Consumption-conscious billionaires
These billionaires live in decades-old houses and fly coach class.
A BILLIONAIRE RESIDENCE: Warren Buffett purchased his home for $31,500 in 1958. (Photo: TEDizen/Flickr) 
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Its true that nothing can beat good health and good long standing friends. Its also true that money spent on a first class air ticket can save / provide a LIFE(or many lives) in many counties.
I'm sure Buffet no longer lives there and has several houses. His private plane is a 737 business jet. Is flying yourself and a handful of other people around on a 737 frugal ?
The article says he still lives there ~ you're sure of it? Do you live next door to him elsewhere? Even if he does fly around in a 737, he's given way more than most affluent make in a life time.... good for him if he indulges in his hard work.
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It's good to know that even billionaires are being frugal/"cheap". They say that's how these people become billionaires in the first place. Once in awhile though, even billionaires need to be able to splurge a bit after their philanthropic duties. Make a difference to others and then have at least the decency/self-awareness to make a difference to themselves. I'm talking about I've read some billionaires literally look like bums/"Courtney-Love-esque" sometimes or if they go on a date with.... More
the house is old and cheap but the remodeling of the house quadruple ...so what's the point?? the final price does not equal
KEEP DOING IT.
The reason why they are rediculously rich is probably because of their ability to save. This does not surprise me one bit.
I just wish they would share a little with me. I would love not to have to worry about the rent, groceries, gas, will my job hold out. I would not change my lifestyle so to speak, I would just be able to live. I would love to give it a try.
A point to one of the previous comments, while i can understand why you might think that "holding on" to your wealth may not be helping because they can create more jobs, well, they have already done so with respect to the companies they built from nothing that employ tens of thousands of people. When the day comes that they pass away, the only thing in their coffin will be their bodies, not their cash, and for them to have the foresight to help people who have involuntarily been born into.... More
It's really heartwarming that these mega rich people share with the underprivileged. What about the movie stars and sports stars- we generally hear about the shenanignans of Lindsay Lohan, Paris Hilton, Tiger Woods etc etc - if they spent more time helping the needy of the world, maybe they'd feel more self esteem and behave as mature adults.
I think these particular wealthy people offer a great example for others to follow. It makes no sense to me for someone to consume for consumption's sake. I like Bill Gates' idea to use some of his vast fortune to eradicate certain crippling diseases. This is truly a humanitarian gesture.
I can imagine that if I were a multibillionaire, I probably would not live much differently than I currently do, other than being able to get things repaired in a more timely manner and not worrying about the equine vet bills so much. These people have a lifestyle that they are comfortable with, why change it just because you could, if you are happy as you are? Moreover, I don't think anyone has any business snarking about them just because they aren't 'stimulating the economy' with their.... More
You have hit the nail on the head!
I think billionnaires should spend more. The reason is when they throw a large party or have their own jet or have a yatch, a lot of people will get employed.
While being frugal, whether because of personal values or not, is generally considered a positive thing, it does nothing to help the economy. Money needs to be moving in order to have a healthy economy so it is counterproductive to have billions of dollars hoarded by a few.
You are so right because companies don't require capital investment and savings they need to constantly spend like there is no tomorrow. Oh and before you try and say there are banks and governments whose money is it that is used if no one saves?
Most of the wealth of these individuals is tied in the stocks of the companies they run. So, it is NOT hoarded money. It is in 'circulation' and directly contributing to the creation of jobs and wealth for others.
Men like Gates and Buffet don't hoard it. The whole point is that they give millions away, ie. The Bill and Melinda Gates Foundation, which does much good. From what I've seen of Gates, and his Father, in TV interviews, they are astonishingly personable, articulate, down to earth men.
For those who think that these billionares whose consumption level is low relative to their networth and think they are "hoarding the cash" are not accurately perceiving the situation. These billionares' assets are fully invested in the companies/firms they own. Warren Buffet did not dig a hole in his back yard and bury his $45 billion.
Fortune 400 and the article only mentions 3 people...that's less tan 1%...how can this be a trend?
Money doesn't make you good, bad, greedy, consumptive or generous. Money is neither good nor bad, it's just a tool. More money merely makes you more of who you already are and conversely less or no money is unrelated to the value of your soul and/or talents. live with Intention, DrBillToth.com/blog
Just because they have money to spend and choose not to buy certain things that others might consider "excessive" doesn't man they're deliberately being conscious of their consumption. Maybe it's that although they accumulated money, and a lot of it, they've simply maintained their original values.
