Many entrepreneurs look up to Warren Buffett not just because of his business savvy, but because the billionaire is one of a handful of extremely wealthy people who choose to live a frugal lifestyle. While celebrities and other rich people live in mansions, drive Bentleys, and spend their money in an ostentatious manner, Buffett has become well-loved due to his quirky frugal habits.
CNBC has compiled a few of the business magnate’s funniest penny-pinching habits, revealing that the billionaire likes consistency and is old-school all the way. As previously reported by Jobs & Hire, Buffett spends no more than $3.17 on breakfast each day, preferring to go to McDonald’s for his daily meal.
Instead of drinking expensive wine flown in from the best vineyards in the world, Buffett’s favorite beverage is Coca-Cola, which is about $4 for a 12 pack. The 86-year-old once told Fortune that he is “one quarter Coca-Cola.”
“If I eat 2,700 calories a day, a quarter of that is Coca-Cola,” he said. “I drink at least five 12-ounce servings. I do it every day.”
Typically, Buffett said that he has three Cokes during the day and two at night—regular Coke at his office in Berkshire Hathaway and Cherry Coke when he’s at home.
He lives in the same five-bedroom home that he bought in 1958 in Omaha. Back at a 2014 shareholder meeting, Buffett explained why he doesn’t buy more property, saying that he’s satisfied with what he has.
“I have everything I need to have, and I don’t need any more because it doesn’t make a difference after a point,” he said (via Fool.com).
Buffett doesn’t spend much on entertainment, preferring to play the ukulele or read for about six hours each day. He doesn’t carry a cellphone or have a computer on his office desk, and he once had a license plate that read “THRIFTY.”
So why does Buffett, who is said to earn an average of $2 million a day, insists on living in a frugal manner when he clearly has the means to live a luxurious lifestyle? According to WarrenBuffett.com, Buffett values relationships a lot more than wealth and acknowledges that some of the best things in life cannot be bought.
“You can’t buy health and you can’t buy love,” Buffett once said to business school students who were invited to hear him speak back in 2009 (via Underground Value blog). “I’m not interested in cars and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living.”