The old advice “live below your means” takes on a whole new meaning when it comes from a . But that’s exactly what 28-year-old Lucy Guo advises people to do. Her trajectory is more than impressive: Guo has amassed a million-dollar fortune from her successful career as an entrepreneur and tech developer.
By the age of 23 in 2017, she was named one of the “30 Under 30 In Enterprise Tech” by . Living frugally and making millions comes naturally to the co-founder of Scale AI, a billion-dollar tech startup that delivers high-quality training data for artificial intelligence applications. Growing up in a frugal household helped Guo understand the value of living modestly.
In an interview with , she described her childhood selling Pokémon cards before learning how to make money on the internet. “My parents were incredibly frugal growing up,” she said. “I’d be kicked outside if I complained about it being too cold in the house.
We saved on heating costs, bought very cheap clothes and licked the plate clean because they said other children weren’t so lucky to get food.” She carried this money mindset into adulthood, saying she tried to live as cheaply as possible until she made her first $10 million. Guo also noted that as people earn more money, they tend to increase their cost of lifestyle, ultimately lowering their savings.
Instead, she recommends saving more than you spend, investing and interest over time. Earning passive income doesn't need to be difficul.