then I did something stupid.

I bought a Mega Millions lottery ticket.

It was impulsive—bizarre behavior.

Perhaps I was sleepwalking.

But it goes against a lot of the rules I have about money.

A few years ago, I did a deep dive into the habits of the wealthy while working on a behavioral economics paper.

Specifically, I focused on what they don’t buy instead of what they do. I was thinking about this the entire drive back from the store. Since it’s all about the balance sheet, you want to limit your useless purchases and maximize every dollar.

So, what don’t they waste money on?

Let’s look at six things…

1. Lottery Tickets

An easy way to find out if someone isn’t a millionaire is to watch the lottery counter at a gr…