Rich People use Coupons? Seriously?


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Do Rich People Use Coupons?

rich people use couponsDo rich people use coupons? You bet your sweet bippy they do! How do you think they got to be rich? One of the biggest misconceptions out there is that people with money tend to be frivolous in their spending. Not so much. Let’s think about this from a more logical perspective! Rich people have money because they have learned how to make the most out of what they have. By doing this, they have been able to sock away money and accumulate wealth while America at large is only accumulating credit card debt.

According to statistics from a variety of studies, the majority of coupons in the United States are used by households that earn over $80,000 per year in household income. In fact, over 50% of the coupons are used by households that have an annual income ¬†greater than $125,000. While I understand that the large majority of our readers do not fall into that demographic, the truth is, you could! Think about how much money you could invest if you didn’t pay it out to the big banks every month in the form of minimum payments on your credit cards! How much could you save for your dream vacation if you weren’t strapped because of a $700 car payment? I think you see the point. Could you be one of those “rich people that use coupons?” The fact is that most wealthy people (especially millionaires) in the United States today are extremely frugal. Even though these people have a net worth well into the 7 figures, they live their life like they are still living hand to mouth. Why? In most cases it’s because at some point in their life, the average self made millionaire was living hand to mouth.

Rich People Use Coupons to Stay Ahead

You can forget everything you think you know about what it takes to “get rich.” You don’t have to be an athlete or an actor/actress. You simply need to have discipline. Discipline in your work, discipline in your planning, discipline in your spending and discipline in getting back on the wagon when you fall off. When I was in graduate school, one of my advisers was the Chairman of the Board for what is now Regions Bank Corporation. He was on a panel of people that were required to evaluate my analysis on the downfall of Sears Corporation. He liked my work and spent a few minutes talking to me after the presentation. Somehow the conversation shifted into wealth. I will never forget what he told me. “David, I am in the money industry. I see all kinds of people in all kinds of situations. What I am going to tell you is that if you want to accumulate wealth, find a ‘non-sexy’ industry. When I was a personal banker, do you want to know the occupation of the wealthiest client I ever had? He manufactured socks.”

Think Outside the Box

Think about it. Everyone (almost) wears socks. There aren’t a ton of manufacturers of socks out there. This guy started a business out of his garage and grew it into one of the most successful sock companies in the United States. He had a simple business plan. Find something that people need and meet that need. I bet this guy wasn’t a millionaire when he started. I bet he ate plenty of boxed macaroni and cheese. I also bet his family didn’t eat out at restaurants and used coupons as much as they could.



I remember when I moved out of my parent’s home at 19 years old. I didn’t have 2 nickels to rub together. I left their home with $385 in my pocket, no job and drove from Tampa, FL to Morgantown, WV with my entire life packaged in my car. My rent of $360 was due on arrival and I got a speeding ticket for $250 on the way. For an entire year I ate boxed mac and cheese for dinner nearly every night. I could get the store brand on sale 10/$1.00. If I wanted a special night, you know to celebrate something, I would buy Kraft.¬† That was my treat! My how things have changed! Once I got a little money in my pocket, it seems I also gained a sense of entitlement. I felt like I needed to drive the nicest car, eat at the best restaurants and go on the best vacations. I had a Diamond crusted Rolex President that was worth almost $15,000 to go with my brand new BMW. I lost it all. That’s a different story for a different day.

Rich People Use Coupons? You Bet!

The fact is, if the wealthy people in America can use coupons, I can use coupons too. After all, true wealth isn’t about money. It’s having the resources to do the things you want to do when you want to do them. That could be as simple as a trip to the movies for the matinee with the kids. After all, how much “richer” would we feel to see our kids eyes light up if that is a treat that hasn’t come around very often?¬† I trust that each of you is ready to kick it up another notch as we head into 2012. I vow to do my part. Be one of those rich people use coupons folks and you can reap the benefits too!

~David

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Comments

  1. jacci leslie says

    great article

  2. Fabulous testimony!

  3. Dawn Bunny says

    Great article and one my thing my dad always said was …how do you think rich people got rich? By saving money of course!

  4. True

  5. Thank you for this article and I am going to take a quote from it for my wall. the statement just really struck me.

  6. Lisa Hebert says

    Excellent article!

  7. I hope to be the rich person using coupons some day. With any luck and a lot of dedication and determination I will clear some more of my debt this year and be that much closer to being that person. Thanks for the reminder that anything is possible!

  8. Elaine Spink says

    We have neighbors that are millionaires and they use coupons. My husband has customers who are very wealthy and he has been there when they are cutting coupons! I completely agree discipline is the key! I learned that in the US Army!

  9. This is awesome love it and shared it!

  10. Thank you for posting this!

  11. Marie Shackelford says

    Thank you for the information. I wish I could be in the better off position maybe one day:)

  12. even if i were rich i would use coupons its a way of life

  13. Crystal Boynton says

    Great article, thanks!

  14. I know even if I were rich and I didn’t really have to worry about money I would definitely still use coupons! There’s no way I could pay full retail price for groceries knowing I could be using coupons and saving that money to go to charities or other good causes.

  15. great article, thanks for sharing

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