Frugal Habits of Billionaires

[Parsad]

I embarrassingly reuse tea bags as well!  Cheers!

 

https://ca.finance.yahoo.com/news/10-billionaires-surprisingly-frugal-money-140033262.html

 

[Jurgis]

I'm not a billionaire, so my habits don't apply.  8)

 

 

Maybe this does, though:

 

A young man asked an old rich man how he made his money. The old guy fingered his worsted wool vest and said, “Well, son, it was 1932. The depth of the Great Depression. I was down to my last nickel. “I invested that nickel in an apple. I spent the entire day polishing the apple and, at the end of the day, I sold the apple for ten cents. “The next morning, I invested those ten cents in two apples. I spent the entire day polishing them and sold them at 5:00 pm for 20 cents. I continued this system for a month, by the end of which I’d accumulated a fortune of $1.37.” “And that’s how you built an empire?” the boy asked. “Heavens, no!” the man replied. “Got married and then my wife’s father died and left us two million dollars.”

[Liberty]

I embarrassingly reuse tea bags as well!  Cheers!

 

I make tea from loose leaves, but I tend to make 2-3 green tea thermoses from the same leaves (though all within the same day, I start each day with new ones).

 

If you drink tea Sanjeev, you should really try going to loose leaf. I've found the flavor much better than from bags. I used to order from Harney & Son (when the CAD and USD were at parity), but now I tend to just get sencha from David's Tea and it tastes good to me.

[alpha231616967560]

My dad would buy one cup of coke (5 straws) at McDonalds for the entire family (3 kids) when I was a kid.

 

As for me and tea, I grow my peppermint, chamomile and lavender tea in the backyard (and re-use the tea ball in a few cups of tea!).

[Liberty]

My dad would buy one cup of coke (5 straws) at McDonalds for the entire family (3 kids) when I was a kid.

 

Did it became a race to see who could suck it all up faster than the others?

[rkbabang]

I know he's no where near a billionaire, but $80M isn't to shabby.

 

KID ROCK Lives In A Double Wide Trailer Despite Having An Estimated Net Worth Of $80 Million

 

“I’m just figuring out what really makes me happy and I’d rather have land and things of this nature and maybe some cool cars and my plane of course and stuff like that… and really not have any worries. You don’t have to worry if things are gonna go south.

 

“If that trailer burns down or blows off the mountain… order another one, it’ll be here in two weeks.”

 

Maybe he'll try to do something about the TSA if he gets elected to the senate.

 

"I'll sell everything and live in that double-wide but I'm not givin' up that airplane," Rock said, referring to his private plane that allows him to avoid going to the airport."

[boilermaker75]

I know he's no where near a billionaire, but $80M isn't to shabby.

 

KID ROCK Lives In A Double Wide Trailer Despite Having An Estimated Net Worth Of $80 Million

 

“I’m just figuring out what really makes me happy and I’d rather have land and things of this nature and maybe some cool cars and my plane of course and stuff like that… and really not have any worries. You don’t have to worry if things are gonna go south.

 

“If that trailer burns down or blows off the mountain… order another one, it’ll be here in two weeks.”

 

Maybe he'll try to do something about the TSA if he gets elected to the senate.

 

"I'll sell everything and live in that double-wide but I'm not givin' up that airplane," Rock said, referring to his private plane that allows him to avoid going to the airport."

 

Is it a Clayton Home?

[rb]

<<Facepalm>> Great now we're talking about the great contributions that Kid Rock can bring to society.

[rb]

I was actually having a great discussion about frugality with my family after dinner tonight. I guess you could say it was at cocktail hour. It's a topic that's near and dear to our family.

 

Conclusion: Basically frugal is a fancy word for cheap. Also, a culture of frugality eventually leads to the creation of banks. Cases in point: the Scots, the Quakers, and the Dutch.

[alpha231616967560]

My dad would buy one cup of coke (5 straws) at McDonalds for the entire family (3 kids) when I was a kid.

 

Did it became a race to see who could suck it all up faster than the others?

 

Ha. Yes, that sounds about right. I have two older sisters. With the "pass-around" method, I was very lucky to get a sip. But I bet that I really valued that one sugary sip quite a lot.

[boilermaker75]

I was actually having a great discussion about frugality with my family after dinner tonight. I guess you could say it was at cocktail hour. It's a topic that's near and dear to our family.

 

Conclusion: Basically frugal is a fancy word for cheap. Also, a culture of frugality eventually leads to the creation of banks. Cases in point: the Scots, the Quakers, and the Dutch.

 

I prefer referring to it as, "economical in the use of my resources."

[rkbabang]

My dad would buy one cup of coke (5 straws) at McDonalds for the entire family (3 kids) when I was a kid.

 

As for me and tea, I grow my peppermint, chamomile and lavender tea in the backyard (and re-use the tea ball in a few cups of tea!).

 

At least you got to go to McDonalds.  My mother would say "We have hamburger meat at home."  And that was that.

