A 29-year-old millionaire who saves 99% of his income shares the 2 things he refuses to spend money on. (via CNBCMakeIt)
and is on track to make a minimum of $1.6 million in 2019.
Stephan, whose net worth crossed $1 million for the first time at 26, keeps his costs down partly by refusing to spend on two things: "Number one is coffee. I think the markup of coffee at Starbucks and Coffee Bean and a lot of those places out there is absolutely ridiculous, so I just make it at home for 20 cents."
I end up saving about 99% of my income, just because my income is so high and I keep my expenses so low.Secondly, "designer clothing is one of those things that I will never spend money on," says Stephan. "I just don't see the point in spending $700 on Gucci shoes when you could go to Aldo or Call It Spring or H&M and get very similar shoes for one, one-hundredth of the price.
He doesn't just focus on the small stuff, though — to save the majority of his income, he finds creative ways to cut back on major expenses, like housing and transportation. He rents out the other half of the duplex he owns so that "it basically works out to be a free place for me to live," he explains.
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