Warren Buffett is on everyone’s mind when there’s a subject about the world’s wealthiest people. He has an estimated worth of around $108 billion. However, unlike his good friend Bill Gates, Buffett doesn’t actually live in a $100 million home with its own lake.

I know it might come as a surprise for many, but the 91-year-old chairman and CEO of Berkshire Hathaway isn’t a fan of living like The Kardashians, even if he could afford to do so. In fact, he’s quite the opposite: Buffett has remained famous for his vanity license plate that had “THRIFTY” written on it, and the license plate wasn’t lying at all.

For many of us who will never reach $1 billion, let alone $100 billion, we might learn one or two things from his frugal lifestyle. Here are some of the most important takeaways we got from Warren Buffett and his partner Charlie Munger: