Billionaires John Paul DeJoria and Tilman Fertitta splurge on the same thing to make their lives easier

Self-made billionaire John Paul Dejoria
Todd Williamson Archive | Getty Images
Self-made billionaire John Paul Dejoria

Self-made billionaire John Paul DeJoria believes in splurging for convenience. That's why the co-founder of Paul Mitchell hair products and Patron Tequila owns three private jets.

"For him, time is a precious commodity and he'll do what he must to preserve it, even if it means spending millions of dollars on his own airplanes," writes Farnoosh Torabi, who shadowed DeJoria on CNBC's show, "Follow the Leader."

"His jets allow him to conduct meetings on the go and around the country without wasting hours at the airport."

Self-made billionaire Tilman Fertitta, who bought a private jet at age 35, has a similar outlook.

"It's how I do everything I do, being able to leave when I want to leave, go home when I want to go home," the owner and CEO of Fertitta Entertainment tells CNBC. "I could not cover near as much ground [without it]."

In addition to saving him time, the jet also serves as an investment in his business. "When I was growing my company in the beginning, having that plane made it so easy to look for locations across the country," Fertitta says.

They're not the only successful entrepreneurs who stand behind this particular investment. When Torabi asked self-made millionaire Tony Robbins about the one thing he splurges on to make his life easier, he was quick to respond: "Private jets. Private flight. Extraordinary. There's nothing that changes quality of life when you travel as much as I do, as that."

Sometimes a splurge — whether it's a private jet or a nice pair of work shoes — is worth the price.