WHY DO BILLIONAIRES SKIP EXPENSIVE CLOTHES?

I celebrate ACHIEVEMENT EVERY DAY!  WEDNESDAY SERIES – “A Rainbow of Role Models” highlights role models of ALL colors.  “There is dignity, in achievement and success—in becoming, a great factor in civilization.” Carter G. Woodson. 

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Disclaimer: Good Day, Readers.  WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.  

Billionaires skip expensive clothes and make better choices!

Who remembers the ‘90s Disney movie Blank Check? After being hit accidentally by a car, a boy is given a blank cheque to fill out with the amount he thinks is appropriate compensation. He decides to go for $1 million, and to his surprise, the bank forks over the money, no questions asked. He then sets out to live the good life.

Unfortunately, $1 million didn’t last forever, and at some point, the kid runs out of cash. This teaches us all a very important lesson that even the biggest fortune will wither if you don’t take care of it.

This tale may have nothing to do with Bill Gates, Mark Zuckerberg or the richest men in the world, but its moral is one of the reasons why they don’t splurge on many things.

Surely the top billionaires and millionaires of the world could easily spend money on expensive clothes, but they don’t. Because they recognize it as a needless expense. After all, wearing designer labels isn’t going to add to their success or enhance their work.

Here’s why billionaires don’t spend money on expensive clothes.

Gates spends so little on clothes or accessories that he famously wears a Casio watch which costs less than $100. It’s something that people like Zuckerberg and Warren Buffett also practice, as did Steve Jobs who for years wore the same New Balance trainers.

Why don’t they spend more? There are many things out there that billionaires don’t fork over because they understand that money doesn’t last forever. They know that it takes a lot of work to earn their wealth and that there are some things that just aren’t that important. 

This is not to say that you can’t afford luxuries, but you can perhaps make better decisions about the things you buy. Gates told the Telegraph, for example, that he preferred to spend on travel.

So what should you do? Zuckerberg goes for the basics to create a uniform look which, according to the website CNBC Make It, simplifies his life by giving him one less decision to make in the morning and allows him to focus on his work and the things that matter.

Gates goes for function and practicality, so he sticks to his Casio watches and simple looks of button-down shirts, jumpers, and chinos. He learned from Buffet that you really don’t need much to dress well and be comfortable or to stay productive.

The key is in repetition. It’s all about continuing to wear what you already possess in different ways to get more out of your wardrobe and not waste money. A lot of billionaires and millionaires stay at the top in part because they live simple, austere lives, with clothes being a good place to make it a practice (Joaquin Phoenix wore the same suit to all the awards ceremonies in which he was nominated for Joker).

Sure, an expensive shirt is a nice luxury and can lift your spirits, but you don’t really need one to advance your career or add to your personal life. And you can find very good options at reasonable prices anyway in order to better manage your money.

In addition, since clothes don’t last forever many billionaires consider expensive options an unnecessary expense, as you’re probably going to need to replace them at some point.

TO READ THE ARTICLE, CLICK BELOW:

https://www.gq.co.za/wealth/why-billionaires-dont-buy-expensive-clothes-and-what-they-do-instead-f2f8174e-4f38-4412-882a-faef8219f338

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I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.

I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life.  It is my time to serve and give back.

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I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons.  I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss. 

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This blog will provide, information and simple strategies, that will assist you to achieve YOUR financial objectives and long term targets. For over 30 years, I solved multi-million dollar problems, for Fortune 10-250, companies. My formal education includes: Business, Finance and Chemical Engineering {Problem Solving} at: Harvard, Rutgers and North Carolina State. And an additional 30+ years, managing my family’s investment decisions. I currently manage/advise people with net-worths ranging from the tens of thousands to several million dollars.

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