Just because someone spends a lot of money, it doesn’t necessarily mean they have a lot of money. And the same goes for the other way around… just because you have a lot of money, it doesn’t mean you have to spend it all.
Proof that frugality is the secret to untold wealth
The idea is pretty basic: spend less than you make — and the more you apply this concept, the more you’ll realize just how much money you can really save. And over time, the habits become part of your everyday life.
Clark is proof that it works — and apparently he’s not alone!
Billionaire Ikea founder Ingvar Kamprad is another great example of how maintaining frugal spending habits can lead to long-term wealth.
“I don’t think I’m wearing anything that wasn’t bought at a flea market,” Kamprad says in a documentary made for Swedish television, according to Agence France-Presse.
And he doesn’t just save by buying second-hand clothes, he also apparently prefers inexpensive haircuts.
“Normally, I try to get my haircut when I’m in a developing country. Last time it was in Vietnam,’ Kamprad said in a 2008 interview.
The 89-year-old founder of Ikea, worth an estimated $40 billion, has also attributed much of his company’s success to these types of penny-pinching habits.
If you want to really start saving more money, here are some ways to do it:
- Why automating your savings is the best way to save more
- How to stop living paycheck to paycheck
- 7 ways to revamp your finances in 2016
- 9 items to always buy used