Latest news with #frugality
Wall Street Journal
5 days ago
- Wall Street Journal
Xi Tightens Leash on Officials' Boozing and Lavish Living
Local officials gathered in China's central city of Xinyang in March for a seminar about regulations requiring them to be frugal. Over lunch, five officials consumed four bottles of baijiu, a fiery sorghum-based spirit, flouting the very rules they had studied. One of them died that afternoon, according to an official account, which didn't state the cause of death. The officials at the lunch tried to hide the illicit consumption of alcohol, the account said, by paying off the deceased official's family and omitting the drinking in their reports to superiors.
Yahoo
6 days ago
- Business
- Yahoo
How To Become a Self-Made Millionaire on a Low Salary, According To Humphrey Yang
Former financial advisor and current investing influencer Humphrey Yang is known for taking complex concepts and making them easy to understand. In a recent YouTube video, the money guru gave tips on 'How To Be a Millionaire on a Low Salary.' Check Out: Learn More: Here are his 4 pillars of personal finance that can help you become a millionaire without a large income. The first pillar of personal finance is frugality, according to Yang. He explained that frugality is not to be confused with being cheap. Instead, he urged hopeful millionaires to think of it as 'ensuring every dollar has a place.' Yang noted that since every dollar matters, he is always trying to get the best deal possible, saving where he can by using rewards apps at fast food restaurants. Furthermore, he encouraged those watching to 'focus on how much you save, rather than how much you make.' In other words, a high income does not equate to wealth, since you could be spending a large portion of your money and only investing a small amount. Try These: Yang's second pillar of personal finance is investing. The personal finance influencer recommended investing aggressively. He cautioned, however, that this does not necessarily mean investing in aggressive holdings with high risks and returns. Instead, he said you should be 'contributing to your investments as early as possible and as much as possible.' While the idea of investing may seem overwhelming or intimidating at first, there are numerous resources available to help even the youngest aspiring millionaire get started. The Financial Industry Regulatory Authority (FINRA) recommends setting investment goals first, and then determining your investment timeline or when you will need your money. Working with a professional is strongly encouraged to ensure that you make sound investment decisions. The third pillar is time. The earlier you start, the better off you will be once you retire. It is important to note that significant gains come at the end for compound interest. More wealth is created later in life if you begin investing early. Yang pointed to famed investor Warren Buffet, who has amassed a net worth of $158 billion. According to Forbes, the 94-year-old bought his first stock at 11 years old and was filing taxes by 13. Yang credits Buffet's massive wealth to 'persistence, consistency, and living to 95,' and noted that he made '99% of his net worth after his 60th birthday.' He explained that compounding interest allowed Buffet to take the $3 billion he was worth at the age of 60 to the nearly $160 billion he has now. The final pillar to becoming a millionaire on a low income is income streams. Yang sais that the majority of millionaires have multiple income streams. Having multiple sources of income can help to build wealth. He mentioned five different sources of income that most people have: earned income (your primary job), investment income, interest income, rental income and side hustle or second job income. Yang noted that while he does believe you can become a millionaire on a low income, it won't necessarily be easy. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 10 Genius Things Warren Buffett Says To Do With Your Money 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on How To Become a Self-Made Millionaire on a Low Salary, According To Humphrey Yang Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Scale AI's 30-year-old billionaire founder still shops at Shein and pulls up to work in a Honda Civic: ‘Act broke, stay rich,' Lucy Guo says
Billionaire college dropout Lucy Guo is reportedly the youngest self-made woman on the planet—knocking Taylor Swift off the top spot. But even with a $1.3 billion reported net worth, the 30-year-old cofounder of Scale AI tells Fortune she still pinches the pennies and shops at Shein. Despite founding and retaining a $1.3 billion stake in an AI unicorn, you won't catch Lucy Guo wasting her billions on a lavish lifestyle to match her new status. 'I don't like wasting money,' the frugal 30-year-old tells Fortune. Of course, sometimes Guo will splurge—like if she's got a 16 hour flight to endure, she says she'll opt for business class. And there's the odd designer dress hanging in her closet for when she needs it. 'But in terms of like daily life, my assistant just drives me in a pretty old Honda Civic. I don't care,' she says. 'Everything I wear is free or from Shein… Some of them aren't going to be that great quality, but there's always like two pieces or so that really work out, and I just wear them every day,' the billionaire founder laughs. 'I still literally buy buy-one-get-one-free on Uber Eats.' Guo, who is currently the founder and CEO of the creator community platform Passes, adds that a quote she stumbled on on the morning of our interview perfectly summarises her approach: 'It's like, act broke, stay rich.' Guo hit the jackpot after the AI startup she cofounded, Scale AI, was reportedly valued at $25 billion in April as part of a share sale. Although she left the company in 2018 (two years after founding it), the 5% stake she held onto is now worth an estimated $1.2 billion—making the millennial one of just 5 female billionaires under 40 according to Forbes' latest ranking, including Rihanna and Anthropic's cofounder Daniela Amodei. It's why Guo no longer feels the need to prove her wealth with a Patek Philippe everyday watch, or a Hermès Birkin to carry her laptop. That, she says, is the behaviour of millionaires. 