Do you act rich or live rich?  Most people associate the rich with living rich, spending million of dollars on lavish things while they rest poolside at their mansion.  While it’s easy to imagine this, most rich people, at least the self-made types, know the value of a buck.  While acting rich won’t make you rich, it puts you on the necessary path.
Kyle James, at Money blog partner site of U.S. News & World Report provides these 5 frugal habits of the rich.
Drive a modest car. Let Facebook founder Mark Zuckerberg, who drives a modest $30,000 Acura TSX entry-level sedan, be your role model on this one.

Ryan’s Take:

This status symbol has never really resonated with me.  Why pile a bunch of miles on something that will soon be worth nothing?  If you can afford some type of collector’s car that will hold its value, go for it.

Ken’s Take:

Cars lose value so fast I agree with Mr. Zuckerberg.  Buy one that works for you, take care of it, and keep it for 10 years.

Buy a modest home.  Warren Buffett famously still lives in the Omaha, Neb., home he bought back in 1958 for $31,500.

Ryan’s Take:

A house should not be seen as an investment.  It’s a lifestyle.  If you would like to have some security for that lifestyle, buy a home that you can pay off as soon as possible.

Ken’s Take:

I believe in the midst of all your business deals, owning your home outright is a great goal.

Don’t carry wads of cash. …follow the example of oil mogul T. Boone Pickens, who famously shops with a grocery list and only carries the amount of cash he needs to make purchases.

Ryan’s Take:

Only old people like T. Boone Pickens use cash.  Who needs more than 20 bucks in their wallet?

Ken’s Take:

Cash disappears, so don’t carry a ton.  When you need it, carry big bills for emergency situations.  You are less likely to break large bills for trivial things.

Have an action mentality. Almost all self-made millionaires have one thing in common: They are people of action. They don’t sit around feeling sorry for themselves waiting for something good to happen to them, as opposed to the people who I would say have the “lottery mentality.”

Ryan’s Take:

This is an area I am really trying to work on.  I recently read a book called Tribes, which I will talk about in a future post, that really invigorated this part of my life.

Ken’s Take:

This one is what separates the men from the boys.  When the going gets rough, can you make a come back?

What do you think this list is missing?  Leave a comment and let us know.