How a Young and New Billionaire Spends Her Money
Written by
Emily Fowler
Edited by
Jenna Klaverweiden
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It’s easy to imagine billionaires spending their fortunes without giving it a second thought. After all, they don’t need to worry about keeping grocery costs low or going into debt to afford the holidays.
But as 30-year-old billionaire Lucy Guo shared with CNBC, she balances daily frugality with strategic splurges in a way that might be surprising, especially considering her net worth is $1.4 billion, according to Forbes.
Here are some of the ways she spends and where she saves.
Also see what money lessons billionaires learn early that most people never do.
Frugal Everyday Habits
Guo still looks for value in her day-to-day spending, ordering buy-one-get-one-free meals on Uber Eats and choosing Uber X rides even for short trips — when she’s not traveling on her electric skateboard. “I don’t like the concept of wasting money, so when I get buy-one-get-ones, it makes me feel good,” she said on the “Networth and Chill” podcast.
She shared with CNBC that she’s always looking for deals. For example, instead of paying 20 euros for a currywurst from her hotel in Europe, she ordered from Uber Eats for 4 euros.
Despite most billionaires loving a designer wardrobe, most of Guo’s clothes are unbranded and inexpensive, with occasional nice jewelry for public events, per CNBC. Guo’s everyday spending is strategic, showing that wealth doesn’t always mean living like the stereotype of a billionaire.
Property Portfolio
Real estate is a major focus for Guo, but she approaches it like an investor. Her Hollywood Hills mansion cost $30 million, over 80 times as expensive as the average U.S. home value of $357,275, per Zillow. Even though buying a house at that price definitely can’t be called frugal, she still negotiated the price down from $44 million.
She also owns a Florida condo purchased for $6.7 million and a farmhouse-style Los Angeles home for $4.2 million, per CNBC.
Luxury Indulgences
Guo does splurge on some things in her life, like a private jet, for example, to help skip airport lines and save time. She also has a vintage rose-colored Ferrari. “It’s like one in 10 or something in the world,” she told CNBC, and she bought it purely for personal enjoyment.
She shared with CNBC that some millionaires overspend to appear wealthier than they are. Her approach, however, is one that seems to balance practicality and comfort, with occasional indulgences. “I’ll like treat myself sometimes … I will buy caviar because caviar’s delicious, but … will I try to find the cheapest caviar that doesn’t taste disgusting? Yes,” she said on the “Networth and Chill” podcast.
Even with a net worth over $1 billion, she demonstrates that wealth can be managed carefully without giving up personal enjoyment.
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