Many of us are already rich… some readers may be rich and famous (who knows?), but I think most of us are probably working hard, paying our bills, and are able to provide modestly for ourselves and our family. The thought of being “rich” is a foreign concept that we see on TV or in magazines, or maybe even dream about sometimes. When we think about “the rich” we think about private yachts, Gulfstream jets, and living on a tropical island with a 15,000 square foot mansion.
True, this does categorize some of super rich in our world, but not all of them. I think you will be surprised – like I was – to find that many of them still live frugally, or at least have a frugal habit or two. I believe most of these habits were kept with them from their journey of modest living to mega wealth – and they still use them regularly today.
So with this in mind, lets have some fun and peek into the lives of some of the rich and famous on their own personal frugal habits.
Warren Buffett (net worth of $50 billion) Clips coupons and still lives in the same house he purchased in 1958 for $35,000, even though he is a billionaire. Warren says he loves living “the simple life in Omaha, Nebraska”. My guess is that it starting Berkshire Hathaway, 40 years ago, was never about the money.
T. Boone Pickens (oil businessman – net worth of $1.2 billion) Mr. T. Boone only buys a new suit every 5 years as a way to save money and live frugal. Not sure about the rest of his life, but since he can afford a new $1000 suit every day, I say this qualifies.
Jim C. Walton (Son of Walmart founder, Sam Walton – net worth of $28.6 billion) Jim is one of the richest men in the world with more money than many governments. What’s his frugal habit? He drives a 15 year old pickup truck… Hey, men love their trucks!
Hillary Swank (famous actress – net worth of $40 million) I loved Hillary in the movie “Million Dollar Baby” and am somehow not surprised that she still lives frugal, being that she at one time lived out of a car with her mom. What’s her habit? She loves to coupon and can’t resist it.
Sarah Jessica Parker (famous actress – net worth of $20 million) Parker of course is famous for her many movies, but mostly for her show “Sex in the City”. Oddly enough, she is very frugal in regards to clothes for her son. It is said that she has her son wear “hand me downs” from his cousins. And here I would have sworn that I had absolutely nothing in common with Sarah Jessica Parker!
David Cheriton (Google Billionaire Investor – net worth of $1.3 billion) When you’re a billionaire you would think you would get your haircut by someone else – even “Cost Cutters” will butch your hair for under $10 if you’re feeling kind of tight that day… But not David, he cuts his own hair to save money. Now that’s frugal!
Mitt Romney (Presidential Candidate – net worth of $250 million) Even though Mitt Romney is worth almost a 1/4 of a billion dollars, it is said he is highly frugal and
always looks for ways to cut costs. How does he do it? For starters it is reported that he shops for golf clubs at Kmart and does his own renovation at home instead of hiring a contractor. Not bad for someone as busy as Mitt.
Ingvar Kamprad (Founder of IKEA – net worth of $43 billion) Ingvar is a cool name and one I’ll have to remember when I have my next child, but even cooler is how Ingvar spends his money frugally. Even though Ingvar is a billionaire 40 times over, he still drives his 20 year old Volvo and flies coach whenever he is traveling…. pretty cool!
Ask the readers
Any surprises on the list? What frugal habit of the rich and famous do you resonate with?