I saw an interesting little article online that describes the homes of billionaires. For the most part, it’s what you’d expect: lavish, even garish homes with ridiculous amenities. What was interesting to me, however, was the fact that Warren Buffet, the 3rd-richest man in the world (worth around $47 billion, but who’s counting, right?), lives in a house in suburban Omaha he bought for $31,500 in 1958. Now, it’s nice, and I’m sure that over the years he’s sunk way more into the house than the original purchase price. While he has over 6,000 square feet, a handball court, and whatnot, the house is still a dwarf compared with the others on the list. And Omaha? If I was worth a billion I’d probably live near the water too. I’m sure Buffet has other residences.
Nevertheless, there’s something to the idea that you can live simply and beneath your means. That probably has a lot to do with how Warren Buffet amassed his fortune.