Warren Buffett! He’s JUST LIKE US. Only, you know, a billionaire.
According to a recent article on Kiplinger.com, the uber-rich are penny-pinchers, just like the rest of us! Well, okay, not all of them are. But there are a few rich and famous folk who practice the ways of thriftiness. Let’s see what frugal lessons we can learn from them:
Hilary Swank, who’s worth an estimated $40 million, is a coupon clipper. She sticks close to her frugal roots and cuts the coupons out of her Sunday paper, just like her mother used to do when Hilary was an up and coming actress.
We know we should use coupons, but sometimes it’s hard to remember to bring them with us. How many times have you been at the checkout line and realized you left the coupons at home? Instead, carry them with you everywhere on your smart phone. Download free coupon apps, like Coupons.com – rated the number one coupon app by the readers of About.com. Or, if you don’t have a smart phone and prefer to use paper coupons, be sure transfer them to your car after cutting. Try clipping them to your sun visor, so they’re staring you in the face before you walk into the store.
Warren Buffet, who’s worth about $44 BILLION, still lives in the house he bought over 50 years ago. He isn’t house-poor (which means to spend the absolute maximum you can on a home), nor has he taken the equity out of his property.
What’s the take-away from Mr. Buffet? Just because you can qualify for a large mortgage payment, doesn’t mean you should. Even though loan officers have guidelines of the maximum limit you are qualified to borrow – based on debt to income ratios – remember those numbers are maximums, NOT goals! And with housing prices being so affordable right now, there is no reason to overspend on a great property. Of course, if you need to find a great home and a great Realtor to help you, look no further than EdinaRealty.com.
David Cheriton (an early investor in a little website called Google), still eats leftovers, even though he’s worth around $1.3 billion dollars. When he dines out – which he could afford to do every meal – he takes half his entree home for his next meal. Frugal AND good for his waistline!
If you are leery of leftovers, consider this – if you brought leftovers for lunch, instead of eating fast food, you would save approximately $35 a week. And your calorie count would be dramatically lower, too. The typical fast food meal has about 1,500 calories, not to mention over 50 grams of fat.
If you need some recipe inspiration, check out food blogger JustBento.com. Author Makiko Itoh literally wrote the book on Everyday Lunches to Go. She even has instructions on how to pack your lunch so it looks better than a restaurant meal.
And last, but not least, here’s a tip I’ve learned from wealthy wine connoisseurs. You’ll find high-end, super premium wines for less at your local Costco. Sure, they sell $2 Buck Chuck, but you’ll also find fancy champagne like Piper Heidsieck for less than $30. If you need help sorting out their amazing selection, check out CostcoWineBlog.com for prices and reviews.