5 Uber Rich Who Live Frugally

Not everyone who is very wealthy has 3 private jets, and the desire to be a celebrity. In fact living below their means is how most wealthy people amass great fortunes. These 5 uber wealthy individuals live well below their means, and offer an opportunity to talk about how to amass great wealth.

Great wealth is amassed by smart spending habits, and saving money, and leveraging your savings to build wealth through smart investments.

Here are 5 people we could all learn from.

1. Warren Buffett

Warren Buffett, perennially ranked among the world’s richest men, lives a lifestyle that hasn’t changed much since before he before he made his billions. He is often referred to as the world’s greatest investor, and his long-term track record suggests the title is well deserved. He is also legendarily frugal, residing in the same house in Omaha, Nebraska, that he bought in 1958 for $31,500. He is well known for his simple tastes, including McDonald’s hamburgers and cherry Coke, and his disdain for technology, including computers and luxury cars. Despite being worth billions he makes a low six figure salary from his company Berkshire Hathaway.

2.Jim Walton

Walton inherited his $16.4 billion dollar fortune from his dad and adds to it through the vast empire that is Wal Mart. It appears Walton also got his spending habits from Papa as well. Walton drives an old Dodge Dakota when he could probably buy Dakota, North and South. Come on, Jim, live a little.

3.Carlos Slim

ather than spending his fluctuating fortune, Carlos Slim funnels his billions back into the economy and his vast array of companies. By far the richest man in Mexico he forgoes private yachts, and planes, and instead keeps putting money back into the economy, and living simply. The businessman has lived in the same six-bedroom house in Mexico for more than 40 years and routinely enjoys sharing home-cooked meals with his children and grandchildren.

4.Azim Premji

Has $17.1 billion to play around with courtesy of tech-services giant Wipro. One of the richest men in India, Premji drives a Corolla, flies coach and stays in company guest houses while traveling on business. He even used paper plates for his son’s wedding. As long as he didn’t pick up the rice after the ceremony we can safely chalk his frugality up to living simply.

5.Ingvar Kamprad

$33 billion should be enough for a few lavish touches around the mansion, but this creator of IKEA furnishes his modest house with the very furniture that made him rich. If he is able to assemble IKEA furniture without help then the man truly is a genius and not eccentric. Plus he drives around in a 15-year old Volvo. He even flies coach while traveling. Cheap, unpretentious or crazy, you be the judge.

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Lance Waverly
Lance Waverly is the director of news at Refinance Student Loans. He also is an avid writer at QuoteYeti where he covers topics such as life insurance, and other other financial topics.
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