'Act broke, stay rich': Inside billionaire Lucy Guo's unflashy fortune
INTERNATIONAL: In today's world, where extravagance is frequently confused with accomplishment, Lucy Guo stands as an astonishing exception.
At 30 years old, the co-founder of Scale AI and now chief executive of creator platform Passes has landed on Forbes' radar as the newest self-made lady magnate, purportedly surpassing Taylor Swift with a US$1.3 billion net worth, but then, don't assume a string of luxury cars and designer apparel attached to her name. Guo is redrafting the billionaire playbook with a way of life that's far more prudent than glitzy. Wealth without the wow factor
According to a recent article featured on MSN, notwithstanding a stated 5% stake in Scale AI, assessed at $25 billion as of April, Guo lives a self-effacing lifestyle. Her apparel cabinet is bursting with pieces from fashion giant Shein, her Uber Eats orders are picked based on 'buy-one-get-one-free' deals, and she still rides in a not-so-new Honda Civic with her assistant as driver. 'I don't like wasting money,' she said, dismissing the notion that billions must be accompanied by Birkin bags or Patek Philippe watches.
While she confesses to occasional extravagant expenses, such as flying business class for long trips or wearing a trendy dress to formal events, her everyday choices reflect her views on wealth. 'In terms of daily life, everything I wear is free or from Shein… I still literally buy buy-one-get-one-free on Uber Eats.' Status isn't in the spending
Guo's understated existence isn't just about stinginess but a need to consciously reject the necessity of showing off wealth. 'Who you see typically wasting money on designer clothes, a nice car, etc., they're technically in the millionaire range,' she says. 'They feel a little bit insecure, so they feel the need to be flashy.'
She acknowledges that she was once into that mentality herself, in what she dubs the 'middle ground' of success—wealthy, but still determined to acquire more. 'I do think that this is something I personally went through… And I think the reason most billionaires dress in a T-shirt, jeans, and hoodies is that they can.' According to the young billionaire, when you get to a certain level of success, the need to outwardly demonstrate it simply disappears.
Now, her chant is simple: 'Act broke, stay rich.' Frugality, not performance
Guo isn't alone in espousing a subdued aesthetic. From Warren Buffett to Rihanna, there's a rising movement of billionaires to lead 'normal' lives with unassuming pride. However, Guo thinks that many are doing it simply for show. 'In America, there is this 'we hate billionaires' situation… People want to show, 'look, I'm not your typical billionaire. I'm frugal.'
However, for her, prudence isn't a PR move—it's for real. 'I fully admit it, I have gone through that spending spree when I was more insecure, and then you get to the point where you realize: 'Why am I wasting my money on something that doesn't matter?''
Her conclusion is straightforward: status symbols don't define wealth; freedom does. With her financial standing firmly in the billions with nothing left to prove, Guo is content in her Shein get-up, swapping the expensive sports car for a Civic, and living a billionaire's life that appears a lot more commonplace than anyone would expect, and that, conceivably, is what makes her amazing.
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