While many ex-presidents have gone on to make millions from paid speeches, made splashy real estate investments, and travel the world via private jet, Jimmy Carter lives very differently as revealed by a recent The Washington Post profile. In an age where so many people are up to their eyeballs in debt–to the tune of 1.5 trillion total–it’s a refreshing reminder about sticking to a budget and living modestly.
Just a few of the things the article revealed about Carter’s current lifestyle:
1. Carer lives in a home in rural Plains, Georgia that is a two-bedroom ranch valued at $167,000 (a number that is even below the median home price in the area). It is the same house that he lived in before he became president.
2. He has tons of frugal habits. For instance, he eats on paper plates, drinks bargain-brand wine, and he even makes his own yogurt with his wife Rosalynn.
3. He buys his clothes at the local Dollar Store (he even showed up for the store’s opening in Plain in 2004).
4. He’s been know to fly commercial, he recently caused a stir when he boarded a commercial airline with his secret service in tow.
So what are the financial lessons that we could all stand to pull from Carter’s legacy? Don’t spend beyond your means. You don’t need to spend a fortune to keep up with the Joneses. Being frugal can have a big payoff. And save, save, save.
Read the striking interview about how Carter lives and budgets over at The Washington Post.
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