Seventy-nine-year-old self-made billionaire Ingvar Kamprad still practices modesty even though he is the fourth richest man in the world. The self-proclaimed Swede founded Ikea, which sells trendy furniture designs for the cost-conscious. His Ikea company now has stores in thirty-three countries, while continuing to expand markets in China and Russia.

Kamprad avoids wearing a suit, flies economy class and frequents cheap restaurants. He has been quoted as saying that his luxuries are occasionally buying a nice tie and eating Swedish fish roe.

The founder and owner of Ikea had entrepreneurship and sales in his blood since his teens. He sold matches, fish, pens, Christmas cards, and other items by bicycle. He started selling furniture in 1947.

Today’s generation of buy-now-pay-later borrowers could learn from Kamprad’s modesty. In an age where debt, credit cards, and parental resources are expected to be leveraged for instant gratification, it is necessary to listen to the ancient wisdom of Kamprad. His humility and personal modesty speak volumes about his character.

Modesty is an attribute of a billionaire that needs to be emphasized in our spendthrift days. Few seem to save or invest more significantly in themselves. They are more likely to squander hard-earned money on entertainment than to invest in their education and future development. It should be noted that inside the homes of most millionaires you will find a library. Therefore, they see education as more worthy of their time and resources than entertainment.

However, in Florida, where I live, wearing suits is often so hot and uncomfortable that I can certainly understand wanting to get rid of them. However, flying economy is no walk in the park.

Mr. Kamprad obviously appreciates what it takes to earn his money and realizes there are no guarantees for financial success tomorrow other than hard work. As Benjamin Franklin said: “A penny saved is a penny earned.”

The Bible itself says, “He who borrows is servant to the lender.” My nation, the United States, certainly has many people enslaved by mortgages, second mortgages, lines of credit, credit cards, and lenders. Taking advantage of other people’s money is good when you make a profit and you earn by doing it. Going deeper into debt, however, just to live now is financial mismanagement.

We are all guilty of wasting at some point. The point here is that you can still live a great life, have a good time, and practice modesty all the time without minimizing your results. Take it from Kamprad, it can be done.