I share similar frugal habits with Bill Gates.
~ Thursday, October 26, 2023 Blog Post ~
Interestingly, I must say that I share similar frugal habits with Bill Gates. The world’s sixth richest person this 2023 per Forbes, with a US$104-billion net worth at the time of writing this blog post, is into careful spending. I’m a cost-cutting miser and I really hate the frivolous use of my hard-earned money.
Moreover, I really don’t mind the clothes I wear. Similar to Mr. Gates, I prefer practical and minimalist clothing like shorts and t-shirts which I typically wear being a digital nomad. I’m more into athleisure clothing now which is practical and comfortable.
I used to accessorize myself a lot and follow the latest fashion trends. I would wear bangles, dangling earrings, and ostentatious necklaces. But that time was when I was younger and into trying different things and activities. Now I’m certainly more practical and do not pay attention to fashion. Being fashionable does not interest me.
Similar to the Microsoft Corporation founder, I also engage in careful budgeting and crafting a month’s spending plan. I meticulously monitor where I specifically spend my funds and make sure these things are essentials only.
Of course, I enjoy my hard-earned money once in a while. I indulge in fine dining, fast food like Starbucks and H Mart spicy stir-fried squid, and store-bought food like Sanrio cookies from H Mart. However, I ensure that the funds I spend are all a part of my “fun money” or disposable income and my life savings are not dented or adversely impacted.
Buying luxury items do not interest me. Aside from their being expensive, I’m not a show-off. Finally, like Mr. Gates, I love learning continuously about investing and doing it, and I strive to perform this financially securing and clever financial habit as frequent as possible.
I think about my financial future a lot and I certainly do not want to live a hand-to-mouth existence. Hence, I believe wisely investing some of my hard-earned cash reserves or idle funds is the optimal method to ensure my long-term financial security.
Here is the article from GOBankingRates.com:
6 Frugal Habits of Bill Gates (From GOBankingRates)
By Sheiresa McRae Ngo, October 24, 2023
Bill Gates, despite being one of the wealthiest individuals in the world, is known for his frugal habits. These habits not only reflect his personal values but also contribute to his success. Here are six of Gates’ frugal habits that anyone can follow to manage money better and lead a more disciplined life.
1. Careful Spending
Gates understands the value of money. Despite his wealth, he is known to be mindful of spending and often emphasizes the importance of being financially responsible. He once shared that he waited until Microsoft was well-established before splurging on a Porsche. This shows that Gates thinks before he spends and appreciates the hard work that goes into earning money.
Also, unlike many other billionaires, Gates doesn’t place much importance on clothing or jewelry. In fact, he has been known to wear a simple $10 wristwatch. Gates believes that material possessions do not define happiness and he prefers to allocate his resources to more meaningful endeavors.
2. A Simple Wardrobe
Like other billionaires such as Mark Zuckerberg and the late Steve Jobs, Gates prefers a simple outfit. He tends to wear a basic V-neck sweater along with a collared shirt. Although Gates is modest when it comes to his wardrobe, he once said he used to spend money on things for his former wife, Melinda.
3. Budgeting and Planning
Budgeting is a crucial part of financial management. Gates is known for his meticulous planning and budgeting, which played a significant role in the financial stability and growth of Microsoft. By following his lead, you can keep track of your expenses, save for the future, and avoid financial pitfalls.
4. Wise Investing
Investing is another area where Gates excels. He has a diversified portfolio and is known for making smart, long-term investments. By investing wisely, you can grow your wealth, secure your financial future, and achieve your financial goals.
5. Philanthropy
One of the hallmarks of Gates’ frugality is his commitment to philanthropy. He believes in giving back to the community and has donated billions of dollars to charitable causes through the Bill & Melinda Gates Foundation. This habit demonstrates that being frugal isn’t about hoarding money, but about using it responsibly and for the greater good.
6. Prioritizing Value Over Luxury
While many billionaires indulge in lavish vacations and expensive hobbies, Gates prioritizes his work and philanthropic efforts. He believes experiences and achievements are more valuable than material possessions.
Gates’ commitment to a frugal lifestyle is evident in his choice of recreational activities as well. Instead of pursuing expensive hobbies, he focuses on intellectual pursuits and personal growth. This frugality allows Gates to maintain a clear focus on his goals and make a lasting impact on society.
The Takeaway
Adopting frugal habits is not about denying yourself life’s pleasures, but about making smart financial decisions. Gates’ frugal habits are a testament to how financial discipline, coupled with wise spending and investing, can lead to significant success and a fulfilling life. By embracing some of these practices, you can take control of your financial future and live a richer life.
Sources:
https://www.forbes.com/billionaires/
https://www.gobankingrates.com/money/financial-planning/6-frugal-habits-of-bill-gates/
