Friday, November 09, 2012
Rule to be rich : Be Frugal
Top Frugal Billionaires
At least once in your life - maybe even once a week or once a day for that matter - you have fantasized about coming into a lot of money. What would you do if you were worth millions or even billions? Believe it or not, there are millionaires and billionaires among us who masquerade as relatively normal, run-of-the-mill people. Take a peek at some of the most frugal wealthy people in the world.
Millions of people read Buffett's books and follow his firm's, Berkshire Hathaway, every move. The real secret to Buffett's personal fortune may be his penchant for frugality. Buffett, who as of September 2012 had a net worth of approximately $46 billion, eschews opulent homes and luxury items. He still lives in a modest home in Omaha, Neb. which he purchased for just $31,500 more than 50 years ago. Although he's dined in the best restaurants around the globe, given the choice he would opt for a good burger and fries accompanied by a cold cherry Coke. When asked why he doesn't own a yacht he responded: "Most toys are just a pain in the neck."
While most of the world is very familiar with Bill Gates, the name Carlos Slim rarely rings a bell. However, it's a name worth knowing. Slim, who is a native of Mexico, as of March 2012 holds the No. 1 spot as the world's richest billionaire - that's right, richer than the uber-famous Microsoft founder. Slim is worth more than $69 billion, and while he could afford the world's most extravagant luxuries, he rarely indulges. He, like Buffett, has lived in the same home for over 40 years.
The founder of the Swedish furniture phenomenon Ikea struck success with affordable, assemble-it-yourself furniture. For Kamprad, figuring out how to save money isn't just for his customers, it's a high personal value. He's been quoted as saying "Ikea people do not drive flashy cars or stay at luxury hotels." That goes for the founder as well. He flies coach for business and when he needs to get around town locally he either takes the bus or will head out in his old Volvo.
Growing up in the wake of The Depression as an Irish-American probably has something to do with Feeney's frugality. With a personal motto of "I set out to work hard, not get rich," the co-founder of Duty Free Shoppers has quietly become a billionaire but even more secretively given almost all of it away through his foundation, Atlantic Philanthropies. The foundation has distributed around $6.2 billion dollars into schools, research departments and hospitals. A frequent user of public transportation, Mr. Feeney flies economy class, buys clothes from retail stores, and does not wast money on an extensive shoes closet, stating "you can only wear one pair of shoes at a time." He made his children work the same normal summer jobs as most teens.
taken from : http://www.investopedia.com/
Taken from them, I do believe one of the important rule to accumulate wealth, be rich or even simply just to improve our personal finances is to be FRUGAL.
Live way way BELOW our means, that is my point.
Do not buy things we could not afford and if we do not use those items, even if we like them ... do not buy. My policy is much more stricter than general rule ...
I want to have a good headset/headphone, I have been saving for 5 months now to afford a RM500 budget ... and that will be my christmas gift to myself, for working hard.
We all should think of our spending.
Be frugal, especially if you are young.