It’s become proverbial to talk about skipping Starbucks coffee when discussing ways to save money, but is that what the billionaires are doing? High net worth individuals operate on a different level, but when it comes to eliminating wasteful spending, Elon Musk is on a completely different level.
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While most billionaires still have some luxuries, Musk has fully embraced monk mode. It’s not just about cutting non-essential purchases, but he’s cut almost every possible expense under the sun. These are the top things Musk doesn’t waste money on.
Physical Possessions
Musk published an X post a few years ago mentioning that he would sell all of his physical possessions. He followed up with that promise and now avoids them as a whole. Musk’s lawyer even claimed that he doesn’t use a computer earlier this year, as reported by Wired.
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You don’t have to give up all of your physical possessions like Musk to cover your expenses, but if you don’t add more physical possessions to your life, you can save a lot of money. This type of minimalism has been gaining momentum as people question buying things just for the sake of buying them.
Some people are turning to eBay to sell clutter around their homes. That extra money can help people get out of debt faster, invest more money into their portfolios and make their homes feel more spacious.
Expensive Furniture
It’s no surprise that giving up your physical possessions also means opting out of expensive furniture. Musk doesn’t waste money on these items and it’s a big money saver. Furnishing a house can cost thousands of dollars and you will have to periodically replace furniture as it goes through wear and tear.
Musk doesn’t even have a bed and prefers to sleep on a mattress. For someone of his wealth, he often lives like someone who is below the poverty line, according to Yahoo Finance. He wouldn’t replace his mattress even when it had holes.
A House
No physical possessions or expensive furniture will make any house look different, but why have a house in the first place? This question, understandably, sounds bizarre, but Musk truly lives it. He sold off all of his mansions and lives in his friends’ homes, as reported by CBS News. He also has a tiny $40,000 modular home near SpaceX headquarters.
A house is a critical property for raising a family, but the recent gravitation toward McMansions may leave people with more space than they truly need. Focusing on the bare essentials can help you get more mileage out of a smaller house and if you can do that, you’ll save a lot of money when you’re looking to buy a home.
Ditching the Starbucks coffee habit will save you some money, but you’ll get the most savings if you look for ways to keep your housing costs down.
Luxury Clothing
Luxury brands and clothing don’t tempt Musk. He doesn’t go over the top with his clothing selection and a smaller wardrobe creates less friction. He doesn’t have to decide from dozens of shirt, sock and pant combinations.
Luxury clothing and regular clothing both accomplish the same basic mission. You can wear them and look good. There’s no need to get excessive, especially if those purchases would put you in debt. Musk is rich enough to buy out luxury companies, but doesn’t waste money or time buying their products.
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This article originally appeared on GOBankingRates.com: Elon Musk: 4 Things He Won’t Waste Money On
