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.
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