Yahoo Finance 3 Reasons Even the Rich Should Shop Costco
You might think reaching a certain level of wealth would change your shopping destinations. However, spending more as you earn more keeps you perpetually searching for more income. Stores renowned for great deals often continue to be where even the rich shop, and Costco in particular stands out as a great store for people of all levels of wealth.
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Not only can you find great deals at Costco, but the warehouse store has a lot of other positive attributes. For example, Barbara Corcoran of Shark Tank fame recently posted a TikTok about how she loved her first trip to Costco, noting in a comment how “Every aisle was different! It was amazing.”
More specifically, some of the top reasons even the rich should shop at Costco include:
Avoiding Lifestyle Inflation
If your grocery bills increase as you earn more, that’s a sign that you’re not paying attention to other essentials like car and housing payments. Saving a few hundred dollars per month on groceries doesn’t seem consequential if you’re a millionaire, but it speaks to a larger issue.
“Even if you’re wealthy, you need to mind your dollars. Why? Because it’s easy to inflate your expenses when you make more or don’t have to worry about counting your dollars each month. As a result, though, you could end up straining your finances, which is often referred to as lifestyle inflation or lifestyle creep,” said Andrea Woroch, a consumer and money-saving expert.
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As she pointed out, it’s not uncommon to find high earners living paycheck to paycheck — a LendingClub survey found that 45% of six-figure earners fall into this situation.
“Saving money should never be something you ignore as you build wealth,” Woroch said.
Saving Time
Time is money, and shopping at Costco is a great way to shop efficiently.
“Buying in bulk certainly saves you money but there is another advantage to snagging those oversized packages of your favorite cereal, coffee and toiletries — it ensures you have a stock of essentials you use daily, which reduces how often you have to shop,” Woroch said.
James Koskela, a Costco superfan and founder of Zero Day Gear, agrees.
“I find it easier to increase wealth by spending both money and time wisely. Enter Costco. Costco allows me to stock up on necessary kitchen staples in large quantities, making less trips out, while also finding the occasional seasonal item that I needed anyway — all under one roof,” Koskela said.
You’re not limited to grocery shopping at Costco. You can find great deals while buying items like TVs, pharmacy items, auto parts and much more. Being able to knock all that shopping out at once is a big timesaver.
Being wealthy gives you more financial freedom to buy in bulk. If you don’t have to worry about paying for a $1,000+ grocery haul, you can stock up for a while, compared with someone living paycheck to paycheck who can’t afford to load up their carts without going into debt.
“My wife and I believe discount shopping is as important now as it was when we were first starting our careers, and Costco helps us with discounted shopping by loading up at one time,” Koskela said.
Finding Great Products
Quality and uniqueness are hallmarks of Costco that even the rich should take advantage of.
“Costco not only negotiates great prices for shoppers because they buy in large quantities but they also secure exclusive products you won’t find anywhere else that are high quality,” Woroch said. Relatedly, Costco has extremely generous return policies, so if you want to take a gamble on a new product and you don’t like it, you can often get your money back.
“If a purchase isn’t up to my high level of standards, I return it, as purchases are backed by Costco’s consumer-friendly return policy,” Koskela said.
Even the Costco food court has some fan favorites at unbeatable prices. For example, some people even prefer Costco pizza over other pizza chains. Many people also love the warehouse store’s own brand, Kirkland Signature, for items ranging from clothes to wine.
Overall, Costco isn’t just a place where people on a budget should shop. Being smart with your time and money is key to continuing to build and preserve wealth, and shopping at Costco is a great way to keep that momentum up. And you might even find some new favorites there.
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This article originally appeared on GOBankingRates.com: 3 Reasons Even the Rich Should Shop Costco
