Yahoo Finance I’m a Self-Made Millionaire: 10 Items I’ll Never Buy at Discount Stores Again
Finding good deals is always fun, but sometimes buying at a discount just isn’t worth it.
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When you’ve finally built up your income and net worth to support buying more expensive items, it doesn’t mean you should go blow your money on expensive vehicles and watches. But there are definitely some items that are worth paying full price for.
We interviewed several self-made millionaires and asked them what items they refused to buy at a discount.
Here are ten items that millionaires will never buy at a discount again:
1. Electronics
Electronics dominate our lives, with smartphones, TVs, and devices handling a lot of our daily tasks. It’s no surprise, then, that several millionaires chose to only buy high-quality electronics and accessories.
Bryan Clayton, millionaire and CEO of GreenPal, doesn’t cut corners when it comes to electronics. “While tempting, electronics from discount stores often lack warranties, may be close to becoming obsolete, or could have substandard manufacturing,” said Clayton. “I’ve learned it’s better to invest in reliable, name-brand electronics from reputable retailers to ensure longevity and proper
customer support.”
Brett Johnson, real estate millionaire and founder of Cash For House Pro, is a fan of quality electronics as well. “Electronics are items I steer clear of at discount stores,” said Johnson. “The investment in reliable, top-notch electronics is worthwhile for both personal use and for staging properties. A glitchy sound system or a subpar TV can turn away potential buyers in an instant.”
Cameron Heinz, self-made millionaire and founder of Mobility Nest, isn’t a fan of off-brand electronics. “Discount stores often carry off-brand electronics that may lack the quality and safety standards of reputable brands, which can lead to performance issues and potential safety hazards,” said Heinz.
Ritika Asrani, founder and head broker at St Maarten Real Estate, also spends top-dollar on tech accessories. “In the digital age, quality tech accessories are crucial,” said Asrani. “Discount store cables and accessories may seem like a budget-friendly option, but I’ve learned the hard way that they often fray, break, or fail to provide optimal performance. Investing in reputable brands for chargers, cables, and other tech accessories ensures reliability and minimizes the risk of damaging expensive devices.
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2. Mattresses
You spend nearly one-third of your life sleeping, so buying a well-designed mattress should be a priority when you can afford it.
Clayton doesn’t compromise on sleep, opting to spend more for a quality mattress. “Sleep is paramount for maintaining the energy levels necessary to run a thriving business,” said Clayton. “Discount mattresses often compromise on comfort and support, leading to poor sleep quality and potential back issues. Investing in a good mattress has always paid off in terms of health, productivity, and overall well-being.”
3. Medications and Vitamins
Health is wealth. Buying quality supplements and medications can help support a healthy lifestyle and aren’t worth skimping on.
“I prefer to buy medications and vitamins from established pharmacies or stores known for their quality control,” said Heinz. “Health and safety are paramount in this category.”
4. Baby Products
Babies love things simple, and while you don’t need to blow thousands of dollars on baby items, the things you do buy for babies should be top quality. This is especially important when it comes to item safety.
“Safety is a primary concern when it comes to items for infants and children,” said Heinz. “I opt for well-known brands with trusted safety records when buying baby products.”
5. Perishable Food
A healthy lifestyle means buying quality whole foods, such as fruits and vegetables. But perishable items at discount stores may not be a good idea.
“Discount stores may have lower turnover for food products, which can lead to items being past their expiration dates or of lower quality,” said Heinz. “I choose to shop for perishable foods at grocery stores.”
6. Furniture
Furniture can be expensive, but buying low-quality furniture can be uncomfortable and expensive. While buying second-hand or discount furniture makes sense some of the time, if you can afford it, buying high-quality furniture is a better option.
“Discount store furniture may not be as durable or well-constructed as that from dedicated furniture stores,” said Heinz. “I’d rather invest in quality furniture that will last.”
7. Car Parts
Car parts keep you on the road, but buying low-quality parts can leave you (literally) stranded.
“For automotive needs, it’s essential to ensure parts are of good quality and meet safety standards,” said Heinz. “Discount stores might not always offer reliable options for car parts.”
8. Cosmetics and Skincare
When buying skincare and beauty products, it’s important to find a place that sells quality items at a fair price. Plus, some discount stores may unwittingly sell knock-off items.
“With cosmetics and skincare products, the risk of counterfeit or expired items can be high at discount stores,” said Heinz. “I prefer to buy these products from reputable beauty retailers.”
9. Luggage and Travel Gear
Travel is hard enough without having to worry about damaged items or poor-quality luggage. If you travel a lot, investing in high-quality travel gear is a must.
“Travel is a significant part of my lifestyle, and I’ve discovered that skimping on luggage can lead to headaches,” said Asrani. “Discount store luggage often lacks the durability and features necessary for frequent travelers. I invest in high-quality, durable luggage that withstands the rigors of travel and provides peace of mind, ensuring my belongings are protected.”
10. Investment in Personal Development
Learning is the best way to continue growing your wealth. Investing in your own personal development can pay dividends in the future.
“One area where I don’t compromise is investing in my personal development,” said Asrani. “While discount self-help books and online courses exist, I’ve found that quality education and mentorship are unparalleled. I invest in workshops, courses, and coaching programs that provide valuable insights, networking opportunities, and guidance, ultimately contributing to my continuous growth and success.”
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