5 Ultra-Rich People Who Live Below Their Means

cashwhisperer

My favorite key is E♭
BGOL Investor

By JULIA INGALL
Updated Oct 16, 2020
Warren Buffett and Mark Zuckerberg are possibly the ultra-high net worth individuals most famous for their frugal spending reputations.

Despite his estimated net worth of $85 billion, Buffett has lived in the same Nebraska home he purchased more than 50 years ago for a mere $31,500. Meanwhile, Facebook’s founder now owns a $7 million Palo Alto estate (and at least another $30 million in other California real estate, part of his estimated $57+ billion net worth), but he also drives a very unpretentious, roughly $30,000 Vollkswagen GTI (he used to own an equally entry-level Acura).

It begs the question, "Why?" because the luxuries a bottomless bank balance can afford are really only limited by imagination.

Of course, the more you earn, the higher your spending capacity. But no matter where you sit on the earning scale, the income-to-expenditures ratio must remain in check. Just ask Rihanna, who declared herself “effectively bankrupt” back in 2009, thanks to what she claimed was poor management by her accountant, who let her squander funds on a house and other expenses. She decimated her $11 million cash reserves down to $2 million by year's end.

That probably won’t ever happen to these five incredibly wealthy celebs known for their judicious spending.

1. Sir Paul McCartney
Net Worth: $1.2 billion

The rock music legend reportedly sent four of his five kids to state schools instead of private schools, whose costly tuition he could easily have afforded. It never hurt his daughter, Stella, who’s since emerged as a star fashion designer. As the man once famously penned, “I don't care too much for money/Money can’t buy me love,” and apparently it’s not required to get a decent education.

2. Jay Leno
Net Worth: $350 million

Leno may have one of the most impressive car collections on earth (at least 130 are parked in his garage), but it turns out not a dime of his “Tonight Show” income was used to acquire any of them. He reportedly made around $350 million during his 17-year late-night stint, and hasn't touched any of it. His spending money was actually earned through stand-up performances.

3. Dave Grohl
Net Worth: $280 million

He drummed his way to mega wealth in grunge band, Nirvana, but the Foo Fighters frontman is known to be one of the most grounded celebrities around. He’s rumored to be afraid of running through his mega millions, as he has no education (not even a high school diploma) to fall back on. He happily leads an average suburban lifestyle with his wife and three kids.

4. Tyra Banks
Net Worth: $90 million

“I’m frugal,” the “America’s Next Top Model” host once told "The New York Times." “I’ve always been this way. When I was young, my mom would give me my allowance, and I’d peel off a little each week and have some to spare.” Despite her impressive financial success, Banks has by no means abandoned her frugal ways. She can afford toiletries dipped in gold, yet claims to stock up on free hotel shampoos, soaps and shower caps to use at home. Perhaps skimping is in her beautiful DNA.

5. Jennifer Lawrence
Net Worth: $120 million

Smart money habits were instilled in "The Hunger Games" star by her hardworking middle-class family, and they appear to have stuck. The multi-millionaire supposedly still hunts for bargains at the supermarket, clips coupons, proudly drives a Volkswagen and skips valet parking to save. “I was raised to have value for money, to have respect for money, even though you have a lot of it," she once told "Fabulous," a publication of England's "The Sun."

The Bottom Line
Just because you’re insanely rich doesn't mean you have to be crazy with your cash. The fact is, none of us – regardless of fame or fortune – can afford to ignore the fundamentals of personal finances and good money management.

Investing wisely and spending modestly are basic keys to accumulating and keeping wealth. And as ironic as it sounds, we could probably follow these well-heeled celebrities' examples.
 

Day_Carver

Rising Star
BGOL Investor

By JULIA INGALL
Updated Oct 16, 2020
Warren Buffett and Mark Zuckerberg are possibly the ultra-high net worth individuals most famous for their frugal spending reputations.

