Millionaires and billionaires obviously don’t need to be frugal, but it’s possible to learn valuable lessons about finance and frugality from these successful people. The richest people tend to be quite regimented in the way they manage their personal finances, often practicing surprisingly frugal habits in their daily lives. Those who may not be as well-off can learn valuable money-saving and financial tips from the richest people in the country.
“Getting the job done has been the basis for the success my company has achieved.”
– Michael Bloomberg, founder and CEO of Bloomberg LP (net worth: $51.1 billion)
Michael Bloomberg has displayed an inherent ability to tolerate risks as he tackles his goals with persistence and hard work. With an ongoing desire to learn and achieve more, Bloomberg seems to be continually driven to accomplish bigger and better things. In your own life, make it a priority to finish what you set our to do. Hard work and perseverance are rewarded in the long run!
“The ultimate definition of success is: you could lose everything that you have and truly be okay with it. Your happiness isn’t based on external factors.”
– Tony Hsieh, CEO of Zappos (net worth: $840 million)
Tony Hsieh’s admirable approach to happiness has enabled him to be comfortable taking some financial risks. As he has steered Zappos to success, he has instilled several key practices that have set his company apart from the competition. The underlying business model of Zappos is to leave customers not only satisfied but fully happy with their customer experience. The lesson to take from Hseih’s quote? Be truly happy with your life and decisions, and don’t rely on money, success, or notoriety as the basis of your contentment.
“Someone is sitting in the shade today because someone planted a tree a long time ago.”
– Warren Buffett, CEO of Berkshire Hathaway (net worth: $84.2 billion)
Financial vision is one thing that Warren Buffett has in spades. Buffett champions the development of healthy money habits because instilling these frugal habits helps people become used to saving money and controlling their spending. Financial freedom can be a slow process, and the right time to set yourself on the path is today. By setting yourself up for success now, you will ensure a more positive and profitable future for you and future generations.
“If I’d had some set idea of a finish line, don’t you think I would have crossed it years ago?”
– Bill Gates, co-founder of Microsoft (net worth: $89.9 billion)
Staying excited about achieving goals is one of the many things that Bill Gates does well. Just as he suggests with the analogy of a race, a successful career shouldn’t involve one concrete goal that you seek to accomplish. With perseverance, it’s possible to continue moving the finish line to reach bigger and better goals as each year passes.
“Everyone wants to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.”
– Oprah Winfrey (net worth: $2.7 billion)
Oprah Winfrey has a unique perspective on financial success, likely because of her business empire that began from little more than her vision. Solid relationships and an enjoyable career are better indications of success. Surround yourself with people who will support you for the right reasons – and will be there if the going gets tough.
“If we were motivated by money, we would have sold the company a long time ago and ended up on a beach.”
– Larry Page, co-founder of Google (net worth: $48.8 billion)
Larry Page has achieved undeniable success with Google. However, Page approaches his pursuits with an underlying goal of achieving more than just earning money. Focus on pursuing personal growth, building positive relationships, and exercising your freedom of choice. You will be happier (and more successful!) if you focus more on enriching your life than making money.