How I looked at money completely changed the day I read Rich Dad Poor Dad, especially since I worked for 5 bosses who (despite spending millions just the way they wanted) had some quirky saving habits, which in most quarters would have raised eyebrows. So while their quirky (or not-so-quirky) ways are revealed below, their names have been changed to ensure their reputation for such shameful cheapness is safe and sound.
Cheap shoes for me, please!
He spends U$$ 4,000 on just one night in a boutique hotel but simply refuses to spend anything above U$$ 25 on a pair of shoes. His argument? I rather spend good money on something that is rare and unique than these fancy branded shoes that end up biting dust after just one year.
Who cares about designer stubble?
This former boss of mine drives a U$$ 350,000 Range Rover, which has all the right bells and whistles. But while he is addicted to his toys, he never spends more than U$$ 2 for a haircut. His argument or rather his question is – Why would I spend U$$ 50 for someone to cut my hair?
No way am I spending more for just a seat!
I would have thought that this boss of mine who ran a retail clothes company would have loved to travel in comfort. Clearly not. While he always made a big show of whipping out his Platinum HSBC card, he always ended up booking Economy seats, whenever he travelled.
Island coffee will suit me fine!
A former lady boss of mine drove a sweet-looking Mercedes, spent thousands of dollars on trips abroad, diamond jewellery, fusion cuisine and designer clothes. But she scoffs at the idea of drinking coffee at Starbucks or Coffee Bean. Why? Because “these places” are way too expensive for a cup of coffee.
When is the next year-end sale?
He runs a multinational company with thousands of employees. He has got a soft spot for golfing and Cuban cigars. Still he manages to run with the rest of the bourgeoisies to the year-end clothes sales.
While I have always been a person to save as much as I can, I’d be lying if I said I did not learn something from these corporate leaders. For sure, the way they spent on certain things may seem like madness to some but I realized it is all to do with (1.) their net worth, and (2.) perceived value. For instance, if my net worth is U$D 15 million, spending a little under half a million dollars on a European sports car is not much in the grand scheme of things.
I would love to hear about any zany saving tips that have worked well for you, and you are most welcome to share your thoughts in the comment box below. I am not here to judge or to preach but as the recent recession showed, it would be prudent to save as much as you can. After all, as Eliza Davison (John D. Rockefeller’s mother) warned – Willful waste makes woeful want.