4 Ways Elon Musk and More Money Experts Live Frugally

Many financial experts preach the importance of living below your means — and some of these experts take it to the extreme. For example, even though Elon Musk is the richest person in the world, he still has some habits that are quite frugal.

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Here’s a look at how Elon Musk, Warren Buffett and more money experts live frugally.

In an interview with Vanity Fair, Elon Musk’s on-and-off partner Grimes said that when she shared a home with the Tesla CEO in Los Angeles, the mattress they slept on had holes in it.

“Bro [Musk] wouldn’t even get a new mattress,” she said.

When Grimes brought up the issue of the holes in the mattress, Musk suggested that she bring the mattress from her home to his place rather than buy a new one.

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Investing extraordinaire Warren Buffett could afford to live on a grand estate, but instead, he lives in the home he bought in Omaha, Nebraska, in 1958 for $31,500.

“I’m happy there,” he told the BBC. “I’d move if I thought I’d be happier someplace else. How would I improve my life by having 10 houses around the globe? If I wanted to become a superintendent of housing … I could have [that] as a profession, but I don’t want to manage 10 houses and I don’t want somebody else doing it for me and I don’t know why the hell I’d be happier.”

Entrepreneur and Dallas Mavericks owner Mark Cuban can afford to buy his kids anything they want — but he doesn’t.

“I tell them: After your health, my No. 1 thing for you all is, I don’t want you to be entitled jerks,” he told Steve Harvey on an episode of “Steve on Watch.” Cuban told Harvey that he told his kids, “I’m not going to write you checks. You don’t just get a credit card. You can’t just buy whatever you want.”

Instead, he wants his children to learn the value of working for their money.

Tim Ferriss, author of “The 4-Hour Workweek” and podcast host, deliberately picks and chooses what he spends money on and said he won’t spend a lot on wine.

“I’ve decided that I’m happy to spend a lot of money on ethical and excellent food, but I’m rarely willing to spend more than $50 on a bottle of wine,” he wrote in a blog post on his site. “I can easily tell (and feel) the difference between mid-tier and high-quality food, but fancy wine is like pearls before swine for this Long Island boy.”

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