Warren Buffett has long been promoted to a billionaire, but he still maintains the habit of saving while he can. He generously shared his frugal habits, saving small amounts of money and accumulating into great wealth.
1. Living in a house bought in 1958
Unlike many billionaires who love to buy luxury homes, Warren Buffett still lives in the house he bought for $31,500 in 1958, which converts to a current price of about $318,600 and is worth about $1 million today.
2. Only buy cars with discounts
He prefers used cars that can be purchased at low prices.
He bought a Cadillac XTS for $45,000 in 2014 because he thought the chances of him driving it were low.
3. Don’t buy branded or luxury items
Warren Buffett isn't interested in the latest iPhone.
He used a $20 flip phone for many years and only switched to an iPhone in 2020.
4. Make good use of discount coupons
Buffett is very economical.
He once treated his friend Bill Gates to eat at McDonald's and used a discount coupon.
5. Cash Only
Warren Buffett has always used cash for purchases.
He believes reducing your reliance on credit cards will stop you from spending money which you don't have.
6. Having cheap breakfast
Warren Buffett mentioned that he doesn't like spending more than US$3.17 (RM13.87) for breakfast.
Excuses make today easier but tomorrow HARDER.
Discipline makes today harder but tomorrow EASIER.
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