Question 5: Why are people frugal despite great wealth?
Recently, I wrote an article about some of the Frugal Billionaires in the world and despite many of them having similar habits, it’s really hard to say why they all choose frugality over extravagance. I would wager to say that many of them are likely introverted people and just eschew anything that could be considered flashy. You’ll also likely find that the most frugal, of the rich are self-made men or in other words weren’t born into wealth but made their money on their own. Rather than ramp up to the jet-setting life, they maintained what they had previously. Finally, I think there is a different mindset and it’s one I’ve had to overcome as well (not that I’m a billionaire) and that’s the feeling like I need to reward myself by buying something for myself. If I’m not spending then I’m not a good person. Perhaps the frugal billionaires are content with what they own in life.
Go Back to the Frugal Living FAQ, back to How to Live Frugally, or proceed to How to be Frugal and Still have a Social Life.
Comments on this entry are closed.