7 spending tips from Frugal Billionaires

[Holstein Bilter]

http://financialedge.investopedia.co...lionaires.aspx

3. Buy Your Clothes off the Rack
While some people, regardless of their net value, place a huge emphasis on wearing designer clothes and shoes, some frugal billionaires decide it's simply not worth the effort, or expense. You can find David Cheriton, the Stanford professor who matched Google founders Sergey Brin and Larry Page to the venture capitalists at Kleiner, Perkins, Caufield & Byers (resulting in a large reward of Google stock), wearing jeans and a t-shirt.
Ingvar Kamprad, the founder of the furniture company Ikea, avoids wearing suits, and John Caudwell, mobile phone mogul, buys his clothes off the rack instead of spending his wealth on designer clothes.

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Thoughts?

 

[MetroStyles]

Uh, here is a hint: They did not become billionaires because they wore t-shirts to work.

 

[intent]

I thought most designer=RTW/OTR.

 

[Manton]

Even the most expensive clothes are an insignificant expense for guys like that. So they don't buy custom suits. OK, but do they have planes, seven houses that cost eight figures each? A domestic staff of 30?

The idea that this is some sign of virtue or wisdom on their part is frivilous. Those of us on SF spend on clothes because we enjoy it. If I had the money to spend on a really nice boat I might do that. I don't. The fact that some zillionaire has the boat but no suits really says nothing about his prudence, only about his taste and priorities.

 

[Holstein Bilter]

Originally Posted by Manton

Even the most expensive clothes are an insignificant expense for guys like that. So they don't buy custom suits. OK, but do they have planes, seven houses that cost eight figures each? A domestic staff of 30?

The idea that this is some sign of virtue or wisdom on their part is frivilous. Those of us on SF spend on clothes because we enjoy it. If I had the money to spend on a really nice boat I might do that. I don't. The fact that some zillionaire has the boat but no suits really says nothing about his prudence, only about his taste and priorities.



6. Skip Luxury Items
It may surprise some of us, but the world's wealthiest person, Carlos Slim (the one who could spend more than a thousand dollars a minute and not run out of money for one hundred years) does not own a yacht or a plane. (Reducing the amount you spend is the easiest way to make your money grow. For more information, read 5 Money-Saving Shopping Tips.)
Many other billionaires have chosen to skip these luxury items. Warren Buffet also avoids these lavish material items, stating "Most toys are just a pain in the neck."

 

[MetroStyles]

Holstein, you sound like a pretty dumb guy.

 

[Manton]

Originally Posted by Holstein Bilter

6. Skip Luxury Items
It may surprise some of us, but the world's wealthiest person, Carlos Slim (the one who could spend more than a thousand dollars a minute and not run out of money for one hundred years) does not own a yacht or a plane. (Reducing the amount you spend is the easiest way to make your money grow. For more information, read 5 Money-Saving Shopping Tips.)
Many other billionaires have chosen to skip these luxury items. Warren Buffet also avoids these lavish material items, stating "Most toys are just a pain in the neck."

What is your point? Buffet has a plane, FYI. The idea that all these guys are monks is a joke.

Time to DT this threak.

 

[maverick]

Terrible article

 

[gorgekko]

Not a surprise. On a related note the cat that wrote The Millionaire Next Door reports that the average millionaire's car costs about $31,000 while the average deca-millionaire's car costs $38,000. That means all them BMWs and Benzes...people likely pretending to be rich.

So it's not a leap to imagine the average millionaire and billionaire doesn't spend a lot of money on clothes.

 

[MetroStyles]

Originally Posted by gorgekko

Not a surprise. On a related note the cat that wrote The Millionaire Next Door reports that the average millionaire's car costs about $31,000 while the average deca-millionaire's car costs $38,000. That means all them BMWs and Benzes...people likely pretending to be rich.

So it's not a leap to imagine the average millionaire and billionaire doesn't spend a lot of money on clothes.

That's because American billionaires suck. Look to Russia for examples of how the wealthy should live their lives.

 

[Holstein Bilter]

Originally Posted by MetroStyles

Holstein, you sound like a pretty dumb guy.
A dumb guy for not commenting? All I did was post the article and let everyone else comment.

 

[deadly7]

Originally Posted by MetroStyles

That's because American billionaires suck. Look to Russia for examples of how the wealthy should live their lives.

"It's post-Cold War Russia. Everyone's driving one of these!"
"Holy ****! A Ferrari!"

 

[TRINI]

WTF is the point of being stupidly rich if you have to live frugally?

BILLIONNAIRE FAIL.

 

[LabelKing]

Wealthy Chinese also like to down vintage Petrus with 7-UP.

 

[Holstein Bilter]

Originally Posted by TRINI

WTF is the point of being stupidly rich if you have to live frugally?

BILLIONNAIRE FAIL.


+1 on this one.

What's the point of having it, if you're not going to enjoy it, or help someone else w/it?

There. THat's my comment. Stupid me.