Warren Buffett is a frugal billionaire who sets the bar really high when it comes to his frugality as the second-richest man in the world. Buffett has lived in the same house in Omaha, Nebraska, since 1958. He has no intention to sell his house. If you have to take out a loan for housing, Buffett advises a 30-year mortgage. As a billionaire who knows how to save money, Buffett gets a McDonald’s breakfast for either $3.17, which gets him a bacon, egg, and cheese biscuit, or when the market is down, $2.95 on a sausage, egg, and cheese sandwich.
When the market is particularly bad, he gets two sausage patties for $2.61, and a Coke. If Buffett is traveling, he chooses a pack of Oreos for breakfast. He eats hamburgers, ice cream, and Coke according to Bill Gates, his long-time friend. Buffett even drives a modest car compared to many other billionaire CEOs, as he only drives 3,500 miles a year. He buys new cars infrequently. He advises keeping a car that works for a long time until you can buy a new one. To be frugal, Buffett picks up his friends personally when they are in town. He also kept his Nokia flip phone.
Buffett also makes sure not to spend money on designer suits. A Chinese sewing entrepreneur, Madam Li has been working on his suits since 2007 when he met her. Buffett is a coupon clipper, and his advice is to save money with coupons, even if the meal purchase is inexpensive. He is content with minimizing expenditures since he feels more houses would stress him out. Buffett reads about six hours a day and plays bridge 12 hours a week. He has also worked in the same office building for more than 50 years, ultimately valuing relationships over money.