. However, homeowners aren't always the best contractors, and while DIY-ing might be cheaper, renovations may not always be done right. Instead, people who are good with money will pay the price necessary for quality work.
"There's this misconception that a lot of people that are good with money are huge DIY-ers. And that's not always true," James says. DIYs take a significant amount of time, and many people who are good with money know that they could capitalize on other strengths by hiring someone else to get the work done.
People who are good with money are going to think about the opportunity costs for them to do the work, and ultimately they'll spend the money to have it done right. For the most part, cars aren't an investment —they lose value quickly over time. So people who are good with money "do not like to spend a lot of money on depreciating assets," James says.
Many people who are good with money don't enjoy expensive cars because they project a lifestyle they're not willing to keep up with. In "The Millionaire Next Door," Stanley interviewed a self-made multimillionaire whose friends had pooled together money to buy him a Rolls-Royce as a gift. The multimillionaire lived in a middle-class town in a modest home and had never owned a car more expensive than a domestic sedan, and decided he couldn't accept the gift.
His reasoning? He couldn't drive it to the manufacturing plant where he worked, to his favorite hole-in-the-wall restaurants, or to the lake where he spent his weekends fishing without feeling out of place, he told Stanley. For many people like this multimillionaire, a luxury car doesn't fit their lifestyle.
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