Apr 19, 2016 12:22 AM EDT

Lessons From Millionaires And Billionaires: Learn Rich And Frugal Lifestyles From The Wealthy

By Jane Reed

There are millionaires, and then there are billionaires. But how does the wealthy stay rich with all those luxurious items, yachts, private jets and vintage cars?

While many may think the wealthy swims in their riches and work like there is no tomorrow, Entrepreneur has it that frugality is the secret to their success.

Learn from these 7 millionaires and billionaires that pinch pennies:

1. John C. Bogle has a net worth of $80 million. He is the founder of the Vanguard Group but he has always carried with him his frugal habits which came from his father's experiences during the Great Depression, according to Reuters.

2. John Caudwell who has a $2.7 billion net worth tag on him but he cycles 14 miles to work and cuts his own hair.

3. The $66.7 Billionaire Warren Buffet has always lived in the same old house he bought in 1956.

4. Jim. C. Walton who has an estimated $36 billion net worth has been driving the same old car to work every day and works in an inconspicuous office.

5. Steve Ballmer, the former Microsoft CEO and owner of the Los Angeles Clippers flies coach on his business trips and doesn't pay attention to clothes much. His net worth is estimated to be $22.7 Billion.

6. Chuck Feeney, the Duty Free Shoppers founder also flies coach, uses public transportation and purchases his clothes from retail. Most of his fortune went to charity which is why his $7.5 billion net worth is now at $2 million.

7. Ninety year old Ingvar Kramprad still wears clothes bought from flea markets. He also uses mass public transportation and gets cheap haircuts. This Ikea founder also fills his home with Ikea furniture. His net worth tag is around $40 billion, now.

These seven wealthy business leaders have shown that they can still stay frugal and successfully rich at the same time.

What is your own definition of wealth?

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