Meet the millionaires living the ‘underconsumption’ life: They drive secondhand cars, batch cook, and never buy new clothes

who amassed their seven-figure fortunes through an underconsumption lifestyle, which has opened up doors for flexible working and early retirement. Fortune meets the millionaires Despite having billions to their name, some of the wealthiest people on the planet don’t splurge on the material items that others shoppers might be tempted by. Berkshire Hathaway CEO Warren Buffett, for example, is famous for driving a 2014 Cadillac, which is covered in damage from a hail storm. Microsoft cofounder Bill Gates drives an electric Fiat500 gifted to him by Bono, while YouTube star MrBeast sleeps in his office and had to borrow money from his mom to pay for his wedding . So how do the rich stay rich? Apparently, by acting like they’re not . High net worth individuals and $100,000+ earners Fortune spoke to said they try and keep their discretionary spending as minimal as possible , preferring the impact it has on their finances. While their friends might enjoy eating out a couple of times a week , they choose to cook for themselves-in fact, they even buy frozen groceries because they’re cheaper than fresh. Some choose not to own cars, mend their own “capsule” wardrobes and find some of their children’s toys on Facebook marketplace. These individuals-in some cases unconsciously-are living an “under-consumption” or “low consumption” lifestyle. The phrase began to spread on social media sites like TikTok after individuals started sharing their weekly grocery shop or make-up cabinet to counter the infinite shopping hauls or wishlists often found on the app. The advice from the “underconsumption core” community included setting no-buy challenges or decluttering spaces packed with items you’re not using. For the individuals Fortune spoke to, these habits are already second nature. And having lived the underconsumption life for most of their adult years, their bank balance is reaping the rewards. Grocery shopping in the frozen section Author and entrepreneur Shang Saavedra and her husband didn’t build a multi-million dollar net worth overnight. In fact, it was in their respective childhoods that they learned the value of frugal living. Renting a four-bed home in the suburbs of Los Angeles, the pair share a 17-year-old secondhand vehicle and do their grocery shop at Aldi-predominantly in the frozen section. Saavedra’s sons-aged six and three-often wear hand-me-down clothes, play with toys found on Facebook marketplace and enjoy free activities instead of the Disneyland trips their Californian peers often take. While multi-millionaire Saavedra’s life has some hallmarks of a high-income household-her children attend private school, and she owns property in New York-these expenditures fit with her financial ethos: investing in education and assets that support her philanthropic endeavors. Contrary to the majority of Americans-58% of which told a Harris Poll survey in 2023 they worry about their finances during the festive period-Saavedra says her day-to-day expenses during Thanksgiving and Christmas predominantly increase because of philanthropic gifting. The 40-year-old’s ability to share her wealth is courtesy of shrewd money decisions in her early career-when she held a director position at CVS, and...

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