As one of the wealthiest individuals in the world, Warren Buffett‘s business and life advice is frequently sought after by investors.
Buffett is well-known for his thrifty lifestyle, teaching investors how to conserve money and augment their long-term prosperity. A recent report suggests that Buffett’s frugality extends to his wife as well.
What Happened: One of the most iconic illustrations of Buffett’s frugal lifestyle over the years is the fact that the Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) CEO lives in the same house he purchased in 1958.
The house located in Omaha, Nebraska was purchased for $31,500 at the time.
Buffett is also known for using coupons, driving the same vehicle for decades, and occasionally eating breakfast at McDonald’s.
Buffett’s wife Astrid Buffett recently attended the Allen & Co annual conference in Idaho with her husband. Known as the “summer camp for billionaires,” the annual event attracts numerous business founders and CEOs, who, in some instances, flaunt their opulence and wealth.
That might be why it caught some by surprise that Astrid Buffett was heard complaining about the $4 cost for a cup of coffee at the event, as reported by the New York Post, which cited Forbes.
Mrs. Buffett was heard saying that she “could get a pound of coffee” for the same price. The New York Post independently verified that $4 was the cheapest coffee found at a coffeehouse located at the Sun Valley resort. Other coffee drinks were priced at $5 to $6 each.
Others also heard Astrid reference her husband and say that he has struggled with poor balance recently. The legendary investor known as the “Oracle of Omaha” is 92 years old, and was seen using a golf cart at the event.
Warren Buffett and Astrid Menks married in 2006, and she has been a frequent guest of the investor at the annual conference.
Related Link: Bill Gates And Warren Buffett Have One, So Can You: McDonald’s Is Giving Away A Card That Unlocks Free Meals For Life
Why It’s Important: With a wealth of $115 billion, Warren Buffett is currently ranked as the seventh-richest person in the world.
The “Oracle of Omaha” has effectively preserved and increased his wealth through frugal living, but he’s also widely recognized for his philanthropy, donating substantial amounts each year.
Warren Buffett also collects a modest (when compared to other CEOs) salary of $100,000 annually from Berkshire Hathaway and has not had a raise in years.
Tesla Inc CEO Elon Musk has also been known to live a more modest lifestyle than other CEOs and billionaires. His former partner, Grimes, revealed in a Vanity Fair interview that Musk was rather frugal during their relationship.
Grimes attributed Musk’s frugality to a significant portion of his wealth tied up in Tesla and SpaceX. “Bro does not live like a billionaire. Bro lives at times below the poverty line,” Grimes said of Musk.
In her interview, Grimes revealed that they resided in a house whose value was under $50,000. “Can we not live in a very insecure $40,000 house?” she recalled asking.
The singer also recalled that Musk wouldn’t buy a new mattress when there was a hole in one, instead insisting on replacing it with one from Grimes’ house.
Musk told Neil deGrasse Tyson in a 2015 interview that he lived on an extremely modest budget while he was in college.
“I figured I could be in some dingy apartment with my computer and be okay and not starve,” Musk reminisced. He said his budget was around $1 a day for food.
Contrasting other billionaires such as Jeff Bezos, who frequently grabs headlines for his extravagant purchases like a colossal yacht that requires its own support boat and incurs annual operating costs of $25 million, the Buffetts maintain a discerning eye on even minor expenses like the cost of a cup of coffee.
Read Next: Sun Valley 2023 Guest List Spans Mark Zuckerberg, Tim Coook And Bill Gates
Photo: Fortune Live Media on flickr
