We’d sure like to borrow Chris Sacca’s crystal ball. The former Google exec and Shark Tank guest star has made some incredibly smart money moves, also known as Twitter, Uber, Instagram and Kickstarter, to name a few. He invested in all of these Silicon Valley beasts before they blew up and became household names.
We caught up with the cowboy shirt-rocking billionaire ‘super angel’ and Lowercase Capital founder on the set of Shark Tank, where he shared his number-one tip for getting rich.
Stop spending unnecessarily
“My best piece of advice for the quickest way to get rich is to not spend any of your money, and then you’ll have more than you need,” Sacca told Entrepreneur.
“People get out ahead of themselves in debt with spending on all of their desires. But if you learn to live pretty simply and well under your means, you feel incredibly rich and that frees you up and gives you the option to start something new, to leave the job you’re not excited about, where there might be a glass ceiling on you. Just don’t spend your money and you’re well on your way to becoming a millionaire.”
Save, don’t spend. If only it were that simple. Well, it might actually be. Sacca pointed to Travis Kalanick, a former door-to-door knife salesman and the co-founder and CEO of Uber, as an example of a person cha-chinging billions while remaining relatively frugal.
“Recently Travis posted a pic of himself flying Southwest Airlines, coach class, on his way home for Father’s Day,” he says. “This guy is worth $11 billion on paper and yet is riding in the back of the bus still, so I don’t think showiness correlates to success necessarily.”
Save where you can
Bear in mind that neither Kalanick nor Sacca need to cut corners or coupons. Sacca, 41, is worth an estimated $1,2 billion. He lays claim to 4% of Uber, not a bad slice of a potentially $68 billion-dollar pie. Kalanick, 39, clocking in with an estimated net worth of $6,2 billion, isn’t exactly on a budget either.
Still, it’s sort of refreshing to occasionally see billionaires behaving like the rest of us, sucking it up on budget airlines and carbing out on McDonald’s (like Warren Buffett regularly does), perhaps not to save a buck, but maybe, just maybe, to keep it real.
As for Sacca’s signature embroidered rockabilly shirts, he told us he bought his first one on sale at a Reno-Tahoe International Airport gift shop. “It was 80% off,” he points out, cranking up his voice and grinning, seeming genuinely stoked. “I was like, ‘Yeah, score!’”
Apparently, even billionaires dig a deep discount. As Sacca says, “You don’t get rich blowing your money, that’s for sure.”
This article was originally posted here on Entrepreneur.com.