Despite his estimated net worth of $85 billion, Buffett has lived in the same Nebraska home he purchased more than 50 years ago for a mere $31,500. Meanwhile, Facebook’s founder now owns a $7 million Palo Alto estate (and at least another $30 million in other California real estate, part of his estimated $57+ billion net worth), but he also drives a very unpretentious, roughly $30,000 Vollkswagen GTI (he used to own an equally entry-level Acura).

It begs the question, "Why?" because the luxuries a bottomless bank balance can afford are really only limited by imagination.

Of course, the more you earn, the higher your spending capacity. But no matter where you sit on the earning scale, the income-to-expenditures ratio must remain in check. Just ask Rihanna, who declared herself “effectively bankrupt” back in 2009, thanks to what she claimed was poor management by her accountant, who let her squander funds on a house and other expenses. She decimated her $11 million cash reserves down to $2 million by year's end.

That probably won’t ever happen to these five incredibly wealthy celebs known for their judicious spending.

1. Sir Paul McCartney
Net Worth: $1.2 billion

The rock music legend reportedly sent four of his five kids to state schools instead of private schools, whose costly tuition he could easily have afforded. It never hurt his daughter, Stella, who’s since emerged as a star fashion designer. As the man once famously penned, “I don't care too much for money/Money can’t buy me love,” and apparently it’s not required to get a decent education.

2. Jay Leno
Net Worth: $350 million

Leno may have one of the most impressive car collections on earth (at least 130 are parked in his garage), but it turns out not a dime of his “Tonight Show” income was used to acquire any of them. He reportedly made around $350 million during his 17-year late-night stint, and hasn't touched any of it. His spending money was actually earned through stand-up performances.

3. Dave Grohl
Net Worth: $280 million

He drummed his way to mega wealth in grunge band, Nirvana, but the Foo Fighters frontman is known to be one of the most grounded celebrities around. He’s rumored to be afraid of running through his mega millions, as he has no education (not even a high school diploma) to fall back on. He happily leads an average suburban lifestyle with his wife and three kids.

4. Tyra Banks
Net Worth: $90 million

“I’m frugal,” the “America’s Next Top Model” host once told "The New York Times." “I’ve always been this way. When I was young, my mom would give me my allowance, and I’d peel off a little each week and have some to spare.” Despite her impressive financial success, Banks has by no means abandoned her frugal ways. She can afford toiletries dipped in gold, yet claims to stock up on free hotel shampoos, soaps and shower caps to use at home. Perhaps skimping is in her beautiful DNA.

5. Jennifer Lawrence
Net Worth: $120 million

Smart money habits were instilled in "The Hunger Games" star by her hardworking middle-class family, and they appear to have stuck. The multi-millionaire supposedly still hunts for bargains at the supermarket, clips coupons, proudly drives a Volkswagen and skips valet parking to save. “I was raised to have value for money, to have respect for money, even though you have a lot of it," she once told "Fabulous," a publication of England's "The Sun."

The Bottom Line
Just because you’re insanely rich doesn't mean you have to be crazy with your cash. The fact is, none of us – regardless of fame or fortune – can afford to ignore the fundamentals of personal finances and good money management.

Investing wisely and spending modestly are basic keys to accumulating and keeping wealth. And as ironic as it sounds, we could probably follow these well-heeled celebrities' examples.
Bottom line is you cant take anything with you so live how u choose to live.....
 

Pow Wow

Rising Star
BGOL Investor
2. Jay Leno
Net Worth: $350 million

Leno may have one of the most impressive car collections on earth (at least 130 are parked in his garage), but it turns out not a dime of his “Tonight Show” income was used to acquire any of them. He reportedly made around $350 million during his 17-year late-night stint, and hasn't touched any of it. His spending money was actually earned through stand-up performances.


Checks title again....
 

Hey Julian!

Rising Star
BGOL Investor
Umm, if you’re ultra rich, it would be pretty hard to live above you means.

PS: I don’t consider anybody on that list “ultra rich”.
 

