29 months.
That’s the average amount of time a person keeps their cell phone.
Just 2.5 years.
If you followed that upgrade cycle throughout your adult life, you could easily spend nearly $25,000 upgrading your phone. And that doesn’t even include the opportunity cost of not investing that money in the stock market.
I, on the other hand, have taken the often-criticized route of only upgrading my phone when it completely dies.
And you would not believe the looks and comments I get from friends, family, coworkers, and even strangers.
Often, it’s in the form of jokes, ridicule, and looks of disgust. And that was on full display with my old iPhone 7.
I held onto my iPhone 7 for seven full years.
I’ll admit, the phone was on its last leg when I finally upgraded. It was held together with duct tape, the battery only held a charge for about four hours, and the charging port barely worked well enough for me to plug it in.
But I had a huge sense of satisfaction with that phone.
In fact, I loved that phone so much that I would brag about it when other people thought I was crazy. Using a seven-year-old phone became a badge of honor. The fact that I could say, “This thing is seven years old,” felt like an accomplishment.
I treated it like a classic car and did everything I could to keep it alive.
Not because I couldn’t afford a new phone.
But because I knew that holding onto a working phone for as long as possible was the right financial decision.
It not only saved me money, but it also taught me habits that many wealthy people practice every day.
Many of which I’ll share below.
Habits of Wealthy People: They Value Financial Freedom Over Status
In the book The Millionaire Next Door, the authors spent years studying millionaires and found that one of their defining traits was valuing financial independence over displaying high social status.
That display of status can take many forms: fancy cars, designer clothes, larger homes, or always having the newest phone.
Instead, many millionaires live below their means and invest the difference.
“But wait,” you might be thinking. “What about celebrities?”
After all, they’re often driving exotic cars, wearing expensive jewelry, and showing off luxurious lifestyles.
And to that I would say they are largely the exception, not the rule.
Many celebrities are paid to maintain a certain image. But most millionaires aren’t celebrities. In fact, many of them are your neighbors, coworkers, or local business owners, you just wouldn’t know it based on their appearance.
That’s because they don’t spend their money trying to look wealthy.
They drive older cars, use older phones, and wear simple clothes.
Wealth Creation Habits: They Invest Consistently
Wealthy people know that the key to building wealth isn’t simply spending less, it’s investing consistently.
According to a survey conducted by Ramsey Solutions, 75% of millionaires attributed their financial success to consistent investing over a long period of time.
They didn’t chase get-rich-quick schemes.
They didn’t try to find the next hot stock.
They simply invested regularly in boring assets and gave those investments time to grow.
The lesson?
Don’t fall into the technology upgrade trap.
Keep more money in your pocket, invest it consistently, and allow time and compounding to do the heavy lifting.
Habits of Wealthy People: They Delay Gratification
They Delay Gratification
One of the hardest things to do in today’s world is delay gratification.
We’re constantly flooded with images and posts from family, friends, influencers, and celebrities showing us how great their lives appear to be.
The new car.
The luxury vacation.
The remodeled kitchen.
The newest phone.
Seeing these things naturally makes us want them too.
But wealthy people don’t fall into this trap as easily.
They’re not without wants and desires. Who wouldn’t want a trip to Paris while staying in a five-star hotel?
The difference is that they understand that wanting something doesn’t automatically mean they should buy it.
They prioritize their long-term goals over their short-term wants.
They ask questions like:
“Is this worth delaying my financial goals?”
Or:
“Does this purchase move me closer to where I want to be financially?”
Those questions force you to think differently about that fancy vacation, new car, or phone upgrade.
Habits of Wealthy People: They Think Long-Term
Lastly, wealthy people think long-term.
When considering a purchase, they often ask themselves:
“Will I still be happy about this purchase ten years from now?”
And from my own experience, I’ve almost always concluded that I probably won’t even remember making the purchase.
Which just goes to show how little impact many purchases have on our long-term happiness.
As a result, I’ve often chosen not to buy something that would make me happy today because I know it won’t matter much a decade from now.
Wealthy people make similar decisions every day.
Final Thoughts
Conclusion
Sure, buying a new phone feels good.
And it might even make you look wealthy.
But building wealth has very little to do with looking wealthy.
It has everything to do with delaying gratification, investing consistently, living below your means, and thinking long-term, even when those choices make you look different from everyone else.
The people judging your old phone may be making entirely different financial decisions than you are.
Meanwhile, you’re quietly building wealth by practicing the same habits that many self-made millionaires have used for decades.
And that’s a trade-off I’m willing to make.
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