Bill Gates Says Billionaire Status Reduces Financial Worry

Microsoft co-founder Bill Gates said being a billionaire has made him happier than a middle-class life would have because he does not have to think about health costs or college costs. "Yes. Being free from worry about financial things is a real blessing.

Of course you don't need a billion to get to that point. We do need to reduce the cost growth in these areas so they are accessible to everyone," Gates stated during the 2019 Reddit AMA.

The Federal Reserve's Survey of Household Economics and Decisionmaking report released this month found that 63 percent of adults could cover a $400 emergency expense using cash, savings, or a credit card they could pay off at the next statement. " Roughly 40 percent of adults still lack a clear cash buffer for a modest surprise expense.

Gates focused his comments on the mental bandwidth gained from avoiding catastrophic bills rather than on luxury purchases. He noted that the goal for most people is reaching a point where one bad month does not wreck the next two years.