The Financial Habits of Elon Musk’s Family According to His Father
~Tuesday, August 9, 2022 Blog Post~
I recently read an article about Elon Musk’s father, Mr. Errol Graham Musk, who shared some insights about his family’s financial habits.
The elder Musk’s statement published online last Monday, August 1, 2022 by The Daily Mail interested me.
After all, the article from this British daily middle-market newspaper is related to my blog’s theme, which is personal finance, wealth management, wealth, international economics and finance, financial markets, world business, and health.
Mr. Musk’s insights enabled me to learn partly how his multi-billionaire son Elon and their family became today’s world’s wealthiest.
At the time of writing this blog post, Tesla chief executive officer Elon Musk’s net worth is US$219 billion, per Forbes.com.
Additionally, the Bloomberg Billionaires Index lists the SpaceX CEO’s total net worth as US$255 billion as of today, Tuesday, August 9, 2022.
Hence, I can infer that Elon’s average net worth is in the neighborhood of US$219 billion to US$255 billion.
According to Elon Musk’s 76-year-old father:
“We are a very frugal, stingy family. If I want to spend (on) anything, I have to answer 100 questions of why.”
Mr. Musk, who is a South African electromechanical engineer, sailor, and pilot, per TheFamousPeople.com, also described his son, remarking:
“Elon lives a very frugal life. He’s up at work at six o’clock.”
Thus, it goes without saying that FRUGALITY and HARD WORK are, indeed, the main ingredients of a financially successful life, based on the recent statement of Elon’s father.
Furthermore, I want to add that the ABILITY TO EARN A LOT OF MONEY and the ABILITY TO MANAGE MONEY WISELY should always go together.
I learned this golden nugget from KahlerFinancial.com’s “Protect Yourself from Financial Predators,” which was previously titled, “Tips to Guard against Financial Predators” four years ago, in 2018.
After all, financial predators stalk the vulnerable and unwary. In fact, the late high-profile fraudster Bernard Madoff cheated some very wealthy people and sophisticated investors out of millions.
I posted images of these learnings I gathered in 2018 on my official Instagram account.
My social media account with the handle @princesssheenaexcelsior is now dormant and I use it as my personal reference for my lifelong financial education and articles.
I appreciate reading Mr. Musk’s insights about getting rich, especially during this time of skyrocketing inflation, with rents becoming unaffordable for most people, home prices having flown away, and interest rates are about to compound the financial damage to consumers.
I think I get to become much smarter financially amid the souring global economy.
I am well aware that all lifestyle decisions — such as moving homes, switching careers, getting married, having children, and getting divorced — come at a price.
By learning about the wealthy, financially secure, and financially successful public figures’ viewpoints on wealth and personal finance — such as those of Elon Musk’s father — I certainly learn considerably, including how to measure these lifestyle costs in terms of my sustainable living standard.
