Despite earning millions from “Hamilton,” creator Lin-Manuel Miranda lives surprisingly modestly. His approach to money focuses on generosity over luxury, and his habits reveal someone who values impact over image. That said, he’s also thoughtful about money and fairly frugal — there are definitely lessons we can learn from his financial journey.
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Here are six frugal habits Miranda lives by.
He Lived Modestly Even After Fame
Despite the global success of “Hamilton,” Miranda still lives in the same neighborhood he grew up in.
“I live walking distance from where I grew up,” he told NPR. “I can walk to where I took piano lessons as a little boy from the apartment [from which] I’m talking to you now. And I can then walk 15 blocks north and find the exact spot in the Cloisters where I was writing my angstiest teen poetry, staring at the Hudson: ‘No one has ever felt as deeply as I feel right now.'”
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He Delayed Building Credit To Avoid Debt
Miranda’s most cautious money habit nearly backfired. He was “so nervous about incurring debt that I didn’t open my first credit card until age 28, after my first show had opened on Broadway,” he explained in interviews.
This extreme caution meant that even though he “had enough money in the bank” to buy his first apartment, he lacked sufficient credit history and needed his father to co-sign his mortgage.
While avoiding debt is wise, you will want to find ways to build credit.
He Relies on Family Financial Guidance
Miranda’s father, Luis Miranda Jr., has been his primary financial advisor throughout his career. As previously mentioned, his father helped co-sign that first mortgage but he also continues to provide guidance on major financial decisions.
This habit of seeking trusted advice rather than going it alone has helped Miranda navigate sudden wealth and complex financial choices. Family members might offer good advice, but it might be wiser for some people to seek out a financial professional for more advice, especially if you have complicated money matters.
He Views Money as a Tool for Purpose
Rather than focusing on personal luxury, Miranda approaches wealth strategically. “When you are focused on doing what you love, it can be easy to brush aside the need to understand the monetary implications of upcoming milestones,” he said, emphasizing the importance of financial education.
He dedicates resources to important organizations, causes and passion projects that align with his values rather than accumulating possessions.
He Prioritizes Long-Term Impact Over Short-Term Spending
Writing “Hamilton” changed Miranda’s understanding of money’s role in society. Learning about Alexander Hamilton’s financial system made him realize that you can view “money as a unifying or stabilizing force” rather than just personal wealth.
This perspective shapes his spending decisions, focusing on projects and causes that create lasting change rather than temporary satisfaction.
He Is Charitable
When Hurricane Maria devastated Puerto Rico in 2017, Miranda didn’t just write a check. He brought “Hamilton” to Puerto Rico for a three-week run in 2019, starring in the show himself and donating all proceeds — approximately $15 million — to arts recovery efforts through the Flamboyan Foundation.
“The goal wasn’t just artistic satisfaction, but how can we leave Puerto Rico a little better than we found it,” Miranda explained. This proves that true financial health means giving when you can.
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This article originally appeared on GOBankingRates.com: 6 Frugal Habits ‘Hamilton’ Creator Lin-Manuel Miranda Lives By
