Frugality is a subjective term. To the average Joe, it could mean eating meals at home or scouring the internet for cheap flights. But to a billionaire, it means showing up to work in a T-shirt and jeans, driving a Toyota or Volkswagen, and, in some instances, foregoing the purchase of a private jet or lavish vacation home.
Sometimes it’s hard not to believe that life would be so much better if we had unlimited funds. Those student and credit card loans would be paid off in just an instant instead of over the course of months or years and a sun-soaked vacation would be available at the drop of a hat.
We all dream of that “pie in the sky” goal of someday making millions and never having to work another day in our lives. While it may be fun to dream, it’s incredibly difficult to achieve financial stability to the point where one is taking home millions.
10. Mark Cuban
Business mogul and Dallas Mavericks owner Mark Cuban promotes his philosophy on getting rich by relating his own story of how to live cheap. When he was in his 20s, he found the cheapest way to live was by sharing an apartment, and there were many nights he slept on the couch or even the floor.
9. Michelle Obama
Former first lady Michelle Obama paid for her own clothes while in the White House. Many of the elegant gowns she wore were donated by their designers. When she shopped for herself, Obama often went to retail stores known for reasonable prices. On one appearance on NBC’s “Today” show, she sported a $35 dress from fast fashion retailer H&M.
8. Ingvar Kamprad
The founder of the ubiquitous furniture chain IKEA practiced what he preached when it came to the affordable, assemble-it-yourself products his company sells. When traveling, he flew in coach class and drove a 20-year-old Volvo, according to CNBC.
7. Kristen Bell
Eschewing the three-day destination wedding many celebrity couples choose, actress Kristen Bell and fellow actor Dax Shepard got married at the local courthouse. The total cost for their nuptials: $142. Bell is also a regular coupon clipper.
6. Carlos Slim
Mexican business mogul Carlos Slim regularly appears on lists of the world’s wealthiest people, but you won’t find his home on any list of celebrity houses. His net worth is estimated at almost $60 billion, but he has lived in the same home for over 40 years.
5. Sarah Michelle Gellar
The star of “Buffy the Vampire Slayer” has been known to grocery shop at upscale Whole Foods Market. But she has said that when she’s there, she only buys what’s on sale. And, she has said that she brings her own bags because she gets a discount for doing so.
4. Dave Grohl
His stints as drummer for Nirvana and frontman for the Foo Fighters have helped Grohl amass a net worth estimated at $280 million. But he watches his spending and told The Red Bulletin that he drives “a family car.” Grohl told The Guardian he learned “money will kill you” after his mother had a stroke while paying the family’s taxes.
3. Sarah Jessica Parker
Parker’s journey to fame and fortune is one of the many celebrity rags-to-riches stories. She grew up as one of eight children in a family that spent time on welfare, according to The New York Times.
But Parker has kept her frugal ways despite her fame and fortune. And, she’s passing her habits on to her own children. For example, she dressed her son in clothes that have been handed down by her nephews.
2. Mark Zuckerberg
You might not think of this as what rich people do, but the Facebook founder has been seen driving an Acura valued at around $30,000. Zuckerberg also wears jeans and a T-shirt nearly every day despite a net worth of over $73 billion.
1. Warren Buffett
The Oracle of Omaha is worth over $80 billion, according to Forbes, making him one of the 10 richest people in the world. Yet, he lives a very frugal lifestyle.
Buffett is a walking lesson in how to live frugally, which he has demonstrated by living in the same house he bought in 1958. He once told Berkshire Hathaway investors, “For the $31,500 I paid for our house, my family and I gained 52 years of terrific memories, with more to come.”