MisterT

Rising Star
BGOL Investor
I live in a damn near hut that I showed on BGOL 3 or 4 months back in one of the poorest countries in the americas, I have few clothes, no frills and drive a 2008 model car. But before Covid, just as after Covid I rarely go more than 2 or 3 months without visiting a new country for shorts stays and long stays. That's all I live for now. Fuck all that material junk, next stop Malaysia
 

zuluking

Rising Star
BGOL Investor
ah , poor mentality i guess , whats the point of being rich if you cant ........never mind
 

jagu

Rising Star
Platinum Member
This means nothing. They’re just not interested in particular items.
I have enough watches to buy an M5 but I won’t spend more than $200 on shoes.
 

DVS X

Rising Star
BGOL Investor
2. Jay Leno
Net Worth: $350 million

Leno may have one of the most impressive car collections on earth (at least 130 are parked in his garage), but it turns out not a dime of his “Tonight Show” income was used to acquire any of them. He reportedly made around $350 million during his 17-year late-night stint, and hasn't touched any of it. His spending money was actually earned through stand-up performances.


Checks title again....
Its an old school way for car guys to stash money. Think of it as a 4000lb stock.

You purchase cars that someone will always want like a rare Porsche or a Ford GT... Drive it maybe 100 miles or so a year so it stays in working order, but its really just there to hold value like a stock. Like a safer investment because it wont fluctuate into negative territory as much, if at all and isnt as influenced by a market... based more on someone wanting to own it. Even tho its costs you money upfront., youve already paid taxes when you bought it and you could take it to the auction or find a private buyer and get exactly what you paid for it and more often double what you paid for it. Even tho you really should, I know a few people that don't even insure their collection cause they want to do it as cheap as possible. Doesnt even have to be a very expensive car... Rarity and low mileage are key drivers for this. People damn near paying the original full price+ for Supras, RX7s,vintage BMWs/Mercs, high mileage NSXs still holding a high value. Some of those arent even in great condition since people have burned multiple engines running them at 1000+ horsepower. Prices for old muscle cars is ridiculous compared to when I first got into cars. Even SUV's .... ever check the price of what they want for low mileage Toyota 4Runners? Despite what most people will tell you, there a lot of cars out there that could be considered an asset rather than a depreciating one.
 

THE DRIZZY

Ally of The Great Ancestors
BGOL Investor
Warren Buffet's house



A nice house no doubt. Upper middle class home. He could afford something way bigger but he loves his modest home. It's all he needs.


Then you see guys like Bill Gates. Not a Gucci belt or other expensive clothing items or jewelry on his person. He looks like he loves going to Goodwill, Salvation Army, and thrift shops for fun.

Bottom line:

Rich people live like they are poor. While poor people live like they are rich.
 

Pow Wow

Rising Star
BGOL Investor
Its an old school way for car guys to stash money. Think of it as a 4000lb stock.

You purchase cars that someone will always want like a rare Porsche or a Ford GT... Drive it maybe 100 miles or so a year so it stays in working order, but its really just there to hold value like a stock. Like a safer investment because it wont fluctuate into negative territory as much, if at all and isnt as influenced by a market... based more on someone wanting to own it. Even tho its costs you money upfront., youve already paid taxes when you bought it and you could take it to the auction or find a private buyer and get exactly what you paid for it and more often double what you paid for it. Even tho you really should, I know a few people that don't even insure their collection cause they want to do it as cheap as possible. Doesnt even have to be a very expensive car... Rarity and low mileage are key drivers for this. People damn near paying the original full price+ for Supras, RX7s,vintage BMWs/Mercs, high mileage NSXs still holding a high value. Some of those arent even in great condition since people have burned multiple engines running them at 1000+ horsepower. Prices for old muscle cars is ridiculous compared to when I first got into cars. Even SUV's .... ever check the price of what they want for low mileage Toyota 4Runners? Despite what most people will tell you, there a lot of cars out there that could be considered an asset rather than a depreciating one.
I understand that, but the title states stars who live below their means. Even if Leno's intentions are for stock/money making purposes, him owning a fleet of expensive cars isn't living cheap/frugal.
 
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