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Kiplinger: Frugal Habits of the Super Rich

T. Boone Pickens

Age: 84

Estimated net worth: $1.4 billion

How he struck it rich: Oil!

Frugal habit: Buys new business clothes once every five years

Pickens has 55 years’ worth of professional achievements, including growing his first company, Mesa Petroleum, into a $2 billion business and an infamous 1985 "Time" magazine Cover. But these days, Pickens is almost as well known for his low-budget lifestyle as he is for his high-profile financial success. "People are always surprised that I don't have a closet full of suits," Pickens told Kiplinger. "I buy three suits every five or so years and only own ten total. That's all I need."

Pickens credits his grandmother with having taught him money lessons that still resonate: "She'd always tell me, 'Don't ever go any place with money in your pocket looking for something to buy.'" Even today, Pickens says that whenever he visits a store he first makes a list of what he needs, and he carries only the exact amount of money he plans to spend.

(Courtesy of T. Boone Pickens)
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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