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Famous classic examples of LBYM
Old 04-29-2008, 06:44 PM   #1
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Famous classic examples of LBYM

Hetty Green, the Witch of Wall Street, is one classic example of a super rich cheapo. It would be a fascinating study to learn about others who made themselves super rich in the market and were, also, super cheap. So, do you know any examples? This should be a good learning tool, I would think.
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Old 04-29-2008, 07:28 PM   #2
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My brother's father in law is a self made billionaire . His daughter finally gave him a new TV since he was watching an old 19" .
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Old 04-29-2008, 07:29 PM   #3
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So, do you know any examples? This should be a good learning tool, I would think.
It's going to be very hard to top Hetty.

Years ago Buffett had a vanity license plate that said "THRIFTY"-- his daughter bought it for him.

Another example is Chuck Feeney, one of the co-founders of Duty Free Shops. He gave almost all of his shares to his charitable foundation while keeping the whole thing anonymous for nearly 15 years. Maybe he's not totally cheap-- he held back $40M and several homes for his spouse & kids. But so far he's given away over $3.5B and has another $4B to go.

He doesn't own a home or a car but instead rents a number of apartments worldwide. He stays a few weeks in each and flies coach to the next. He dresses in old, worn comfortable clothes. He's so publicity-shy that few photographers or media people can recognize him.

In addition to an amazing paranoia dedication to anonymity, he's started a trend of spending down foundations. I think his is trying to go out of business within the next 10 years.
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Old 04-30-2008, 04:15 AM   #4
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Intel co-founder Gordon Moore was famous for his frugality and his completely unpretentious style. Gordon became billionaire in the late 80s and at one point was worth >$10 billion. He has since given most of his money to the Betty and Gordon Moore $6 billion foundation, with a focus on the environment and science education and SETI.

Back when pay phones still a cost dime. Chairmen Moore, during a break in the Intel Board of Director asked several of his fellow directors for a change for a quarter so he could use the phone.

He melted down the lead from various IC package experiments to use as fishing weights.

Flashy senior Intel exec tells this story. The wife and I get in the car on hot summer morning we pass an elder gentleman digging holes in a yard. We come back many hours later the guy is still there. I tell my wife "Man I hated to have to be doing that when I get to that age". Sure enough the elderly gentleman is Gordon putting up a fence for his mother. When the Intel exec say Gordon why don't you hire somebody to put up the fence. Gordon exclaims do you know how much they charge?

My favorite. Gordon Moore is on the board of Conservation International (donating $300 million helps ). They had board meeting in Rio. Fellow board member Harrison Ford walks up to Gordon. "Gordon I hear you made this long flight commercial? "Yup Coach", Gordon exclaims proudly. "I don't get it Gordon, I flew down in my jet, John Travolta flew down is his jet. Gordon you are richer than all of us you could buy an airline". "You are right, and how do you think I got that way", Gordon says.

The good news is that the frugality extended to Intel.
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Old 04-30-2008, 04:37 AM   #5
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I would not call him a cheapo, but Warren Buffet is very thrifty. He appears to be grounded and down to earth... for the richest guy in the world.
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Old 04-30-2008, 07:29 AM   #6
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I believe that Sam Walton drove an older pickup and the last that I heard, Buffet had a older Lincoln, which is probably better than what most people drive here, but comparatively frugal
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Old 04-30-2008, 08:30 AM   #7
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Ingvar Kamprad - IKEA Founder and One of the World's Richest People

Last paragraph is relevant ;-)

Seems like a lot of billionaires got that way by being cheapskates/'frugal' ;-)
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Old 04-30-2008, 08:48 AM   #8
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I believe that Sam Walton drove an older pickup and the last that I heard, Buffet had a older Lincoln, which is probably better than what most people drive here, but comparatively frugal
Buffet's got a Jag now, but owned a Lincoln Town Car for a number of years. He pays himself ayearly salary of $100,000, because he says: "That's all I need to live on in Omaha".............
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Old 04-30-2008, 10:24 AM   #9
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Not super-rich but super-cheapo is Joe Dominguez of Your Money Or Your Life.
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Old 04-30-2008, 10:52 AM   #10
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A childhood friend had a part-time job at a hardware store. In those days most people dressed up somewhat to go into town. Not P.K. Wrigley, he would show up on a Saturday morning dressed in old work clothes. What really got my friend was that Wrigley walked into town for a bag of nails. IMO, the best free tourist activity is just that, taking a one hour walk along the shore past the Wrigley estate which had acres and acres of lake frontage, some of it kept in a natural wooded state and the main house and guest houses, unpretentious.
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Old 04-30-2008, 10:58 AM   #11
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Ingvar Kamprad - IKEA Founder and One of the World's Richest People

Last paragraph is relevant ;-)

