Business
Shonda Rhimes and Warren Buffett share the same spending habit: They both still use coupons—despite a combined $149.2 billion net worth
Whether you’re one of the millions of viewers who tuned into Bridgerton, or are a longtime fanatic of Grey’s Anatomy, you’ve heard of Shonda Rhimes. She’s one of the most successful creators in television history, hitting a high as the industry’s highest-paid showrunner in 2018. But despite her success, the self-made millionaire still hunts for the best deals and clips coupons—just like billionaire Warren Buffett.
“You know what happens when all your dreams come true? Absolutely nothing. Everything stays the same. You’re still you,” Rhimes said recently on the Call Her Daddy podcast. “I’m still the person clipping coupons, and thinking ‘Maybe I should get that on sale,’ and, ‘Maybe I shouldn’t get too comfortable like with these shows.’”
Despite sitting atop a fortune estimated to be worth $240 million, bringing in billions for her TV networks, the Shondaland founder is still pinching her pennies.
Some of Rhimes’ most famous shows include the likes of How to Get Away with Murder, Scandal, and Grey’s Anatomy—which Disney, the parent company of ABC, said brought in more than $2 billion. By 2017, she ditched traditional TV and made the leap to streaming, signing a five-year deal with streaming giant Netflix reported to be worth between $100 million and $300 million.
Any Hollywood bigshot with her bank account might choose to spend their fat paychecks on luxury cars, 10-bedroom mansions, and cushy private jets. But Rhimes said that when people finally hit professional milestones, “The trappings change—you don’t change.” She’s one of many millionaires and billionaires sticking with their frugal habits, despite leading envy-inducing careers.
Warren Buffett clipped coupons for McDonald’s meals
As the 11th richest person in the world, Warren Buffett’s spending habits might come as a surprise to most. The 95-year-old Berkshire Hathaway mogul worth $149 billion still lives in the same Omaha home he bought for $31,500 back in 1958, and once drove a 20-year-old car because he felt safer than being behind the wheel of flashy Lamborghinis or Bentleys.
Buffett is also known for frequenting McDonald’s for a cheap meal, choosing to order two sausage patties, an egg and cheese, or a bacon egg and cheese—all under $4. He loves the fast food chain so much that he even took Bill Gates there for lunch years ago; when the entrepreneurial pair were at a McDonald’s in Hong Kong, Gates recalled laughing when Buffett offered to pay and pulled coupons out of his pocket. For the hedge fund mogul, every penny counts—and he’s extremely content with his modest house, run-down cars, and fast-food meals.
“I do not think that standard of living equates with cost of living beyond a certain point,” Buffett said at a Berkshire Hathaway shareholders meeting in 2014. “My life would not be happier…it’d be worse if I had six or eight houses or a whole bunch of different things I could have. It just doesn’t correlate.”
Fellow entertainment star Keke Palmer is also an outspoken advocate of people being financially responsible and living below their means. She first became a millionaire at just 12 years old, and has since racked up Hollywood paychecks with Nope, Hustlers, True Jackson, VP, and One of Them Days. But she wouldn’t let the stardom get to her head or drain her bank accounts—she didn’t take a vacation for the first 15 years of her career, and is a staunch believer in “saving and frugality.” It’s a mindset that Palmer said her parents instilled in her from a very young age.
“I live under my means. I think it’s incredibly important,” Palmer told CNBC in a May interview. “If I have $1 million in my pocket, my rent is going to be $1,500—that’s how underneath my means I’m talking. My car note is going to be $340. I don’t need a [Bentley] Bentayga, I’ll ride in a Lexus.”