 

I tend not to be frugal with small stuff (I pay a lot for locally roasted coffee and loose tea, grass fed meats, wild fish, organic produce, etc).  I save money by buying cheaper but long lasting cars and driving them for a long time (Hyundai/Toyota, ~8-15 years), rather than buying a new BMW or Audi every 2-3 years as many do .  Not living in as large or expensive a house as I could afford, not spending a ton on travel, not going out to eat often, etc.    But when I want a second cup of tea I will use a fresh tea bag.

 

[Jurgis]

My dad would buy one cup of coke (5 straws) at McDonalds for the entire family (3 kids) when I was a kid.

 

As for me and tea, I grow my peppermint, chamomile and lavender tea in the backyard (and re-use the tea ball in a few cups of tea!).

 

At least you got to go to McDonalds.  My mother would say "We have hamburger meat at home."  And that was that.

 

What is "McDonalds", "hamburger" and "meat", comrade?  8)

 

 

When first McDonalds opened in Moscow in 1991, we stood 10 hours in line to get in and paid over 1/10 of monthly salary for a meal.

[rkbabang]

My dad would buy one cup of coke (5 straws) at McDonalds for the entire family (3 kids) when I was a kid.

 

As for me and tea, I grow my peppermint, chamomile and lavender tea in the backyard (and re-use the tea ball in a few cups of tea!).

 

At least you got to go to McDonalds.  My mother would say "We have hamburger meat at home."  And that was that.

 

What is "McDonalds", "hamburger" and "meat", comrade?  8)

 

 

When first McDonalds opened in Moscow in 1991, we stood 10 hours in line to get in and paid over 1/10 of monthly salary for a meal.

 

It's stats like that I wish I knew as a kid.  "You know Mom in Moscow they have to stand in line for 10 hours and pay a tenth of their monthly salary for a burger and some moms still bring their kids to McDonalds."

 

[LC]

Here ya go:

 

https://www.ucf.edu/pegasus/harris-rosen/

 

 

My mom has worked for Rosen hotels for nearly 30 years, and that's because Mr. Rosen is such an amazing person who treats his employees extremely well. If you're an employee of Rosen he will pay for your kids in-state college tuition in full. If you went out of state or to a private college you receive the equivalent amount as a scholarship. This is for every employee. From the managers to the house keepers. He also not only provides full health insurance, but he built an entire health facility for his employees so they can get the best care possible and not have to worry about having their lives ruined by health costs.

 

Even though some of his hotel properties are world class luxury resorts, he still uses his tiny original office at his oldest property. And I believe he drives a 1990s Honda to and from work.

 

I hope more people can learn about this man and his incredible business practices, so that he can be used as an example of achieving success by focusing on the quality of labor.

[Jurgis]

Here ya go:

 

https://www.ucf.edu/pegasus/harris-rosen/

 

 

My mom has worked for Rosen hotels for nearly 30 years, and that's because Mr. Rosen is such an amazing person who treats his employees extremely well. If you're an employee of Rosen he will pay for your kids in-state college tuition in full. If you went out of state or to a private college you receive the equivalent amount as a scholarship. This is for every employee. From the managers to the house keepers. He also not only provides full health insurance, but he built an entire health facility for his employees so they can get the best care possible and not have to worry about having their lives ruined by health costs.

 

Even though some of his hotel properties are world class luxury resorts, he still uses his tiny original office at his oldest property. And I believe he drives a 1990s Honda to and from work.

 

I hope more people can learn about this man and his incredible business practices, so that he can be used as an example of achieving success by focusing on the quality of labor.

 

Great story, great guy. Thanks for posting.

[Liberty]

Conclusion: Basically frugal is a fancy word for cheap. Also, a culture of frugality eventually leads to the creation of banks. Cases in point: the Scots, the Quakers, and the Dutch.

 

To me, cheap implies trying to never spend money (even when you probably should, or it would be worth it). Frugal implies doing it rationally, only when it's worth it.

 

I'll spend a bunch when I get more value than I give in return for my dollars (on a computer, a phone, because I use them all day, every day, or on a book). A cheap person would buy a piece of crap computer and phone to save the last dime, and read less because books cost money, reducing their quality of life significantly. On the other hand, when I buy store brand mustard or whatever, it has no noticeable impact on my quality of life. In fact, buying less crap in general has made my life noticeably better.

[augustabound]

Conclusion: Basically frugal is a fancy word for cheap. Also, a culture of frugality eventually leads to the creation of banks. Cases in point: the Scots, the Quakers, and the Dutch.

 

To me, cheap implies trying to never spend money (even when you probably should, or it would be worth it). Frugal implies doing it rationally, only when it's worth it.

That's how I see it also.

 

Then there are people like my uncle. They were mortgage free by their mid 40s and were pretty much set for retirement my their mid 50's.

My cousin and I have both golfed since we were about 4. One day I drove him home after our round (he was about 15 at the time) but we stopped at 711 and he bought a litre of Coke and a bag of popcorn. My uncle saw this and yelled at him when I dropped him off for wasting money when there's popcorn and Coke in the house.

 

The following week at the course he showed my his new putter. His 3rd new putter in 2 years. When I asked why he needed another putter, he said because he liked it. We're not talking a $30 store brand putter from Canadian Tire. It was a Ping Anser. The previous putters were of similar quality $$$.

 

My uncle snaps over $4 yet spends $200 when my cousin asks............. ah, manipulates.