Money

Vanguard founder Jack Bogle hates spending money but has one 'extravagance'

John C. Bogle, founder and former CEO of The Vanguard Group.
Mark Peterson | Getty Images
John C. Bogle, founder and former CEO of The Vanguard Group.

Jack Bogle, 88, has done well for himself. The founder and retired CEO of The Vanguard Group created the very first index fund in 1976 and has accumulated a net worth of somewhere in the low eight figures.

Still, "I really can't stand spending money on myself," he told Reuters in a 2012 interview. "I don't like going into stores, I don't like the whole process of buying things."

His frugality comes from his upbringing. "My father's money vanished in the Great Depression, and he had trouble keeping a job," said Bogle, who started working at age 10, delivering papers. "I learned you work for what you get."

When asked if he has any "extravagances," one thing did come to mind: "Every winter my wife and I take a week off and go to a resort in Florida."

Bogle isn't the only self-millionaire or billionaire with conservative spending habits. Some of the wealthiest, most successful individuals are surprisingly frugal: Warren Buffett lives in the same home he bought in 1958 and still uses coupons, and comedian Jay Leno has never touched a dime of his Tonight Show money.

As for where Bogle's fortune goes besides his vacations in Florida, he sets aside money for his 12 grandchildren and gives back to "those who have helped me along the road of life," he told Reuters.

And, as expected, the index fund revolutionary has a good chunk of his money invested in Vanguard funds.

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