The Prince of Penny Pinchers

Feb. 25 -- If you were a millionaire, would you wear used suits that cost $1 and $12 shirts from Wal-Mart?

Self-made millionaire Clark Howard does because being a cheapskate, he says, is the only way to get rich and stay rich — especially in today's turbulent economy.

"No matter what your station in life," says Howard, it is important "that you not live on your last dime or dollar and that you save money all through your life."

Spend Less, Save More

The Atlanta native says he learned this message when he was 19 and his father lost his job after 29 years with the same company.

"He and my mom were never good savers. They lived a high life," says Howard, 46, who was known even in his youth for helping his friends find deals.

Now he's on a mission with a warning to all who will listen, including the 4 million people who tune in to his radio show: Spend less and save more.

"Every time an American gets a raise, what do we do? We step up our lifestyle," says Howard, who made his initial fortune through investing and then built and sold a successful travel business. "We're always letting our wants stay one step ahead of our paychecks."

'Why Spend the Money?'

After graduating from college, Clark was left with a $17,000 trust fund from his grandfather. Instead of spending it on a car or a vacation, he invested it in stocks and real estate. In the '80s, he founded and then sold a large chain of travel agencies. At the age of 31, Howard retired with a net worth of more than $2 million.

Then he did a guest spot giving money advice on a radio program. He was a hit, and he soon had his own radio show. Now he makes a hefty salary from spreading his message — close to $2 million a year. And though he owns several rental properties, has a few cars, a beach condo in Florida and a seven-bedroom house in an upscale neighborhood, he continues to be notoriously frugal, a label he doesn't mind in the least.

"Cheapskate's fine," he says. "I don't see that as a negative … I look at that as a compliment."