Warren Buffett is the Chairman and CEO of Berkshire Hathaway and is the eighth richest person in the world, with a net worth of $136 billion. However, his life is quite humble and simple.
Early Beginnings
Buffett started building his massive wealth at a very young age, beginning to invest in stocks when he was just 11 years old. He made money by selling calendars, used golf balls, and stamps. Thanks to his keen business sense, by the age of 16, he had amassed $53,000.
Behind Wealth Lies a Simple Life
In addition to his impressive business acumen, people are also struck by his simple, frugal lifestyle. He has stated that he has never desired to own multiple houses or cars.
Buffett lives in a modest home in Omaha, which he purchased in 1958. He considers this purchase one of the three best investments of his life. He also owned another house in Laguna Beach, purchased in 1971, which was sold in October 2018 after being on the market for two years.
Unlike many other billionaires, he does not own a fleet of cars. He previously drove a 2001 Lincoln Town Car for about 10 years before selling it at auction and donating the proceeds to charity, then bought a 2006 Cadillac DTS. His largest expenditure on transportation was a used Falcon 20 private jet, which he bought for $850,000. In 1989, he sold that jet and purchased another one for $6.7 million.
It wasn’t until 2020 that he began using a smartphone, despite his company, Berkshire Hathaway, being a major shareholder in Apple. He claims to use his phone only for calls and texting.
Buffett owns around 20 suits—a modest number compared to his wealth—indicating his simple style of dress. He even gets his hair cut for $18 at a barbershop in the office building where he works.
When thinking of a billionaire’s breakfast, one might imagine luxurious dishes like caviar or foie gras. However, Buffett saves time and money with fast food purchased on his way to work. If the market is doing well, he spends about $3.17 on a bacon, egg, and cheese sandwich. If the market declines, he spends $2.95 on a sausage, egg, and cheese sandwich. On a really bad day, he might buy two sausages and a Coke for $2.61.
Buffett enjoys playing golf for more than 8 hours a week. Additionally, he spends time reading and playing the ukulele, which he has played since he was young and even used to woo his first wife, Susan.
In contrast to his frugal lifestyle, he is one of the most generous philanthropists in the world. Buffett has been planning to donate annually since 2006. At that time, his net worth was over $40 billion, primarily from Berkshire stock. Buffett committed to giving Berkshire shares each year to the Bill & Melinda Gates Foundation while he is still alive. As of now, the 93-year-old billionaire has contributed approximately $57 billion in total charitable donations, including those to family charities.
