4 Personal Finance Tips From Billionaires

Here are some solid words of wisdom on generating wealth and being generous with it as well.

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By Chris Neiger

1. Live simply and be frugal

Most people don’t associate billionaires with penny-pinching, but that’s how famed investor and billionaire Warren Buffett approaches his personal finances. Buffet bought a relatively modest house back in 1958 for just $31,000, which was around $275,000 in today’s dollars, and he continues to live in it to this day. For context, the median home price in July of this year was $313,700.

Buffett also holds on to his vehicles for a long time, as does Wal-Mart founder Sam Walton. And IKEA founder and billionaire Ingvar Kamprad once shared why having lots of money doesn’t mean you should indulge yourself to no end:

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