79-year-old self-made billionaire Ingvar Kamprad still practices modesty even though he is the fourth richest man in the world. The self-styled Swede founded Ikea, which sells modern furniture designs for the cost conscious. His company Ikea 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 occasional luxuries are buying a nice tie and eating Swedish fish roe.

The founder and owner of Ikea had entrepreneurship and sales in his blood since he was a teenager. He sold matches, fish, pens, Christmas cards, and other items on a 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 when it is hoped to tap into debt, credit cards, and parental resources for immediate gratification, it is necessary to listen to the ancient wisdom of Kamprad. His humility and personal modesty speaks volumes about his character.

Modesty is an attribute of a billionaire that should be emphasized in our wasteful days. Few seem to be saving or, more importantly, investing in themselves. There are more people who can squander their hard-earned money on entertainment than invest in their education and future development. It should be noted that within the homes of most millionaires you will find a library. Therefore, they consider education to be more worthy of their time and resources than entertainment.

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 by no means a walk in the park.

Mr. Kamprad obviously appreciates what it takes to earn his money and realizes that 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, “The borrower is the lender’s servant.” My nation, the United States, certainly has many people enslaved by mortgages, second mortgages, lines of credit, credit cards, and moneylenders. Taking advantage of other people’s money is good when you make profit and profit from doing it. However, sinking deeper into debt just to live up to it 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.