Everyone Should Know About These Money Saving Tips from Billionaires
There are plenty of billionaires in this world
nowadays, but exactly how they got to that level of financial comfort
may surprise you. They are not all the flashy, big spenders we see on
many
Hollywood
tv specials. In fact, many of them attribute their success to living
quite frugally. Here are some of the best money saving tips from some of
the world’s most wealthy people.
Michael Bloomberg
Net Worth: $34.3 Billion
Stick with what works best for you. Michael Bloomberg is
well known as one of the most controversial mayors of New York City, and
majority share holder of Bloomberg L.P., an international financial
information company. But one thing most people don’t know about Mayor
Bloomberg is the fact that for the past 10 years he has only owned two
pairs of work shoes. They are both black loafers, and provide the most
comfort and functionality for the billionaire. He knows that they are
what works best for him and chooses to save his money for other things
rather than spend a small fortune on shoes that he will never really
wear.
Bill Gates
Net Worth: $79 Billion
Learn from your past mistakes. Making mistakes with money
is a common occurrence in life. We all do it, but those of us who
ultimately achieve financial success in life not only make those
mistakes, but more importantly, they learn from them. Bill Gates, well
known as one of the richest people in the world once said, “It’s fine to
celebrate success, but it is more important to heed the lessons of
failure.”
Ingvar Kamprad
Net Worth: $53 Billion
Avoid unnecessary spending. Ingvar Kamprad, founder of
IKEA, believes that some spending is just not needed even if you do have
plenty of funds to blow. Like many other super wealthy individuals, he
prefers to fly economy class rather than in a private jet. In his
memoir, Kamprad wrote: “We don’t need flashy cars, impressive titles,
uniforms or other status symbols. We rely on our strength and our will!”
Warren Buffet
Net Worth: $66.1 Billion
Buy a home that fits your needs. Warren Buffet is the
classic example of this rule. He still lives in the Omaha, Nebraska home
that he bought in 1958 for a mere $31,500. Despite having billions of
dollars at his disposal, Buffet finds no reason to live in an enormous
mansion just because he can. Instead he is comfortable in his modest 5
bedroom stucco house located in the heart of our nation.
Oprah Winfrey
Net Worth: $2.9 Billion
Find your true passion. This simple tip has paid off big
time for Oprah. She has been quoted as saying, “You become what you
believe. You are where you are today in your life based on everything
you have believed.” Figuring out what you love to do, and then pursuing
it with everything you’ve got will often result in the greatest of
life’s rewards
.
Richard Branson
Net Worth: $5.1 Billion
Set goals and do everything in your power to reach them.
British Billionaire and founder of the Virgin Group, Richard Branson
once started out with just a list of goals. They weren’t even the most
realistic ones, but he set those goals and went for them. Little did he
know what his goal setting could one day achieve.
Carlos Slim Helú
Net Worth: $78.5 Billion
Start saving your money early. Carlos Slim, a Mexican
businessman who was recently edged out by Bill Gates as the richest man
in the world, offers one of the most important tips when it comes to
enjoying financial success. Start saving your earnings as early as
possible. The sooner you start saving your money and managing it
properly, the better off you will be later in life no matter what kind
of work you do.
John Caudwell
Net Worth: $2.6 Billion
Use alternate modes of transportation. This English
businessman has made his fortune in the mobile phone industry, but that
doesn’t mean he finds it necessary to drive around in a flashy car and
show off his wealth. In fact, he still enjoys walking, riding his bike
and even using public transportation to get from here to there.
David Cheriton
Net Worth: $1.7 Billion
Learn what you can do yourself. David Cheriton was one of
the first investors in Google and enjoys quite a nice return on his
initial $100,000 investment made in 1998. Yet he refuses to go to a
barber and cuts his own hair. Even this seemingly small savings can add
up especially when you adopt it to other areas of your life. Just think
of how much money you could be giving other people to do things that you
are perfectly capable of doing yourself.
Mark Zuckerberg
Net Worth: $30 Billion
Drive a modest card. Even the founder of
Facebook
lives frugally in many ways. One of which is the fact that he drives a
modest, $30,000 Acura, entry-level sedan. He could have any car he
wanted to drive him from here to there, or a fleet of them for that
matter, but instead he chooses this simple and practical vehicle.
John Donald MacArthur
Net Worth: $1 Billion at death in 1978 ($3.7 Billion Today)
Make a budget and stick to it. MacArthur, who was the sole
shareholder of Bankers Life and Casualty Company of Chicago, started his
business career off with one small acquisition and then built around
it. Despite living in an era that was all about Hollywood glitz and
glamour, MacArthur refused to buy into this craze and lived very
frugally. He never owned extravagant luxuries, never had any press
agents, and kept a $25,000 annual budget.
Rose Kennedy
Net Worth: Unknown at death in 1995
Be creative and look for alternatives in spending. Rose
Kennedy is most famous for being the infamous family’s matriarch, but
her money saving tactics were quite surprising considering the amount of
wealth the family had accumulated. Instead of buying scrap paper reams,
she would wait until the end of the year and buy old desk calendars
that had just worn out their usefulness. These tended to be much cheaper
than the scrap paper, allowing her to save on even the littlest things.
T. Boone Pickens
Net Worth: $1 Billion
Make a shopping list and only carry the cash you need for
that list. Oil mogul and billionaire, Pickens always practices one sure
way to help save money; he never carries more money in his wallet than
he needs. He makes a grocery list before heading to the store, only buys
the items on that list, and only carries with him enough money to make
that purchase. You can’t spend money you don’t have, right?
Jim Walton
Net Worth: $34.7 Billion
You don’t always need the latest and greatest. Walton,
youngest son of WalMart founder Sam Walton, lives a frugal life just
like his father always taught him. Despite Walton’s great fortune, he
still drives a pick-up truck which is over 15 years old. He realizes
that it is better to get all you can out of your vehicles rather than
driving around the flashiest or most expensive one you can get your
hands on.
Donald Trump
Net Worth: $3.9 Billion
Work hard. Donald Trump attributes all of his success to
his work ethic. Many outsiders see Trump as “lucky” in the world of
finance, but Trump says that luck comes from hard work. “If your work
pays off, which it most likely will, people might say you’re just lucky.
Maybe so, because you’re lucky enough to have the brains to work hard!”
he says.
Robert Kuok
Net Worth: $11.5 Billion
Seize opportunities while you can. Robert Kuok, the richest
man in Malaysia, lives simply by the rules he learned from his mother,
to never be greedy, never take advantage of others, and always have high
morals when it comes to dealings with money.
Kuok explains that in order to become successful
financially, you must be courageous and always seize opportunities as
they come your way, even when others doubt your ability.
Li Ka-shing
Net Worth: $31 Billion
Live a humble life. This man’s incredible empire spans 52
countries and employs over 270,000, yet he was a school dropout. He
attributes his incredible success to living a life that is humble and
simple. When you are just starting out, you must teach yourself how to
live off less and adapt to a lifestyle that is appropriate and not
spectacular.
Jack Ma
Net Worth: $10 Billion
The customer always comes first. Jack Ma, the founder of
Alibaba Group and self-made billionaire, believes that customers should
always be priority #1. Behind them comes employees and last in line
should be shareholders. Ma believes that a person’s attitude how they
live their life is more important than their abilities.
Howard Schultz
Net Worth: $2.2 Billion
Realize that money is not everything. Howard Schultz,
Chairman and CEO of Starbucks, stated that a person’s values are far
more important than their net worth. He is quoted as saying, “I never
wanted to be on any billionaire’s list. I never have defined myself by
net worth. I always try to define myself by my values.”
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