19 wealthy people share secrets on how to save money

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Everyone wants to save more money. Who really knows how to save money? Naturally, those people who are rich. Let's listen to the advice of the rich.

There are many billionaires in the world today. But how did they achieve this level of financial comfort? Not all of them spend money left and right, like the heroes of Hollywood films. On the contrary, many of them attribute their financial success to a rather modest life. Let's learn from them. Fortunately, they shared with us the secrets of how to save money.

1. Michael Bloomberg, $ 34.3 billion

Stick to what works best for you. Michael Bloomberg is well known as one of New York's most controversial mayors. He is also the founder and shareholder (he owns 88% of shares) of Bloomberg L. P. - an international information company. But there is one thing that most people don't know about Michael: in the past 10 years, he has only worn and continues to wear two pairs of work shoes. These are black moccasins that provide the billionaire with the greatest comfort and functionality. He knows they are best for him and thus saves money for other things. He doesn't spend a lot of money on shoes that he will never wear.

2. Bill Gates, $ 79 billion

Learn from your past mistakes. Making mistakes is common in our lives. Including mistakes with money. We all make these mistakes. But those of us who ultimately achieve financial success in life not only make these mistakes, but learn from them. Bill Gates, one of the richest people in the world, once said, “It's great to celebrate success. But it’s much more important to learn from failure.”

3. Ingvar Kamprad, $ 53 billion

Avoid unnecessary expenses. Ingvar Kamprad, founder of IKEA, believes that some expenses are absolutely unnecessary, even if you are very wealthy. Like many other super-rich people, he prefers to fly economy class rather than a private jet. In his memoirs, Kamprad wrote: “We don't need flashy cars, impressive names, chic uniforms and other status symbols. We rely on our strength and our will! Interesting fact about Ingvar: he has been using one chair for 30 years.

4. Warren Buffett, $ 66.1 billion

Buy a home that suits your needs. Warren Buffett is a classic example of this rule. He still lives in a house in Omaha, Nebraska. He bought this house in 1958 for $ 31,500. Despite the billions at his disposal, Buffett finds no reason or reason to live in a huge mansion just because he can buy it. He feels quite comfortable in a five-bedroom home located in the heart of the United States.

5. Oprah Winfrey, $ 2.9 billion

Find your true passion. This simple piece of advice brought success and fame to Oprah. She says: “You become what you believe in. Where you are now in your life is based on what you believe. Identifying and following what you love to do can lead to the greatest rewards in life.

6. Richard Branson, $ 5.1 billion

Set goals for yourself and do everything in your power to achieve them. British billionaire and Virgin Group founder Richard Branson once started out with a simple list of goals. They could be completely unrealistic, but he set goals and followed them. He had no idea that his installation could work in one day.

7. Carlos Slim, $ 78.5 billion

Start saving money as early as possible. Carlos Slim, the Mexican businessman who was able to move Bill Gates from the throne of the richest man in the world. Carlos gives helpful advice on saving money. The sooner you start saving your income and manage it properly, the better it will be for you later in life. No matter who you work for.

8. John Codwell, $ 2.6 billion

Use alternative means of transportation. This English businessman has made his fortune in the mobile phone industry. But he does not consider it necessary to drive in a showy car and show everyone his wealth. In fact, he still walks a lot, rides a motorcycle and even uses public transportation.

9. David Cheriton, $ 1.7 billion

Find out what you can do yourself. David Cheriton was one of the earliest investors in Google and is now receiving good dividends in return for his initial investment in 1998. Which, by the way, amounted to $ 100,000. Despite his wealth, he does not go to the hairdresser, but cuts his own hair. Even this seemingly small savings can serve you well if you apply it to other areas of your life. Just think about how much money you are giving for something that you could very well have done yourself.

10. Mark Zuckerberg, $ 30 billion

Use a humble car. Even the founder of Facebook lives a very frugal life. For example, he drives a relatively modest Acura car that costs $ 30,000. Although the world's youngest billionaire could afford absolutely any car he wanted. But instead, he chooses a simple and practical car.

11. John Donald MacArthur, $ 3.7 billion

Make a budget and stick to it. MacArthur was the sole shareholder of Bankers Life and Casualty Company. Despite living in the era of Hollywood glitz and glamor, MacArthur gave up expensive purchases and lived very modestly. He never owned luxury goods, had no press agents, and had an annual budget of $ 25,000.

12. Rose Kennedy, financial condition unknown at time of death

Be creative and look for cost alternatives. Rose Kennedy is better known as the matriarch of an infamous family. But her money-saving tactics were amazing. Especially when you consider the wealth accumulated by the family. Instead of buying packs of waste paper, she preferred to wait until the end of the year and bought old table calendars that were losing their relevance. As a rule, it was cheaper than waste paper. This is a good example of saving even in the smallest detail.

13. Thomas Boone Pickens, $ 1 billion

Make a shopping list and don't take more cash than you need on this list. Oil tycoon and billionaire Pickens always practices one surefire way to save money. He never carries more money in his wallet than he needs. He makes a shopping list before heading to the store. And he only buys what is on this list. And the amount of money in his wallet will not allow him to break this rule. You can't spend money that you don't have, can you?

14. Jim Walton, $ 34.7 billion

You don't need the latest and greatest. Jim Walton, the youngest son of WalMart founder Sam Walton, lives a humble lifestyle. This is how his father always taught him. Despite his financial success, he still drives a pickup truck that is over 15 years old. He understands that you need to get everything from your vehicle without a trace. Instead of driving around in the most luxurious and expensive car you can buy.

15. Donald Trump, $ 3.9 billion

Work hard. Donald Trump has earned his success with his hard work. Many losers think Trump is just lucky in the world of finance. But Trump says luck comes after hard work. “If your work brings you results, then most likely people will say that you are just lucky. Maybe this is because you are lucky to have the brains to work! he says.

16. Robert Kuok, $ 11.5 billion

Use all the opportunities that you have. Robert Kuok, the richest man in Malaysia, lives by the rules he learned from his mother. Never be greedy, don't take advantage of others, and always have high moral standards when it comes to your relationship with money.

Robert says that in order to be financially successful, you must be courageous and always take every opportunity that comes your way. Even when others question your ability.

17. Lee Kashin, $ 31 billion

Live modestly. Li is the richest man in Asia and is one of the ten richest people in the world. He believes that his incredible success lies in a simple and humble life. When you start your journey, you must train yourself to live modestly and adapt to this lifestyle.

18. Jack Ma, $ 10 billion

The customer always comes first. Jack Ma, founder of the Alibaba Group

and the billionaire believes that customers should always be the number one priority. They are followed by employees, and the last in this chain should be shareholders. Ma believes that a person's attitude towards how they live their lives is more important than their abilities.

19. Howard Schultz, $ 2.2 billion

Understand that money isn't everything. Howard Schultz, chairman of the board of directors of Starbucks, said that a person's values are much more important than his capital. “I never wanted to be one of the billionaire list. I have never defined myself by my wealth. I always try to define myself and my values."