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Imagine you would have the money of Bill Gates or Warren Buffet, what would your lifestyle look like? If you are thinking private jets and 5-star hotels, you might need to reset your ideas. The frugal billionaire is, in fact, more frequent than expected and most self-made rich people fit this definition. For them, money was not the goal, but a side-effect of their success and therefore less important compared to the systems or value they created.
The frugal billionaire
Frugal living is a matter of discipline, choice, and resilience, the same attributes that are usually associated with saving money. It comes as no shock that the people living by these rules attract more money and can save and invest instead of spending. It requires a mind shift to rethink what success looks like and to focus less on the exterior signs of wealth.
Learning from Warren Buffet, one must always be able to justify their choices logically. Ask yourself why are you buying the bigger house, the more expensive car or going to the luxurious restaurant. Is it a need, is it better value, or are you trying to show off or keep up with the Joneses? Once you eliminate the competition with others and focus on what you want, what makes you happy and what brings you value, in the long run, it will be easier to save, to say no to unnecessary expenses and to things that add more debt to your account.
The 10 lessons
We have made a selection of the most thrifty habits of the world’s richest people and organized them into five categories: transportation, housing, eating, gadgets and daily choices to help you derive inspiration quickly and easily. After reading this, you will see that you can easily live like a billionaire and save money in the meantime.
- Get an inexpensive car, even second-hand and drive it yourself.
- Always fly economy.
- Get a house just big enough to fit your family’s needs and don’t upgrade.
- Use your existing premises for business and living.
- Pack your lunch to save time and money.
- Get lunch in the cafeteria if your company offers this facility.
- Don’t spend money on expensive accessories.
- Don’t buy expensive clothing.
- Save energy whenever possible by switching off lights and appliances.
- Have simple celebration habits, enjoy the moment.