As Knight Kiplinger observed in The Invisible Rich, "the biggest barrier to becoming rich is living like you're rich before you are." Learn more about the cost-cutting moves that help make these successful millionaires and billionaires who they are. Read original article here to see more rich and famous people's frugal habits.
Estimated net worth: $60 million
How she struck it rich: Race car driver
Frugal habit: Makes her own meals while traveling
The recently retired driver, who ended her 14-year career after crashing at the Indianapolis 500 in 2018, keeps costs in check even when she's on the road by cooking for herself and told us it's the most frugal thing she does. "I love to cook. While it can sometimes be hard to have all the right ingredients when I'm on the road, I love stopping by local farmers markets and cooking as often as I can. The food I make is much healthier than always eating out at restaurants, plus it's a great way to save money," Patrick says.
She's right. Preparing your own meals can help you build up your savings over time. For example, if you spend $8 buying lunch from a restaurant every day, you can save $60 a month and $720 a year by bringing your own lunch made using ingredients that cost only $5.
Estimated net worth: $10 million
How she struck it rich: Professional boxer and entrepreneur
Frugal habit: Skips the hair salon and styles her own hair
Ali, the daughter of legendary boxer Muhammad Ali, is now a cookbook author and an entrepreneur with her own hair styling product line after an undefeated boxing career. But long before all of that, she was operating her own nail-salon business at age 18, and now she runs a salon of different sorts from her own home. Instead of shelling out cash for a professional blowout every week, Ali prefers to style her own hair, as well as her 6-year-old daughter Sydney's hair. "My time is precious. I don't have time to drive an hour to a salon and then sit there for a couple more hours getting my hair done. It's really not that serious or important to me," she told Kiplinger.com. Ali is saving big. The average cost of a trip to the hair salon in the Los Angeles metro area where she resides is $61.
Estimated net worth: $40 million
How she struck it rich: Combined wealth with her husband and author, former U.S. President Barack Obama
Frugal habit: Shops at Target
The former first lady is known for being thrifty. While her husband, former President Barack Obama, was in office, she was spotted shopping at a Target store in the Washington, D.C., area. What did she buy? It was reported that Mrs. Obama picked up dog food and toys for the then-first family's dog, Bo.
In addition to finding ways to save on everyday household items, she's also known to cut costs when it comes to fashion. Despite having access to practically any high-end designer line she wants, Mrs. Obama sometimes chooses to wear clothing from discount stores, such as H&M. In 2011, she appeared on the Today show wearing a $35 dress from the retailer.
When it comes to fashion, finding a bargain at a discount score that doesn't look cheap -- just as Mrs. Obama did -- can be a thrill. However, if shopping for designer threads is your guilty pleasure, you can cut costs by shopping at a consignment boutique. For example, a pair of designer jeans from brands such as 7 for All Mankind and Joe's Jeans usually retail for $150 to $200. That same pair of gently-worn jeans will sell for one-third of the original price at a consignment shop.
Estimated net worth: $25 million
How he struck it rich: An Emmy-nominated actor
Frugal habit: Doesn't overspend when making big purchases
Although his character in the ABC sitcom Black-ish is a spendthrift with a fondness for new shoes, Anderson -- who grew up in a working-class family in Compton, Calif. -- keeps his spending in check in real life. "I'm not out here buying the latest cars. I don't have the biggest house on the block. I have a moderate house on the best block," Anderson told Kiplinger.com.
"My parents always stressed planning for the future," Anderson says. "It's not about the here and now. It's about 30 years from now -- be aggressive about funding these various accounts while I'm young, so I'll have money coming in later in life."
Estimated net worth: $20 million
How she struck it rich: Hollywood actress
Frugal habit: Spent only $142 on her wedding, shops with coupons
After six years of dating fellow actor Dax Shepard, Bell and Shepard married in 2013. In a TV interview with talk show host Ellen DeGeneres the following year, the actress shared that they chose to wait until after the Defense of Marriage Act, which had previously made same-sex marriage illegal, was overturned before they wed. In honor of everyone being afforded the right to marry whomever they choose, the pair headed to their local courthouse in Beverly Hills and said “I do.” The entire affair cost the couple less than $200 (see pictures of their big day). That expense covered their legal fees for the ceremony, the gas used to fill up their car to drive to the courthouse, as well as the songs they purchased online for their wedding day music playlist, Bell told DeGeneres.
Last year, the national average cost of a wedding (sans a honeymoon) totaled $33,931, according to TheKnot.com. What Bell and Shepard paid for their trip to City Hall to become husband and wife is pennies compared to that amount.
Bell’s frugal ways crossover to her everyday spending, too. In 2012, the actress appeared on late night talk show “Conan” where she revealed that she does most of her shopping with coupons and has an affinity for Bed, Bath & Beyond.