9 Things the Middle Class Stopped Doing When They Became Wealthy

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There’s no doubt money changes you — and this is especially true when it comes to managing finances.

According to experts, how you save and spend will change dramatically, depending on the class you belong to. Those in the middle class, for example, will quit doing specific things once they become wealthy.

Learn More: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy

Check Out: 4 Genius Things All Wealthy People Do With Their Money

“The temptation of instant gratification is a big part of the impulse to make middle-class families buy things,” said Kevin Huffman, personal financial specialist and owner of Kriminil Trading.

“New wealth can change the way people think, however,” he pointed out. “Rich people tend to think in terms of needs rather than wants, and they’re more likely to think long and hard before parting with a dollar. They’re less likely to succumb to marketing, and they research big-ticket items.”

Below, experts highlight more things those in the middle class quit doing once they turn wealthy.

They Trade Up, Not Out

“When their incomes increase, members of the middle class often end up upgrading their entire lifestyle,” said Huffman. “They find themselves trading an economical family vehicle for a luxury model or moving to a bigger house they can barely afford.”

On the other hand, he explained that the rich have already learned the meaning of enough. “They might upgrade the specification of a car they already like, or renovate their home versus taking on a big mortgage.”

Find Out: Here’s How Much the Definition of Rich Has Changed in Every State

They Don’t Stay in Debt

While the middle class might struggle to get out of credit card and car payments, Huffman said the rich see debt as something that can be strategically leveraged. “If they have a dream of investing in real estate that could provide capital gains in the long term, or perhaps even to fund a start-up promising enormous, even if somewhat risky, future rewards, they can borrow what they need, negotiate the best interest rate, and boil down the best opportunity to calculate the payback rate.”

According to Jeff Mains, finance expert at Champion Leadership Group, one major shift that occurs when people transition from middle class to wealthy is their approach to debt.

“Middle-class individuals often rely on debt as a financial tool, whether it’s for buying a home, financing a car or covering unexpected expenses,” he explained. “Once they achieve wealth, they typically adopt a much more conservative stance toward debt, preferring to pay off loans quickly or avoid borrowing altogether.”

He said this shift is driven by the desire to maintain financial stability and avoid the interest costs that can erode their wealth. “By eliminating or minimizing debt, they protect their financial freedom and reduce risk, allowing them to focus on investments and opportunities that further grow their wealth.”

He said this change not only secures their financial future but also provides peace of mind, knowing they are not tied down by financial obligations.

They Stop Spending On Material Things

Generally speaking, the middle class might tend to accumulate material things as a display of success, Huffman noted.

However, he added that the wealthy often tend to spend their time and, hence, their money, on experiences over things. “They might believe in investing more time on traveling, hobbies or education and such things for both themselves and/or their families. This could lead to a deeper well being and relationships.”

They Don’t Simply Budget — They Manage Their Wealth

“All families need to handle their finances,” said Huffman. “Middle-class families generally use budgeting tools to put their money tasks in order.”

“Wealthy families often switch to wealth management strategies,” he explained. “They have various investment vehicles that are wisely arranged by financial advisors into diversified portfolios to exceed the inflation rate, so their money can grow over the long term.”

Dennis Shirshikov, finance expert and head of growth at GoSummer, agreed that one of the primary changes that occur when middle-class individuals become wealthy is the shift away from strict budgeting for necessities. “While budgeting is crucial for managing limited resources, wealth provides a cushion that reduces the need for meticulous financial planning for day-to-day expenses.”

They Quit Using Coupons and Seeking Discounts

“Many middle-class individuals rely on coupons and discounts to make their money go further,” said Shirshikov. “However, as they accumulate wealth, the time and effort spent on finding deals and clipping coupons often diminish.

“Wealthier individuals tend to prioritize convenience and quality over cost savings.”

They Stop Delaying Large Purchases

Shirshikov also noted that middle-class families often delay large purchases, such as home renovations, new appliances or cars, until they have saved enough money or secured financing.

“Once they become wealthy, the need to postpone these expenses decreases,” he said. “They can afford to make significant purchases without waiting or financing.”

They No Longer Focus On Short-Term Financial Goals

“Middle-class individuals frequently concentrate on short-term financial goals, such as paying off debt, saving for emergencies or planning for upcoming expenses,” said Shirshikov.

Whereas, he explained, wealthy individuals tend to focus on long-term financial planning, including estate planning, investment strategies and philanthropy.

They Don’t Rely On Traditional Retirement Plans

Melanie Musson, finance expert with Clearsurance, noted that when middle-class people become rich, they don’t rely primarily on an IRA for retirement preparation. “Instead, they build a diversified portfolio that often includes real estate investments that can provide passive income for a lifetime rather than a set amount of income for a certain number of years.”

They Don’t Just Focus On Their Own Finances

“While creating wealth has its own intrinsic benefits, it often unleashes a craving to give back,” said Huffman. “Rich people will usually set up foundations or, at the very least, give substantial amounts of money to causes that they are passionate about.”

He said this shifts their focus beyond financial goals and ambitions to something far deeper.

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This article originally appeared on GOBankingRates.com: 9 Things the Middle Class Stopped Doing When They Became Wealthy