Millionaires are known for their lavish lifestyles and extravagant show of their wealth. Contrary to this perception, these days we are finding several affluent rejecting excessive expenditure and confining themselves to 'frugal' living.
Of late, "under-consumption" has gained mileage, probably, in response to social media influencers' indulgence in unending shopping sprees and sophisticated spa treatments.
The under-consumption movement has gained momentum with many of the wealthy leaning towards minimalism and encouraging the no-buy challenge.
Shang Saavedra, a Harvard graduate and personal finance blogger, advocates the cause, despite her multi-million-dollar net worth. Fortune report states that Saavedra and her husband rent a four-bedroom home in Los Angeles, drive a 16-year-old secondhand car, and often buy frozen food during grocery trips.
Even their children wear hand-me-down clothes and play with toys bought from Facebook Marketplace.
The couple spend majorly on children's education, real estate investments, and philanthropy. Saavedra owns property in New Yor, and the couple support charity activities.
"At times, I do feel tempted to live lavishly. However, I understood that this is just a programming of the mind since my childhood but nothing more than that," she told to Fortune.
Dentist Robert Chin, Jessica Pharar earn lakhs per month but use only one car together. They live in a rented house in Las Vegas, take boxes to their workplace, buy provisions and clothes in wholesale. They dine out only once or twice in a month. The couple is designing their life to suit their early retirement plan, by carefully investing and saving to earn income from them.
Annie Cole, a contracted researcher and personal finance coach, who helps women manage money, has earned $1 million but does not shy away from leading a minimalist lifestyle.
She spends just $4,000 a month, cooks weekly meals to save money and even sold her car several years ago. She even cuts her hair by herself.
Cole shops for clothes only thrice in a year and opts for secondhand goods. The couple enjoy vacations involving hiking and swimming. They rely on free air miles for flights.
