Entrepreneurs Share Their Money Saving Tips

By Ben Steverman - 2011-09-15T00:41:10Z

Simon Turtle

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Felix Dennis

Dennis, publisher of <em>The Week</em> and creator of <em>Maxim</em>, grew up poor. Thanks to his success in publishing, he says he's "spent like a drunken sailor for most of my life." He writes in an e- mail: "The best decision I made, which I harp on about in my book, <em>The Narrow Road</em>, was to refrain from buying certain high-ticket items which cost a small fortune to maintain, even as they deteriorate in value." If it flies or floats, Dennis rents it. "It's cheaper in the long run. When I fancy a month cruising on a mega-yacht, I just rent one. It's the same with private jets."

A key economy, says Dennis, comes from his approach to birthdays: "while I've always been an open-handed chap as far as friends, family, and lovers are concerned, I made a decision in my twenties never to celebrate (or even acknowledge) birthdays--my own or anyone else's. I estimate this has saved me around $5 million over the past 40 years."