Piggy Bank: Lessons from the Rich

By Kimberly Shane

Piggy Bank: Lessons from the Rich

piggy bank lessons from rich blog-01.jpgDo your kids think that you are totally the coolest? Unless they are under the age of 9, likely you are shaking your head no. Let’s put it this way, when you tell them that they don’t need the pair of $120 designer jeans, do they roll their eyes and assume that you don’t know what it is like to be cool? It’s okay you aren’t alone in this. When I came across “11 Frugal Habits of the Super Rich”, I thought, “hey, now I have some ammo”. If you too need to be able to tell your child that Beyoncé likes to save money or Mark Zuckerberg (the founder of Facebook) wears the same thing all the time then you are in the right place! Below is a list of 11 frugal habits of the super-rich:

  1. Mark Zuckerberg lives below his means. The man is worth billions but drives a modest sedan and has a wardrobe made up of gray tee shirts and jeans.
  2. Warren Buffet the business guru has lived in the same house in Omaha, Nebraska. He bought the house 50 years ago for around $25,000 (with inflation that would be around $183,000 today). For someone worth billions that is a pretty modest home!
  3. Azim Premji worth $10 Billion doesn’t pay for classy upgrades. He chooses to stay at budget accommodations while traveling and it’s been said, he even used paper plates at his son’s wedding.
  4. Beyoncé, who needs no introduction, won’t purchase expensive items, instead she uses those items given to her from jewelers and designers. While we might not get designer items for free we can be on the lookout for freebies and take advantage of them!
  5. The founder of IKEA, Ingvar Kamprad, trained himself how to be frugal. He had habits such as using both sides of a piece of paper (and felt strongly that not doing so, was wasteful) and helped himself to free salt and pepper packets when eating out. Plus, he ate at his own restaurants.
  6. Reduce the number of shoes you own, like Michael Bloomberg. He has made two pairs of work shoes last a decade. Instead of buying new shoes, he just has them resoled and reheeled.
  7. Jay Leno has had two jobs since he was a young man; he worked at a fast food restaurant and at a car dealership. He used one salary to live off and saved the other. This mantra continued into his future career when he worked both in TV and stand-up comedy.
  8. Sticking to a grocery list isn’t tremendously difficult but certainly can save money! T. Boone Pickens, oil tycoon, sticks to his strict grocery list and only carries enough cash to cover it so he isn’t tempted by impulse buys.
  9. The CEO of Space X and Tesla Motors, Elon Musk, tried living on $1 per day to see if he could avoid taking a salaried job to concentrate on his dreams. Trying to live on almost nothing, obviously paid off for him.
  10. Steve Jobs opted not to purchase a new overcoat but instead chose to be cold because he didn’t think he would use one enough to warrant purchasing one.
  11. A Russian Leader and former KGB spy worth millions, Alexander Lebedev opted to serve his guests bacon lard and vodka instead of the offered, champagne and caviar.



Tags: Money, Banking, financing, financial, financial security