I definitely would not say that people like Warren Buffet, Hillary Swank, and Michelle Obama became rich by being frugal, but they are definitely among the millionaires who maintain frugal habits despite their abundant wealth. I thought this article was great, because it shows that even though you might be worth millions of dollars, one of the keys to not blowing all your hard-earned cash is to stick with your frugal roots and use tricks like doggy bags at restaurants, clipping coupons, and not overspending on lavish homes. Check out this awesome article on seven different millionaires and the penny-pinching habits that they never fell out of:
“Becoming wealthy and staying that way takes a certain level of discipline. Sure, an occasional splurge won’t put you in the poor house, but frequent frivolous spending on things that aren’t necessities can quickly put a serious dent in your wallet. The frugal habits necessary to achieve financial success and maintain it are often lessons learned early on.
In this article, meet seven entrepreneurs, business leaders and famous faces, including Google’s David Cheriton, Berkshire Hathaway’s Warren Buffett and Hollywood’s Hilary Swank, whose modest living — from clipping coupons to clipping their own hair — has helped them amass and/or maintain vast fortunes.
As Knight Kiplinger wrote in his classic column The Invisible Rich, “the biggest barrier to becoming rich is living like you’re rich before you are.”
Turns out that the lifestyles of the rich & the famous sometimes don’t differ quite as much as everybody else, especially when it comes to trying to save a little here and a little there. After all, if you have the mindset of “I’ve got money to spare,” chances are reckless spending could sneak in and take a chunk out of your funds before you know it.