'Who you see typically wasting money on, designer clothes, a nice car, et cetera, they're technically in the millionaire range,' Guo explains. 'All their friends are multimillionaires, or billionaires and they feel a little bit insecure, so they feel the need to be flashy to show other people, 'look, I'm successful.'' 'I'm not showing off to anyone, right?' Indeed, for our interview, she's makeup-free, dressed down, and could pass for any other millennial. But earlier in her career, Guo admits she, too, may have been dripping in designer gear. 'I do think that this is actually something that I personally went through, and I think a lot of people go through when you're in that middle ground of you're successful, but not as successful as you want to be.' 'And I think the reason most billionaires dress in a t-shirt, jeans, hoodies, is that they can. They don't need to be in the suit 24/7 because they're done proving themselves to the rest of the world. The rest of the world is just sucking up to them,' she adds. 'And I think that's kind of how I like feel, where I'm past that hump. I don't really have to prove myself to anyone.' 'No one's going to look at me and point at me like, 'Haha, she's so broke' when I'm pulling up in a Honda Civic because whatever, it doesn't matter.' Guo's not the only ultra-wealthy to admit she's 'pretty frugal.' The world's most powerful have been boasting about their quiet luxury lifestyle for some time now. They've been donning logo-less angora wool jumpers and linen trousers that could be from anywhere to the unassuming eye. Experts say their wealthy peers can tell who is wearing Zara from who is in Loro Piana, but the point is to resemble people in lower tax brackets. Others, like KeKe Palmer and Warren Buffet, have been less subtle about how they lead very normal lives, despite their huge net worths—with the world's most famous investor going as far to call himself 'cheap'. But in Guo's eyes, she's one of the few who actually are as cheap as they say they are. 'I think that people want to fit into society. Specifically in America, I do think there is a 'we hate billionaires situation.' So because of that, people want to show, 'look, I'm not your typical billionaire. I'm frugal,'' she explains. 'I'm not saying it to be like, 'let me show you the world that I'm not like other billionaires,' Guo adds. 'I fully admit it, I have gone through that spending spree when I was more insecure, and I felt like I needed to show something.' And those who really aren't spending their millions? They aren't doing it to be relatable, she says it's because like her they had their flashy era—then reached the inevitable realisation: 'Why am I wasting my money on something that doesn't matter?' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Scale AI's 30-year-old billionaire founder still shops at Shein and pulls up to work in a Honda Civic: ‘Act broke, stay rich,' Lucy Guo says
Billionaire college dropout Lucy Guo is reportedly the youngest self-made woman on the planet—knocking Taylor Swift off the top spot. But even with a $1.3 billion reported net worth, the 30-year-old cofounder of Scale AI tells Fortune she still pinches the pennies and shops at Shein. Despite founding and retaining a $1.3 billion stake in an AI unicorn, you won't catch Lucy Guo wasting her billions on a lavish lifestyle to match her new status. 'I don't like wasting money,' the frugal 30-year-old tells Fortune. Of course, sometimes Guo will splurge—like if she's got a 16 hour flight to endure, she says she'll opt for business class. And there's the odd designer dress hanging in her closet for when she needs it. 'But in terms of like daily life, my assistant just drives me in a pretty old Honda Civic. I don't care,' she says. 'Everything I wear is free or from Shein… Some of them aren't going to be that great quality, but there's always like two pieces or so that really work out, and I just wear them every day,' the billionaire founder laughs. 'I still literally buy buy-one-get-one-free on Uber Eats.' Guo, who is currently the founder and CEO of the creator community platform Passes, adds that a quote she stumbled on on the morning of our interview perfectly summarises her approach: 'It's like, act broke, stay rich.' Guo hit the jackpot after the AI startup she cofounded, Scale AI, was reportedly valued at $25 billion in April as part of a share sale. Although she left the company in 2018 (two years after founding it), the 5% stake she held onto is now worth an estimated $1.2 billion—making the millennial one of just 5 female billionaires under 40 according to Forbes' latest ranking, including Rihanna and Anthropic's cofounder Daniela Amodei. It's why Guo no longer feels the need to prove her wealth with a Patek Philippe everyday watch, or a Hermès Birkin to carry her laptop. That, she says, is the behaviour of millionaires. 'Who you see typically wasting money on, designer clothes, a nice car, et cetera, they're technically in the millionaire range,' Guo explains. 'All their friends are multimillionaires, or billionaires and they feel a little bit insecure, so they feel the need to be flashy to show other people, 'look, I'm successful.'' 'I'm not showing off to anyone, right?' Indeed, for our interview, she's makeup-free, dressed down, and could pass for any other millennial. But earlier in her career, Guo admits she, too, may have been dripping in designer gear. 