Seems like a lot of billionaires got that way by being cheapskates/'frugal' ;-)
Love the tip about the wetbar!
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Old 04-30-2008, 11:32 AM   #12
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Love the tip about the wetbar!
gotta be careful though... some hotel frigs are rigged so that you are charged if the item is missing for a certain period of time (more than the amount to pick it up and inspect, you can tell this by looking at the frig interior). And other hotels charge if the maid does a daily restocking and notes something is missing. So replace before room service.
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Old 04-30-2008, 11:40 AM   #13
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gotta be careful though... some hotel frigs are rigged so that you are charged if the item is missing for a certain period of time (more than the amount to pick it up and inspect, you can tell this by looking at the frig interior). And other hotels charge if the maid does a daily restocking and notes something is missing. So replace before room service.
Wouldn't that require recordkeeping and a notebook? This LBYMing could be expensive and time-consuming.
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Old 05-01-2008, 01:59 AM   #14
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Upon further reflection, and in consideration for some of the newer members of this discussion board, my LBYM vote would have to go to Frank Freed:
http://www.f4.ca/text/possumliving.htm

SCREEN: 2 BY WOMEN IN MUSEUM'S DIRECTORS' SERIES - New York Times

BFI | Film & TV Database | POSSUM LIVING (1980)
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Old 05-01-2008, 10:31 AM   #15
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Upon further reflection, and in consideration for some of the newer members of this discussion board, my LBYM vote would have to go to Frank Freed:
http://www.f4.ca/text/possumliving.htm

SCREEN: 2 BY WOMEN IN MUSEUM'S DIRECTORS' SERIES - New York Times

BFI | Film & TV Database | POSSUM LIVING (1980)
What a fun read! Thanks for including the film review links, as i was really doubting the reality of Dolly.
and the next thing i looked at was:
The $5,000 home-cooked dinner - MSN Money
lots of ways to live a life.
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Old 05-01-2008, 11:05 AM   #16
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I know an exact duplicate of the cliffp story about the guy digging a hole for a fence: A fellow I knew to be more than a millionaire was sitting across from me with all kinds of scratches on his arm. I figured he had a cat, but, no, he had built a fence for his cabin. I asked him why he didn't hire this to be done. My gosh! He gave me a look that practically said I ripped his manhood from him. I actually had to start laughing, because it was so funny. Old habits die hard, and this guy had worked very hard for his money and, obviously, still felt if he was healthy and young enough (he was only in his 40's) to do it himself why waste money. I agree with that one most times. There really is a joy in doing things yourself.
By the way, here's some funny cheapskates:Article: Life - Famous cheapskates offer wealth of lessons
Good article on Buffet and other famous cheapos:
ABC News: Super Rich and Super Cheap

Wasn't there an Ann someone in a post awhile ago who was very wealthy and tight with the buck? Some woman Wish I could remember her name and the post (I tried looking it up to no avail). Help someone!!!
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Old 05-01-2008, 12:51 PM   #17
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Upon further reflection, and in consideration for some of the newer members of this discussion board, my LBYM vote would have to go to Frank Freed:
http://www.f4.ca/text/possumliving.htm

SCREEN: 2 BY WOMEN IN MUSEUM'S DIRECTORS' SERIES - New York Times

BFI | Film & TV Database | POSSUM LIVING (1980)
Wait a minute...there was a documentary filmed about Possum Living
That is life-changing!!!! I've got to find a copy, as my paperback copy of the book was very hard to find and is in not-great condition.

But a movie--this might be as big a moment as when I first saw the Jessco: Mountain Dancer documentary or maybe even Mondo Elvis (documentary about completely insane Elvis fans).

Nords, where have you been keeping this information
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Old 05-01-2008, 01:29 PM   #18
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A past chairman of my former MegaCorp employer was notorious for his "thriftiness." It came out during his divorce trial that he routinely brought home from his office the toilet paper rolls from his private bath and the light bulbs from his office lamps! I watched him once at an event for school children hosted by MegaCorp where the kids were given goodie bags with pencils, pens, erasers and a note pad. Mr. Chairman picked up one, looked inside, and proceeded to ask for a dozen more. In his words, "hey, these will be great for home!"
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Old 05-01-2008, 01:43 PM   #19
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A past chairman of my former MegaCorp employer was notorious for his "thriftiness." It came out during his divorce trial that he routinely brought home from his office the toilet paper rolls from his private bath and the light bulbs from his office lamps!....

Penny wise and pound foolish? Wonder how many hours the attorney charged to dig that up? If he had to pay her attorney fees....
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Old 05-01-2008, 01:55 PM   #20
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Not so much digging.

It was his third wife and she was well known for her expensive habits. In the news coverage it came out that he said she wanted to redo their vacation home (that was decorated not too long prior by wife #2) and she said that it was going to cost something like $150K to re-do just one room. He openly admitted that he couldn't even imagine such a cost as he routinely brought home bulbs and TP from the office!!! (He was really quite proud of the fact that he was a cheap b*****d.)
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