A Fool and His Money Are Soon Parted

March 01, 2013

Don't think that just because I'm a billionaire I throw money away. That's not the way I was brought up, and that's not the way I am today. I'm wearing the same watch I bought in 1964. One of my favorite pair of shoes is some penny loafers I bought in 1957. I can't tell you how many times I've had them resoled.

I recall a conversation as a child with my grandmother who stopped me as I was running down the gravel driveway. She asked where I was headed, and I explained that I was going to get a haircut at Apple's Barber Shop, and then going to the show.

She asked if I had the money, and I replied yes, I had 50 cents, that my haircut was 25 cents, the movie 10 cents, and I’d have a nickel for popcorn. And she said, "well, a fool and his money are soon parted. Don't you ever forget that."

I said, "OK, grandmother. You told me that last week, and I'm not going to forget." She always wanted me to know that she thought I should return home with that extra 10 cents.

Kiplinger's Andrea Browne recently put together a story about frugal habits of billionaires. Watch here.
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