Millionaires don’t waste money on the lottery or fixing broken vehicles – here are three more money traps they avoid

CNBC Staff Tom Corley spent five years interviewing hundreds of millionaires. Ultimately, a theme of spending discipline emerged: millionaires refusing to spend money on certain things.

Here are five things millionaires probably won’t buy, according to interviews with 233 people who have a net worth of at least $3.2 million.

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Processed/packaged foods: Corley found that millionaires prioritize their health and try to extend their lives by avoiding low-quality packaged foods. Instead, they spend their money on organic, healthy options that aren’t loaded with preservatives. Millionaires buy food as close to the original source as possible, often visiting farmers markets or grocery stores known for higher quality meats, fruits and vegetables.

Low quality products: Millionaires don’t spend money on cheaply made products like the latest fads or cheap furniture. Alternatively, they looked for high quality pieces that were durable and could potentially increase in value. According to Corley, millionaires often spent significantly more to purchase these products because they had the confidence that the products would not have to be replaced with the next cheaper option.

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Major repairs: Millionaires also tend to completely replace broken or damaged parts of the house or problems with old vehicles. Instead of trying to fix a weathered roof or broken appliances with a band-aid, they simply opt for a replacement with something that will last. For example, if they are facing an expensive vehicle repair, they would seek to replace the vehicle entirely rather than pay for the repair. They rationalized the decision by factoring into the price the safety and time they would gain by not having to worry about future repairs.

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Outdoor equipment: Instead of owning the bulky equipment and tools needed to do their own landscaping, millionaires opted to rent out property maintenance as soon as they could afford it. They saved space in their garages and eliminated the unexpected that comes with owning many of the tools and equipment needed to maintain one’s property. Ultimately, they were buying time by paying someone else to do the maintenance because they no longer had to spend time on routine maintenance or repairing the equipment.

Play the lottery: Most millionaires did not get rich by gambling with their savings, and once they achieved millionaire status, they continued to avoid gambling and buying lottery tickets. According to GoBankingRates, your chances of winning the lottery in the US are about one in 176 million. If you enter a local state lottery, your odds of winning are still 42 million to one.

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This story is part of a new feature series on success, Benzinga Inspire. Some elements of this story were previously reported by Benzinga and have been updated.