Who said being wealthy means you can't look for a good deal?
Who said being wealthy means you can't look for a good deal? Kiplinger shares how the superrich try to watch the wallet just like you.
Becoming wealthy and staying that way takes a certain level of discipline. Sure, an occasional splurge won't put you in the poor house, but frequent frivolous spending on things that aren't necessities can quickly put a serious dent in your wallet. The frugal habits necessary to achieve financial success and maintain it are often lessons learned early on.
Related: How to Be a Millionaire by Age 25
In this slide show, meet seven entrepreneurs, business leaders and famous faces, including Google's David Cheriton, Berkshire Hathaway's Warren Buffett, and Hollywood's Hilary Swank, whose modest living — from clipping coupons to clipping their own hair — has helped them amass and/or maintain vast fortunes.
As Knight Kiplinger wrote in his classic column The Invisible Rich, "the biggest barrier to becoming rich is living like you're rich before you are."
Estimated net worth: $1.3 billion
How he struck it rich: An early private investor in Google
Frugal habit: When having dinner at a nice restaurant, he saves half of his meal for the next day.
In addition to knowing how to make a good meal last, the Stanford University professor — who played an integral role in the founding of Google — has also been cutting his own hair for the past 15 years and drives a 1986 Volkswagen Vanagon.
Cheriton's been pinching pennies his whole life. "Many of my frugal habits come from my parents, who grew up during the Depression and passed along the same careful habits," he told Kiplinger. "My rule is never spend in a way that I can't explain to my parents without apology or embarrassment. It's kind of a personal version of 'never do anything you don't want to see presented on 60 Minutes."
Read on for more.