Frugality has different meanings to different people. Income is a big factor to determine the money habits of a frugal person in the same income class. This term is not just for those who are living paycheck-to-paycheck. There are frugal billionaires too. And in fact, we can all learn better money habits from them!
Let’s enumerate what these are:
Driving An Old Car
Jeff Bezos, Amazon CEO and founder, was still driving his 1987 Chevy Blazer even when he was already a billionaire back then. It’s a perfectly good car – as what he said during an interview with Bob Simon.
If a thing is still working according to your standards and still fits your needs, why buy a new and expensive one, right? These better money habits from the rich indeed save a lot of money!
Living In A Modest House
Warren Buffet, CEO of Berkshire Hathaway, may have attained a place in the top richest people around the globe yet his house is the same home he bought in 1958. The founder of Grupo Carso, Carlos Slim Helu, also lived in a 6-bedroom house for at least 40 years despite being the richest man in Mexico.
Truly, who would want to let go of a home that housed a lot of good memories and surely was a product of hard work? Better money habits from the rich involve holding on the things that hold really special memories.
Enjoying Home Cooked Meals
Charlie Ergen of Dish Network loves having a sandwich and Gatorade every day to work. He enjoys these simple homemade meals which he also brings to the office every day. He told in an interview with Financial Times that he learned this from his mother.
We can learn better money habits from the healthy lifestyle of the billionaire. If you think that they go to restaurants to eat their favorite food every day, then you are 100% mistaken. The rich know the value of healthy home-cooked meals, instead of buying preservative and calorie-loaded food from their favorite restaurants.
Wearing Simple Shirt To Work
You would always see Facebook CEO and founder Mark Zuckerberg in his simple T-shirt. The founder of Zara, Amancio Ortega also loves wearing a simple uniform to work. These successful billionaires teach us that we don’t need to wear different branded clothes to work every day. Expensive outfits are not a sign of a well-off life. These are some of the better money habits we can learn from them.
Shopping At Discount Stores
Former First Lady Michelle Obama is always seen shopping at Target stores and other discount stores. Not all rich people are fond of designer items, anything that can do the work will do. They still find the thrill of finding items with the cheapest price tags.
Most of these billionaires are not embarrassed to show their old traditional ways. These better money habits from the rich and the billionaires will help you earn your first 6 figures as well. They started from these habits and believe it or not, these money-saving tips also helped them get this rich!