Can you even imagine how different your life would be, had you been a millionaire, or better yet, a billionaire? Flip through the pages of any entertainment magazine and you’ll come across ultra-rich celebrities who’re living it up in their expensive mansions, designer clothes and luxury cars. Who wouldn’t want that life?
But don’t be too quick to make assumptions because not all celebrities are spending millions just to maintain their expensive Hollywood image. Some of them, the smart ones especially, are quite tight-fisted when it comes to their finances.
These frugal celebrities are generating massive incomes through new projects, brand deals and investments but still choose to live a simple life despite their status. And they want to instill these financial values in their fans as well to help them save money and build their wealth.
Warren Buffett
Warren Buffett is one of the world’s richest men, but the renowned businessman still lives in his humble abode which he bought for only $31,000 in 1958. According to him, he doesn’t need to live in a fancy house or drive flashy cars because that’s not what smart investors do. He’d rather live frugally and put the money back into his investment portfolio to grow his wealth.
The businessman says he never spends more than $3.17 on his breakfast from McDonald’s and he rarely ever eats out at a fancy restaurant. Buffett stresses that your expenditure should not necessarily increase as your income goes up. Instead, you need to focus on your savings to fund your retirement or other financial goals.
Gwyneth Paltrow
Gweneth Paltrow excels not only in acting but also in the corporate world. The actress-turned-entrepreneur runs a successful lifestyle company, Goop, which is worth $250 million today.
Nevertheless, she believes in living frugally and using her wealth to grow her brand. She even opted to redesign her mansion on her own instead of hiring architects to save money.
Paltrow reveals that she never spends unnecessarily on a task that she can complete by herself. Not only does that reduce her expenses, but it also helps her learn new skills.
Leonardo DiCaprio
Leonardo DiCaprio may have earned millions from starring in highest grossing films like Titanic and Inception, but the renowned actor still chooses to live a simple life.
While other celebrities like to splurge on expensive vehicles, DiCaprio is content with driving his Prius. He says that his car choice doesn’t only reduce his gas expenses, but he’s also causing less damage to the environment.
Jennifer Lawrence
The renowned actress Jennifer Lawrence was named the highest paid actress two years in a row from 2015 to 2016 after she starred in the popular Hunger Games franchise.
Despite the massive increase in her paycheck, Lawrence still maintains a thrifty lifestyle. She even revealed that she’s still fond of collecting coupons and discount codes. According to her, she loves a good bargain since it helps her save more money while buying high-quality products.
Ed Sheeran
Ed Sheeran’s popularity skyrocketed thanks to his smashing hits like Thinking Out Loud and Shape of You, which earned him plenty of awards and a rather fat bank account. Despite his immense popularity, though, Sheeran reveals he still lives on a tight budget and doesn’t splurge on useless things.
He keeps his expenses in check by allocating himself a monthly budget. Whether he’s spending money on work or leisure, he’s not allowed to exceed his fixed monthly amount.