Based on an article I read recently in the Seattle Times, it sounds like some of Silicon Valley’s young tech phenoms aren’t spending their millions on sexy fast cars or big houses. In fact, a few of these multi-millionaire hot shots live rather modestly and frugally, in one or two-bedroom condominiums and get $12 haircuts.
Take for example, Aaron Patzer, founder of Mint.com
Aaron lives in a 600-square-foot, one-bedroom apartment in Palo Alto. The article I read said he drove a 1996 Ford Contour until it wouldn’t run anymore. (Geez, and I was proud of my 11-year-old car!) That’s extremely frugal for a guy who sold his internet startup called Mint.com for $170 million in 2009.
Another example is Dustin Moskovitz, the world’s youngest billionaire according to Forbes this past March. The Facebook co-founder could likely afford any house on the planet but the billionaire bought a rather modest $800,000 condo to live in. Apparently he also flies coach when he travels.
Pretty interesting stuff – some of the world’s richest young men are also comparatively very frugal.
I wonder if they’ve taken a page from previous generations?
- Billionaire John Caudwell was known to buy his clothes off the rack from Marks & Spencer.
- Ikea founder (and billionaire) Ingvar Kamprad used to drive a 15-year old Volvo.
- Standford professor, and Canadian, David Cheriton started his billionaire journey in 1995 when Stanford students Sergey Brin and Larry Page met on Cheriton’s front porch. Anyone know what they went on to create? Google-it. Cheriton reportedly cuts his own hair to save time going to the barber. I guess time is money.
Forget billionaires for a second though. If you were a millionaire or if you’re an aspiring one, would you lead a minimalist lifestyle?