In the morning, Mitzi Perdue gets up, makes herself a cup of tea, and goes back to her work as a writer. If she were to visit any of her four grandchildren, who also live in Maryland, she might wave to the neighbors (various librarians and doctors) who also live in the building where she rents an apartment.Perdue may even have walked past the chicken factory named after her, since she’s actually an heiress worth billions— through the Perdue Chicken Empire and Sheraton Hotels Corporation.
In Chicago, Elena Nuñez Cooper takes Uber to work (she doesn’t have a car) and spends six days a week working in a members-only coworking space in a club instead of renting expensive commercial space.
In Florida, tech entrepreneur Brenda Christensen spends her weekends exercising and enjoying the outdoors, avoiding coffee chains, movie theaters and dining out as much as possible.
While Nunez-Cooper and Christensen are not as wealthy as Purdue, who are both worth millions of dollars, they choose to control their finances and live a low-key life.
Oracle of Omaha style
Their approach is one long adopted by legendary investor Warren Buffett: live in the same house he bought in Omaha in 1958 for $31,500 and drive a 20-year-old car as he did in Feel safe inside.
The man, who is worth $116 billion, reportedly famously said at a Berkshire Hathaway shareholder meeting: “I think the standard of living beyond a certain point equals the cost of living.” “There is a point, if If anything, you’ll start to get inverse correlations.
“My life wouldn’t be happier… It would be worse if I had six or eight houses or a bunch of different things I could have. It’s just not relevant.”
These data undoubtedly support Buffett’s philosophy. March 2023 University of Pennsylvania Wharton School of Business Try to answer the question of whether money can truly buy happiness.
Using two datasets from previous studies, the researchers found that increased income is indeed associated with increased happiness. However, only one thing: $100,000 to be exact.
So what happens when you cross that threshold and fully realize what you can do with your wealth?
heiress who gave up her fortune
For Perdue, 82, a self-described “low-maintenance badass,” her wealth is an institution of which she is a steward, not a guardian.
Her parents taught Perdue early on that a person’s identity is formed through their service, not their consumption—a philosophy that was also followed by the family of her late husband, Frank Perdue.
“We were married for 17 years until he passed away,” Perdue told CNN wealth In a video interview. “During that time, I believe my shoemaker’s bills were the highest in Maryland because we wouldn’t buy new shoes but simply repair them.
“His name was on the payroll of 20,000 people, but we always flew economy class.”
Perdue had a different view of success since he was a child. His childhood was spent advocating frugality and frugality.
“I have a saying that guides me,” Perdue said. “The measure of success is not what you can get, but what you can give.”
Ruslan Kanika — Ukrinform/Future Publishing/Getty Images
Like many billionaire families, the Perdues are ardent but quiet philanthropists — her aid to Ukraine included buy police car and donate a A ring worth $1.2 millionthe proceeds of which enabled the opening of a women’s shelter.
Perdue didn’t just want to provide funding, however, she rolled up her sleeves and got involved.
Perdue visited Ukraine three times — experiencing airstrikes, interviewing sources in bomb shelters and meeting with the police chief in war-torn Kiev.
Perdue, who has focused particularly on human trafficking and land mines, said she was “evil faced” and described her work in Ukraine as “probably the best thing I’ve ever done in my life.”
one many initiatives is to buy ships for the Ukrainian police, named after people who died in the conflict. Perdue met with the family, she said, adding: “I think it’s very important to be remembered and recognized. I can be a little bit of help – and I emphasize the word ‘a little bit’ – to keep that person’s memory alive, Let their sacrifice be remembered.
“What better use could you have? I know it’s not a lot. For someone who has lost a child, even a little is only a small part of the grief.”
“I avoid Starbucks like the plague”
Christensen, a mother of one, has propelled herself to self-made millionaire status ten times over after switching from journalism to communications in the tech industry.
After selling her stake in one of the early companies she worked for, gold mining softwareChristensen enjoyed two weeks of retirement before he got bored and started flipping houses in California.
In 2015, Christensen, now a public relations executive, shocked his peers at the time when he moved his family from Malibu to Florida, slashing his living expenses by 20 percent overnight.
They don’t understand the principles on which Christensen was raised: Her Danish father was a proponent of a simple and good life, teaching his children to recognize their privilege.
“My dad grew up in Puerto Rico,” Christensen told wealth. “He made us realize at a young age how lucky we were. He took us to visit the slums of Puerto Rico and said, ‘I want you to know that not everyone lives in the suburbs of America. This is the world. the way most people live.
“He just instilled in me that it’s not about material things, it’s about helping others and being of service.”
Christensen, who has instilled in her 16-year-old daughter the values she was raised with, added: “I don’t go to restaurants. I don’t go to movies. I don’t go to concerts. I cut my own hair.”
“I was pre-med in college, so I rarely went to the doctor because I knew how to take good care of myself—diet, exercise, etc. I didn’t go to Starbucks, I avoided it like the plague. It also made me feel good Comfortable because I’ve always been frugal.”
Beyond a luxurious lifestyle
For Nunez-Cooper, the cuts mean she can readily donate large amounts of aid to international crises.
The 32-year-old founder of Chicago-based Ascend PR firm and family office advisor said she enjoyed a “luxurious” lifestyle when she was younger.
But Nunez Cooper and her husband — who share a fortune of more than $4 million — knew that if they lived not just within their means, but well below it, they could “do it for people.” Offer more, do more.”
Cost cuts include the use of private jets, which are also being cut for environmental reasons, while also reducing the summer travel budget from six figures to a third of the previous cost – largely by staying in rooms provided by members’ clubs instead Pay for a five-star hotel.
“I don’t know if I’m any happier,” Nunez Cooper said in an interview. wealthadding that when she decided she no longer owned a car, many of her peers asked her if she was broke.
“I like a simpler but still good life. My quality of life has not deteriorated at all.”
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