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The old advice “live below your means” takes on a whole new meaning when it comes from a self-made millionaire. But that’s exactly what 28-year-old Lucy Guo advises people to do.
Find Out: I’m a Self-Made Millionaire — 6 Steps I Took To Become Rich on an Average Salary
Check Out: 6 Subtly Genius Moves All Wealthy People Make With Their Money
Her trajectory is more than impressive: Guo has amassed a million-dollar fortune from her successful career as an entrepreneur and tech developer. By the age of 23 in 2017, she was named one of the “30 Under 30 In Enterprise Tech” by Forbes.
Living frugally and making millions comes naturally to the co-founder of Scale AI, a billion-dollar tech startup that delivers high-quality training data for artificial intelligence applications. Growing up in a frugal household helped Guo understand the value of living modestly. In an interview with Fortune, she described her childhood selling Pokémon cards before learning how to make money on the internet.
“My parents were incredibly frugal growing up,” she said. “I’d be kicked outside if I complained about it being too cold in the house. We saved on heating costs, bought very cheap clothes and licked the plate clean because they said other children weren’t so lucky to get food.”
She carried this money mindset into adulthood, saying she tried to live as cheaply as possible until she made her first $10 million. Guo also noted that as people earn more money, they tend to increase their cost of lifestyle, ultimately lowering their savings. Instead, she recommends saving more than you spend, investing and taking advantage of compound interest over time.
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She’s Not Above Eating Fast Food
The millionaire says she’s just as content eating McDonald’s as she is dining at a Michelin-starred restaurant. And she is far from alone in her approach as some of the richest billionaires in the world still eat at the golden arches.
Legendary investor Warren Buffett once described how he ate a McDonald’s breakfast every day and it never cost more than $3.17. Facebook CEO Mark Zuckerberg was also spotted eating a grab-and-go McDonald’s meal in Rome during his honeymoon.
Read More: 10 Genius Things Warren Buffett Says To Do With Your Money
She Used a Buddy Pass for Free Flights
A buddy pass is essentially a standby ticket where you are using a friend or family member’s ticket benefits. It means you can get on a flight if there are empty or available seats. According to Guo, this kind of arrangement was much cheaper than confirmed tickets.
