5 Things Bill Gates Doesn’t Waste His Money On
Written by
Caitlyn Moorhead
Edited by
Gary Dudak
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In the world of billionaires, frugality may seem like an alien concept. However, William Henry Gates III, better known as Microsoft co-founder Bill Gates and one of the richest individuals in the world, has taken a cautious approach to spending — it’s one of his defining characteristics. With a current estimated net worth of $108.9 billion, Gates has more than a lot of money, and yet he somehow manages to not spend as much as he could.
Outside of restricting his metaphorical monthly budget, he has long distanced himself from the pursuit of wealth accumulation in general. For example, in the past, he has committed to donating the vast majority of his wealth to philanthropy through the Bill and Melinda Gates Foundation and other charities, expressing his intention to move down and eventually off the list of the world’s richest people.
Gates’ perspective on wealth is not about hoarding but about giving back, a principle he firmly stands by. Here are five things that Gates refrains from splurging on, each reflecting his unique perspective on money, philanthropy and life.
Lavish Spending
Much like Warren Buffett, another man on the list of the world’s richest people, Gates has been notably meticulous with his expenditures, emphasizing the importance of being careful with money as opposed to spending it lavishly. For some other uber-wealthy individuals like Elon Musk or Jeff Bezos, a million dollars here or billion dollars there can be thrown around like pocket change.
However, Gates’ unique policy when it comes to money and spending reflects a philosophy of moderation and prudence, even with his billionaire status. He had humble beginnings and never forgot to factor in financial foresight and relative frugality.
Luxury Items for Children
Believing in the value of education and charity, Gates emphasized investing in these areas over luxury items for his children. Gates has spoken about how it’s not the best idea “for your kids to give them a whole ton of money.”
Instead, he advocates for children and young adults alike to learn the value of a dollar as opposed to having anything and everything they ever wanted handed to them.
Extravagant Food
“How much food can you eat?” Gates once remarked per CNBC. For him, the practicality and necessity of food — particularly the provision of food security in developing nations — are more important
As far as Gates is concerned, overeating is synonymous with overspending.
Yachts and Lamborghinis
Gates has a reputation for not owning ultra-luxurious items like yachts and Lamborghinis, as Luxury Launches once detailed. That being said, it didn’t necessarily stop Gates from hosting his 66th birthday party on a rented superyacht in 2021, with Amazon founder Jeff Bezos in tow.
He’s also the proud owner of a Porsche 959, so it can’t be said that he doesn’t splurge at least a little. Still, considering his considerable net worth, a big expense here and there isn’t generally being financially irresponsible.
High-End and Designer Duds
Gates has no interest in flaunting his wealth on flashy jewelry or luxury watches. He even proudly shared that he was wearing a $10 Casio timepiece during an event in 2014.
His wardrobe is also famously modest, reflecting his overall approach to life and wealth.
Space Exploration
Gates has expressed skepticism about Elon Musk’s ambition to colonize Mars, questioning whether it is a good use of money. He believes that funding vaccine development is a better use of cash than putting people on the red planet.
“It’s actually quite expensive to go to Mars,” he said in a 2023 interview. “You can buy measles vaccines and save lives for a thousand dollars per life saved. It just kind of grounds you; don’t go to Mars.”
Gates has famously sparred with Musk in the past about issues such as this, along with many others, on social media. He also recently implied that the power Musk has in the world is “really insane” — and potentially dangerous.
Final Take To GO: Paying It Forward Is Never a Waste of Money
The bottom line is that Gates’ relative frugality and focus on philanthropy over excessive personal indulgence provides a unique perspective in a world often captivated by extravagance. Simply put, giving back some of his tremendous wealth is never considered a waste of money.
Whether it’s avoiding overly lavish spending or questioning the value of colonizing Mars, Gates remains grounded in his beliefs, emphasizing the impact one can make on Earth over the allure of luxury and the unknown.
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