Yahoo Finance 10 Ways Elon Musk, Warren Buffett and Other Money Experts Live Frugally
Many financial experts preach the importance of living below your means — and some of these experts take it to the extreme.
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For example, even though Elon Musk is the richest person in the world, he still has some habits that are quite frugal.
Here’s a look at how Musk, Warren Buffett and more money experts live frugally.
Elon Musk: Sleeps on a Worn-Out Mattress
In an interview with Vanity Fair, Elon Musk’s on-and-off partner Grimes said that when she shared a home with the Tesla CEO in Los Angeles, the mattress they slept on had holes in it.
“Bro [Musk] wouldn’t even get a new mattress,” she said.
When Grimes brought up the issue of the holes in the mattress, Musk suggested that she bring the mattress from her home to his place rather than buy a new one.
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Warren Buffett: Lives in the Same House He Bought in 1958
Investing extraordinaire Warren Buffett could afford to live on a grand estate, but instead, he lives in the home he bought in Omaha, Nebraska, in 1958 for $31,500.
“I’m happy there,” he told the BBC. “I’d move if I thought I’d be happier someplace else. How would I improve my life by having 10 houses around the globe? If I wanted to become a superintendent of housing … I could have [that] as a profession, but I don’t want to manage 10 houses, and I don’t want somebody else doing it for me, and I don’t know why the hell I’d be happier.”
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Mark Cuban: Doesn’t Spoil His Kids
Entrepreneur and Dallas Mavericks owner Mark Cuban can afford to buy his kids anything they want — but he doesn’t.
“I tell them: After your health, my No. 1 thing for you all is, I don’t want you to be entitled jerks,” he told Steve Harvey on an episode of “Steve on Watch.” Cuban told Harvey that he told his kids, “I’m not going to write you checks. You don’t just get a credit card. You can’t just buy whatever you want.”
Instead, he wants his children to learn the value of working for their money.
Tim Ferriss: Doesn’t Splurge on Expensive Bottles of Wine
Tim Ferriss, author of “The 4-Hour Workweek” and podcast host, deliberately picks and chooses what he spends money on and said he won’t spend a lot on wine.
“I’ve decided that I’m happy to spend a lot of money on ethical and excellent food, but I’m rarely willing to spend more than $50 on a bottle of wine,” he wrote in a blog post on his site. “I can easily tell (and feel) the difference between mid-tier and high-quality food, but fancy wine is like pearls before swine for this Long Island boy.”
Richard Branson: Doesn’t Buy Fancy Art
British business mogul Richard Branson seems like the type of person you’d expect to hang expensive, rare art on his walls. The truth is quite the opposite. Here’s the type of art you’ll actually find in his home:
“Watercolours at a reasonable price – maybe a painting of the area I happen to live in. So that it has a reason for being there, rather than something that is just a particularly famous artist.”
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Charlie Ergen: Packs a Brown Bag Lunch Every Day
You’d think the chairman of Dish Network and EchoStar would be accustomed to caviar lunches, but that’s not the case. Ergen’s daily lunch includes a brown bag of a meal he packed himself and a Gatorade. He credits his upbringing for his frugal nature.
“My mom grew up in the Depression. I don’t have a mahogany desk.”
Azim Premji: Doesn’t Like Fancy Cars
Yet another story of a billionaire who skipped owning a luxury vehicle. Azim Premji, the founder of Wipro, drove a Toyota Corolla for years. He only replaced it when his employees urged him to.
“I have never had the need or thrill for being wealthy,” he said.
Bill Gates: Wears a $10 Watch
The co-founder of Microsoft could have any beautiful Swiss watch he desired, but instead, Bill Gates opts for the simpler fashions. He said he wore a $10 watch during one of POLITICO’s Lessons From Leaders inaugural events.
“Money has no utility to me beyond a certain point,” Gates said.
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Carlos Slim Helú: Drives Himself Around Town
Carlos Slim Helú is one of the richest men in Latin America, but he doesn’t spring for a driver. The controller of America Movil prefers to drive himself around town for his many meetings.
He’s been quoted as saying “The biggest things in life are not materials.”
John Caudwell: Buys His Clothes Off the Rack
John Caudwell is a British billionaire, but he doesn’t pay to have his clothes tailored. He instead prefers to buy them off the rack at British retailer Marks & Spencer.
“I don’t need Saville Row suits,” he told Forbes. “I don’t need to spend money to bolster my own esteem.”
Gabrielle Olya contributed to the reporting for this article.
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