19 Rich People Share Secrets How To Save Money

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Updated: September 13, 2023
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Reading Time: 8 Min
19 Rich People Share Secrets How To Save Money

Today, there are many billionaires. How did they reach this level of financial comfort? Not everyone spends money left and right like the characters in Hollywood movies. They shared how to save money.


1. Michael Bloomberg, $ 34.3 Billion


Stick to what works best for you. Michael Bloomberg is well known as one of the most controversial mayors of New York. Also, he is the founder and shareholder (88% of shares) of Bloomberg LP - an international information company. But there is one thing that most people do not know about Michael: In the last ten years, he has worn and continues to wear only two pairs of work shoes. These black moccasins provide the billionaire with the greatest comfort and functionality. He knows they are the best for him and thus saves money for other things. He does not spend much money on shoes that he will never wear.


2. Bill Gates, $ 79 Billion


Making mistakes is common, including all these mistakes, but those who ultimately have financial success not only make them but also learn from them. 


3. Ingvar Kamprad, $ 53 Billion


Avoid unnecessary expenses. Ingvar Kamprad, the founder of IKEA, believes that some expenses are unnecessary, even if you are rich. Like many other super-rich people, he prefers to fly economy class and not on a private plane. In his memoirs, Kamprad wrote: "We do not need catchy cars, impressive names, elegant uniforms, and other status symbols. We rely on our strength and our will! An interesting fact about Ingvar: he used one armchair for 30 years.


4. Warren Buffett, $ 66.1 Billion


Warren Buffett is a classic example of this rule. He still lives in Omaha, Nebraska;  He bought this house in 1958 for $ 31,500. He feels comfortable in a five-bedroom house in the heart of the United States.


5. Oprah Winfrey, $ 2.9 Billion


Find your true passion. This simple advice brought Oprah success and glory. She says: "You become what you believe. Where you are now in your life is based on what you believe. “Determining what you love to do and following this can lead to the greatest rewards in life.


6. Richard Branson, $ 5.1 Billion


Set goals and do everything in your power to achieve them. British billionaire and Virgin Group founder Richard Branson once started with a simple list of goals. They could be unrealistic, but he set goals and followed them. He did not even suspect that his installation could work in one day.


7. Carlos Slim, $ 78.5 Billion


Start saving money as soon as possible. Carlos Slim, a Mexican businessman, moved Bill Gates from the throne of the richest man in the world. Carlos gives useful advice on saving money. The earlier you start saving and managing your income properly, the better it will be for you later in life. No matter whom you work with.



8. John Codwell, $ 2.6 Billion


Use alternative modes of transport. This English businessman made himself a fortune in the mobile phone industry. But he does not consider it necessary to drive in a show car and demonstrate to everyone its wealth. He still walks a lot, rides a motorcycle, and even uses public transportation.


9. David Cheriton, $ 1.7 Billion


Find out what you can do yourself. David Cheriton was one of the first investors of Google and now gets good dividends in return for his initial investment in 1998; this was $ 100,000. Despite their wealth, he cuts himself. Even small savings can serve you well. Think about how much you gave for what you could have done yourself.


10. Mark Zuckerberg, $ 30 Billion


Even the founder of Facebook lives modestly. He drives a relatively modest Acura costing $ 30,000. However, he chooses a simple and practical car.


11. John Donald Macarthur, $ 3.7 Billion


Make a budget and stick to it. MacArthur was the only shareholder of Bankers Life and Casualty Company. Despite his life in the era of Hollywood and glamour, MacArthur refused to make expensive purchases and lived very modestly. He never owned luxury goods, had no press agents, and had an annual budget of $ 25,000.


12. Rosa Kennedy's Financial Condition At The Time Of Death Is Unknown


Be creative and look for alternatives in spending. Rose Kennedy is the matriarch of the infamous family, but her tactic of saving money was amazing. She preferred to wait until the end of the year and bought old desktop calendars that were losing relevance.


13. Thomas Boone Pickens, $ 1 Billion


Make a shopping list, and do not take more cash than you need from this list. Billionaire Pickens always practices one way to save money. He never wears more money in his wallet than he needs;  He makes a shopping list before going to the store. He buys what is on that list. The amount of money in his wallet will not allow him to break this rule.


14. Jim Walton, $ 34.7 Billion


You do not need all the newest and best. Jim Walton, the youngest son of Walmart founder Sam Walton, leads a modest lifestyle. So, his father always taught him. Despite financial success, he still drives a pickup truck, which is more than 15 years old. He understands you need to get everything from your vehicle without a trace. And do not drive around in the most luxurious and expensive car you can buy yourself.


15. Donald Trump, $ 3.9 Billion


Work hard. Donald Trump deserved his success with his diligence. Many losers believe that Trump is just a lucky one in finance. But Trump says that luck comes after hard work. Your work pays; people will most likely say you are just lucky. Maybe it's because you were lucky to have brains to work! "- he says.


16. Robert Cook, $ 11.5 Billion


Use all the opportunities that you have. Robert Kuok, the richest man in Malaysia, lives by the rules he learned from his mother. Never be greedy, do not use others, and always have high morale when dealing with money.


Robert says that to become successful financially, you have to be bold and always use all the opportunities that will meet your way, even when others doubt your abilities.


17. Lee Kashin, $ 31 Billion


Live modestly. Lee is the richest man in Asia and one of the ten richest people globally. He believes that his incredible success lies in a simple and modest life. You must learn to live modestly and adapt to this lifestyle when starting.


18. Jack Ma, $ 10 Billion


The customer always comes first. Jack Ma, the founder of Alibaba Group and a billionaire, believes customers should always be the priority. Employees follow them, and the last in this chain should be shareholders. Ma believes that a person's relationship with how he lives his life is more important than his abilities.


19. Howard Schultz, $ 2.2 Billion


Understand that money is not everything. Howard Schulz, chairman of the board of directors of Starbucks, said that human values are more important than his capital. "I never wanted to be one of the list of billionaires. I never defined myself in terms of my wealth. I always try to define myself and my values. "


Rich People Share Secrets How To Save Money:


Certainly, some wealthy people may use the following specific money-saving techniques:


  • Buying in quantity or bigger numbers might result in discounts and long-term financial savings.


  • Rich people frequently use discounts and cashback reductions to reduce the cost of their regular purchases.


  • Prevent Random Shopping: They frequently avoid purchasing on impulse in favor of adhering to a shopping list and strategy.


  • Many rich people lead a simple lifestyle, prioritizing quality over quantity owning fewer items.


  • Cooking at Home: Making food at home is typically more affordable than constantly eating out.


  • DIY Projects: They may do DIY home maintenance and repair projects to reduce labor costs.


  • Ongoing Learning: To make wise judgments, it's important to keep up with personal financial news, stock market trends, and money management advice.


  • Avoiding Debt: They usually limit high-interest debt because it might eventually damage wealth.


Remember that each person's situation is unique, so these techniques may not work for everyone. It's critical to adjust financial planning to your unique circumstances and goals.