Frugal Habits of the Super Wealthy (That You Don't Know)

They have yachts, private jets, and hundred million dollar deals. But would you believe many of them are more frugal than your neighbor? From billionaires clipping coupons to movie stars buying jewelry on Etsy, these seven frugal habits of the rich and famous will blow your mind. And they just might change the way you think about money.

Have you ever wondered what Warren Buffett, Keanu Reeves, and Ashton Kutcher have in common? They've got the cash to buy anything they want, but they live like they still punch a time clock. One celebrity even shops at Walmart. Another refuses to spend more than $1,000 without texting his financial advisor. And one of these habits that I'm about to share, it could save you over six figures if you start using it today. Let's take a look.

Number one, they live below their means. They're not flashy. Warren Buffett still lives in the same home he bought in 1958 for $31,500. He drives modest cars and he avoids flashy purchases.

It would take me probably a half a day to go through the exercise of buying a car and reading the owner's manual and all of that. And that's just a half a day I don't want to give up in my life for no benefit.

No Lamborghinis, no Bentleys, just a reliable ride. Buffett's known for staying away from assets that lose 10 to 15% of value the moment you buy them. Same with Sam Walton. That's the founder of Walmart. He was worth billions of dollars and drove a 1979 Ford pickup.

Ever wonder how much you've lost on these depreciating assets? Well, here's a quick comparison. What happens over 10 years when you buy a $45,000 car that depreciates 15% a year versus investing that same amount at say a 7% return? The car's value drops to under $11,000. The investment, on the other hand, grows to nearly $88,000. The opportunity cost, you just lost $77,000. And that's just one car. Do this every 5 years like a lot of people and you could be throwing away hundreds of thousands of dollars.

Number two, they wear simple, repeatable outfits. Think of Mark Zuckerberg. Same gray shirt every day. Steve Jobs, it was always that black turtleneck uniform. That's not laziness. It's efficiency. Less decision fatigue. More brain power for those big decisions.

Even though it kind of sounds silly to all right, that's my reason for wearing a gray t-shirt every day. It also is true.

Now, you don't have to wear a t-shirt every day, but your wardrobe doesn't need to drain your bank account.

Number three, they reuse and repurpose. Sarah Jessica Parker has reworn dresses on the red carpet. And Keanu Reeves, he rides a subway, eats at diners, and gives away millions quietly. He's not trying to flex. He's just living. You don't have to look broke to be frugal. You just don't need to flex all the time. And flexing, it's expensive and it rarely pays you back.

Number four, they avoid consumer debt like it's toxic waste. They use debt to make money, not finance a lifestyle. Will Smith put it best. People spend money they haven't earned to buy things they don't need to impress people they don't like.

Look at today's consumer debt. It's ballooning. And that debt doesn't include mortgage debt. All this borrowing, it just weakens your financial position and it takes away from your future growth. If you want to build wealth, you've got to control your debt, especially the kind that doesn't increase your net worth.

Number five, they eat simply, even cheaply. Warren Buffett, McDonald's for breakfast, and he budgets this expense. LeBron James, Fruity Pebbles, he loves it, and he loves cereal nights. It's not always about gourmet. It's about comfort, simplicity. But many of us, we're in this crazy habit of going out to eat all the time, and that adds up fast.

Number six, they follow spending rules religiously. Ashton Kutcher, he tracks every expense. He says he wants his kids to earn their weight, not just inherit it. And Jeff Bezos, he lived in a modest apartment before the Amazon boom. He scaled his company before he indulged himself. And Elon Musk, he sold his house, lived in a rental, and he slept on the factory floor to fund Tesla.

I was living in the factory for 3 years straight. That was my primary residence.

These guys could live like royalty. Instead, they choose responsibility.

Now, before we hit number seven, which habit has surprised you the most? Which one are you already following? Let me know in the comments. I love to hear what's working for our listeners. And if you're serious about building wealth without the fluff, hit that subscribe button and stick with us.

Now, number seven, they stay humble with their money. The richest people, they often act like they're broke. They want to deal on everything and they see the world through that lens. That's not an accident. That's why they're rich.

Here's the truth. Wealth isn't about how much you make. It's about how much you keep. These habits, they may not be glamorous, but neither is going broke. So, what can you do about it? Let's turn this into action.

Live below your means. Cut those unnecessary expenses and avoid too much flexing. Track every dollar. Know where your money is going and stop waste in its tracks. Buy used or repurpose. You don't need new to look sharp or to feel confident. And avoid consumer debt. If it doesn't grow your net worth, think twice before you buy it.

And eat at home, cook more often, and watch how fast your savings will grow. Stick to spending rules, set some limits, and stick to them like your future depends on it, because it does. And stay humble. Even if you make more, keep the same mindset that got you here today. Invest the difference. Every dollar saved is a dollar that can be working for you.

And if you apply even just a few of these, you're going to be light years ahead of the average spender and well on your way to building your wealth. And speaking of frugal habits, if you've ever wondered about the real cost of eating out versus cooking at home, check out the video that we did last year and learn how much restaurants are really costing you.