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Kiplinger: Frugal Habits of the Super Rich

Warren Buffett

Age: 81

Estimated net worth: $44 billion

How he struck it rich: Founded Berkshire Hathaway, the noted investment holding company

Frugal habit: Has lived in the same modest home for 54 years.

Buffett could easily afford to live in a mansion much bigger than his 6,000-square-foot, five-bedroom stucco house in Omaha, which he purchased for $31,500 back in 1958. Yet, the multi-billionaire prefers the simple life in small-town America.

In his annual letter to Berkshire Hathaway shareholders last year, Buffett discussed the housing recovery and said, "The third best investment I ever made was the purchase of my home." (The first two: wedding rings he bought for his first and second wives.) Buffett added, "For the $31,500 I paid for our house, my family and I gained 52 years of terrific memories, with more to come." Today, the average price of a five-bedroom home for sale in Omaha is $391,983, according to Trulia.com. That's more than 12 times the amount Buffett paid.

(CREDIT: AP)
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Kiplinger
The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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