STORY OF INTEREST: 7 spending tips from frugal billionaires

Carlos Slim. * Photo credit: sanfranciscosentinel.com

Carlos Slim Helu (Carlos Slim), a telecom tycoon and billionaire with well-known frugal tendencies, has a net worth of $60.6 billion, according to Forbes. Assuming no changes in his net worth, he could spend $1,150 a minute for the next 100 years before he ran out of money. To put this in perspective, he could spend in 13 minutes what a minimum-wage earner brings home after an entire year of the daily grind.

Granted, the world’s billionaires (all 1,011 of them) are in the debatably enviable position of having, quite literally, more money than they can possibly spend, yet some are still living well below their means, and save money in surprising places. Even non-billionaires (currently 6,864,605,142 of us) can partake in these seven spending tips from frugal billionaires:

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12 Comments

  1. Jay
    October 1, 2010

    So if I’m not going to spend the money, why go through all that to make it? I so want to win the mega millions in the US to hook up Dominica with a phorensics lab and fix a few of the road.

  2. parent
    September 7, 2010

    Start by appreciating what God gave us not what we are not.
    Drop the wigs, weaves and perms.
    Self esteem is developing intellect not bling.

  3. soldier
    September 6, 2010

    @Famme Beff:
    i thought was God who gives riches. if it wasn’t ordain for u to be
    rich u will never be. every one were not born to be rich, even if you
    are a big time saver. u still will live pay check to paycheck. Ask God
    for u not to be rich so ur eyes wont stray away from Him and not to be
    poor so u wont steal.

  4. DD
    September 6, 2010

    I read this article thoroughly and I must say this is basically how I live, but my money is not accumulating. Do you know whey? Because of the cost of living in Dominica is too damn high. I guess the next step and additional pointer to Carlos Slim’s list is to cut off my water, Marpin, telephone (that includes internet), consume less food, preferably stick to one meat kind, the cheapest. Go natural and cut my hair down flat. I will report back to you all in three years time. lol

  5. DD
    September 6, 2010

    @okayyy: You are so right, that is exactly what they are saying. I mean true you have to be responsible when spending in those hard economic times but I not going to be cheap and working hard for nothing. Next thing I fall and die and my billions stay for people to enjoy and splurge after I have died. Hell No!!! Sometimes you need to treat yourself, life is too short. And worst you can’t take the money with you.

  6. La Fuente
    September 6, 2010

    Saving a dollor or 2 doesnt mean you have to die hungry. The problem with most poor ppl like us, is we often spend more than we make, just to show off to ppl, so they will think we so well off, but my the end of the day we have to end up begging a dollar to send our children top schoool.

    having said all that, i believe that that with the meega salary we gettin in dominica, there’s a 2% chance of us becoming a millionaire, by just following the 6/7 tips. Lets do the maths
    Average worker, working in Roseau and leavin in portsmouth,
    Income $1800
    Tax about $200
    Public Transportation $400
    Utility: (light, water, Cable) $300
    Saving $200
    Groceries: $400
    Morgage: (worker doesnt make enopugh to pay morgage)
    Child to send to school: (worker has to look for help)

    So how the H…? you expect us to be a millionaire on this salary. we have to win the caribbean lottery.

    ASk Carlso Slim to give us some money to invest and see if he will?

  7. Celebrity
    September 6, 2010

    It points out 6 tips from billionaires rather than the 7 you claimed

  8. okayyy
    September 6, 2010

    okayyy. so what this article is saying in nutshell is that we should live frugally, eat crackers and water, bom ride to go to work, have only two pairs of panties (1 using and 1 washing), use the same clothes until it come poowee, just to save a few dollars??? Save what??? Save where??? On 3% increase???

  9. MOT
    September 6, 2010

    STUPES…Frugal for what?!! After u have accumulated all those billions, you think u can take it to heaven or hell when u die?!

    These billionairers would be better off donating their wealth to charity. I don’t believe in accumulating money just to hoard it.

  10. mouth of the south
    September 6, 2010

    thats true,,, but one can give u all de ideas in the world BUT them loans officers n credit committee members too grudgeful to give many poor marlaways like u n i the loan even if u have security,,,, d might ask wat if the biz sink how u gonna pay it back,,,,,, typical dominica holding one another down,,,, labour day in b.k is fyah fyah fyah

  11. hell hath no furry!!!!!
    September 6, 2010

    met a millionaire a few years ago, and boy oh boy,the dude was dressed in t shirt swim trunks and flip flops and i thought he was just a regular guy out bumming a ride home.gave the dude a ride and in talking with him realised who he was.when i asked him about his wardrobe he answered.people whe worked hard for their money are never show offs.

  12. Famme Beff
    September 6, 2010

    With all this said, in this recession and hard times, me as a poor marlaway, tell me in this Dominica how can I rise up to being rich like one of these fellas. A jump start would be greatly appreciated.

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