'I do think that this is actually something that I personally went through, and I think a lot of people go through when you're in that middle ground of you're successful, but not as successful as you want to be.' 'And I think the reason most billionaires dress in a t-shirt, jeans, hoodies, is that they can. They don't need to be in the suit 24/7 because they're done proving themselves to the rest of the world. The rest of the world is just sucking up to them,' she adds. 'And I think that's kind of how I like feel, where I'm past that hump. I don't really have to prove myself to anyone.' 'No one's going to look at me and point at me like, 'Haha, she's so broke' when I'm pulling up in a Honda Civic because whatever, it doesn't matter.' Guo's not the only ultra-wealthy to admit she's 'pretty frugal.' The world's most powerful have been boasting about their quiet luxury lifestyle for some time now. They've been donning logo-less angora wool jumpers and linen trousers that could be from anywhere to the unassuming eye. Experts say their wealthy peers can tell who is wearing Zara from who is in Loro Piana, but the point is to resemble people in lower tax brackets. Others, like KeKe Palmer and Warren Buffet, have been less subtle about how they lead very normal lives, despite their huge net worths—with the world's most famous investor going as far to call himself 'cheap'. But in Guo's eyes, she's one of the few who actually are as cheap as they say they are. 'I think that people want to fit into society. Specifically in America, I do think there is a 'we hate billionaires situation.' So because of that, people want to show, 'look, I'm not your typical billionaire. I'm frugal,'' she explains. 'I'm not saying it to be like, 'let me show you the world that I'm not like other billionaires,' Guo adds. 'I fully admit it, I have gone through that spending spree when I was more insecure, and I felt like I needed to show something.' And those who really aren't spending their millions? They aren't doing it to be relatable, she says it's because like her they had their flashy era—then reached the inevitable realisation: 'Why am I wasting my money on something that doesn't matter?' This story was originally featured on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Daily Mail
03-06-2025
- Business
- Daily Mail
Keira Knightley's companies make her a whopping £25million despite actress revealing she pays herself a salary of just £30k
Keira Knightley said in 2014 that said she gave herself a yearly salary of £30,000 to stop her losing touch with her less affluent friends. But The Pirates Of The Caribbean star should give herself a pay rise as her treasure chest is bursting. New accounts have shown there is a whopping £7.1million in profits at the 40-year-old actress's company Ponder Rights, including £411,000 earned in 2024. Its riches sit alongside £9.7million held in performing arts company KCK Boo, as well as £7.8million worth of properties held in nominee company Charlotte Road - that's a total of almost £25million. Explaining her frugality, Keira said: 'Living an [expensive] lifestyle means you can't hang out with people who don't live that lifestyle. It alienates you.' From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the Daily Mail's showbiz newsletter to stay in the loop. 'Some of my best, most hilarious times, have been in the least luxurious places.' Keira is famously frugal - and when she shops at her local Tesco with her husband, Klaxons musician James Righton, they have been known to use separate self-service checkouts. The actress lives in a £4million North London mansion with her family. She bought the pad using a £2.3million loan from her own company. It comes after it was revealed Keira has 'reunited with Daniel Craig on the school run' after former co-stars enrolled their children in the same private school. Keira's husband James is very involved in school activities, appearing in the Christmas show, and his enthusiasm is matched by Daniel and his Oscar-winning wife, Rachel Weisz. 'Keira and James are very into their children's school,' a source tells me. 'They always want to get involved and now it's rubbing off on Daniel and Rachel. Their kids are in the same year, which is handy.' Keira recently offered insights into her passions and politics in a new interview with Vanity Fair Italy as she shared her views on Brexit and climate change. The actress opened up about her 'left-wing artistic' opinions in a candid conversation with the fashion magazine in October. Keira revealed how she cried over the decision to leave the European Union during Brexit and shared her worries that the world will 'explode' due to climate change. Speaking on Brexit, she said: 'I campaigned for the remainside. I was in tears when Brexit happened. And I have no idea what is going to happen. 'But I really hope that, from now on, there will be better relations between the EU and Britain: the bad relationship was just ridiculous, particularly at a point when we needed to work together to solve such big problems.' Sharing her concerns about climate change, Keira went on: 'That and climate change. I mean, I'm worried that the world will explode! 'I always tell my daughters to grab happiness wherever they can find it, but I'm aware it won't be easy with all these situations getting out of control.' Elsewhere, Keira opened up about her opinion on paternity leave in the UK, which she claimed was a 'ridiculous system' because dads only get two weeks off. She said: 'We just have to look up at the Scandinavian countries: that's how you bring dads into childcare more. 'However, if I look at my group of friends, I see things are evolving: when I bring my kids to school, all of the dads are there. 'It's easily fifty-fifty, but I'm aware I'm talking about a very left-wing artistic group of people. We're all very progressive.'
