Most of us are guilty of believing that billionaires spend an excessive amount of money on luxury items such as cars, houses, and material items. Although a lot of them do, because they can, there are some billionaires out there that have shared some of their wisdom and have kept some of their frugal tendencies even after they’ve become billionaires. Hopefully the advice from the people below will give some insight how they’ve become successful and how they stay successful.
Bill Gates is probably one of the most well-known billionaires on this list but he is a firm believer on learning from your mistakes. Throughout life most of us will always make mistakes here and there. When it comes to your finances or spending habits, it’s important to learn from them.
Ingvar Kamprad is the founder of IKEA and passes along some wisdom, that most people know, but it is to avoid unnecessary spending. If you need motivation to stop unnecessary spending, Ingvar could take a private plane to wherever he wants to go but instead he takes economy class. If a billionaire can skip out on things they think are unnecessary, so can you.
Warren Buffet, a famous investor, has some great advice as a frugal billionaire. He says that when it comes to buying a home, buy something that fits your needs. He actually believes strongly in this statement because he still lives in a 5 bedroom home that he purchased in 1958 for $31,500!
Richard Branson who is the founder of Virgin group, makes the suggestion that you have to set goals and do everything in your power to reach them. It’s not enough to just think about them and hope to achieve them, you have to write them down and motivate yourself to accomplish them.
David Cheriton may sound unfamiliar to some, but he is actually one of the first investors in Google. This man is another example of a frugal billionaire due to his piece of advice which is to learn what you can do yourself. He follows this model by refusing to go to a barber to get his haircut, he does it himself.
Mark Zuckerberg the infamous Facebook creator believes that you should always drive a modest car. This billionaire actually drives a $30,000 Acura because he believes he only needs a car to get him from point A to B.
It might come as a shock the way that these billionaires spend their money, however, it shows us that it is possible to live a frugal life no matter what the circumstances. Hopefully these tips have motivated you to make some changes in your own life and stride to achieve your goals and live comfortably with the money that you earn.
Disclaimer: The above information is general in nature and not intended to be financial advice. You should consider seeking professional advice before following any suggestions in this blog/website.