Millionaires embrace frugality by choosing used cars and secondhand clothes

A new trend called "under consumption" is emerging among millionaires, who are choosing simpler, frugal lifestyles. This shift involves avoiding luxury items and opting for used cars, secondhand clothes, and budget-friendly groceries. Entrepreneur Shang Saavedra exemplifies this trend, living in a rented home and driving a 16-year-old car. She prioritizes spending on education and philanthropy while her children wear hand-me-downs and play with secondhand toys. Annie Cole, a personal finance coach, also embraces frugality, living on $4,000 a month. She limits clothing purchases and uses free air miles for travel, focusing on low-cost activities for vacations.