Frugal Habits of the Super Rich

We’ve all dreamed of striking it rich and never having to worry about money again, but anecdotal evidence suggests the wealth elite live surprisingly frugal lifestyles. Whether it keeps them grounded or simply comes by force of habit, here are the cost-cutting habits of the super-rich:

  1. Mark Zuckerberg – Live Below Your Means:

He is the founder and CEO of Facebook. He is one of the super-rich to shy away luxury items and flashy cars. He actually lives off a very simple wardrobe of grey t-shirts and jeans and drives a £20,000 saloon car.

NET WORTH: £30.4B

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  1. Warren Buffet – Choose A Modest Home:

The investment guru and world-class frugality proponent, bought the house he lives in, in Omaha, Nebraska, in 1957. It was going for around £21,000. The ‘Oracle of Omaha’ is well known for his investment insights.

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NET WORTH: £41.8B

READ: Lessons We Can Learn from Billionaire Warren Buffett

  1. Azim Premji – Gorget About Class:

‘The Tsar of Indian IT’ prefers to travel on a tight budget, avoiding 5-star hotels for budget accommodations, despite the fact that he can afford it all. It is actually said that he used paper plates during his son’s wedding.

NET WORTH: £10.1B

  1. Beyoncé – Be On The Lookout for Freebies

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The pop icon and occasional actor and fashion designer, shuns purchases of expensive items and ornaments. She instead prefers to beautify herself with the gifts she is given aby jewelers and designers.

NET WORTH: £308M

  1. Ingvar Kamprad – Eat Frugally:

He has habits such as telling people off for not using both sides of a sheet of paper as well as dining out on meatballs in his own Ikea Stores, helping himself to free salt and pepper sachets when dining.

NET WORTH: £2.3B

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  1. Michael Bloomberg – Cut Down on your Shoes:

This former Mayor of New York made headlines when he confirmed that indeed, he had two pairs of work shoes over the last decade. Rather than buying new shoes all the time, he gets the old ones fixed and reheeled.

NET WORTH: £27.6B

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  1. Jay Leno – Have Two Jobs, Save One Salary:

The TV presenter started off earning from two jobs when he worked at a car dealership and fast food outlet, but he saved one of the salary. He continued this mantra even as he pulled in millions from both TV and stand-up comedy.

NET WORTH: £238M

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  1. Boone Pickens – Stick To A Grocery List:

Pickens claims to shop with a strict grocery list and only enough cash to cover what’s on it, refusing to be tempted by impulse purchases. That way, he ensures he sticks within his budget and does not waste money on unnecessary items.

NET WORTH: £1B

  1. Elon Musk – Live On Almost Nothing:

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Before becoming a millionaire, let alone Billionaire, he tried living on a dollar a day to see if he had what it took to avoid taking a salaried job and concentrate on his dreams. Clearly, it paid off.

NET WORTH: £8.6B

  1. Steve Jobs – Only Buy What You Need

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Instead of buying a new overcoat when it was cold, it is reported that the genius behind Apple Computers would choose to be cold than buy such an overcoat because he did not think he would use one enough to warrant purchasing another.

NET WORTH: £4.6B

  1. Alexander Lebedev – Keep Your Parties Simple

This Russian oligarch and former KGB spy, is famed for his enthusiasm for frugal living, being a fan of flat-pack housing and other low-cost living methods. For one birthday party, he turned down caviar and champagne in favour of serving his guest bacon lard and vodka.

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Keep developing your money-saving habits and maybe try some new ones too. You never know, one of them might just help you on your way to becoming a billionaire too.

Post Author: Muraya Muya