Reuters is reporting that the 24th richest man in the world is planning on spending $150 million starting a magazine, web site and TV station called -- get ready -- Snob.

Snob has slightly a different meaning in Russia. They think of a snob as someone who has made a lot of money in life and is entitled to brag about it if they want. In America, of course, we see a snob as someone who looks down on others who aren't as rich or as classy, and thus, the rest of us tend to look down on snobs. At any rate, Andrei Shmarov, one of the billionaire creating Snob, told Reuters, "It's for people who are successful and those who want to be successful."

The web site will be out in June, the magazine in July, and it will focus on lifestyle, business and travel articles. The cable channel will follow shortly after that.

Most consumers who want to get rich have it all wrong. They often have a "fake it till you make it" attitude, and spend as if they were already rich. Fancy cars, expensive handbags, sparkling jewelry, and high-end apartments and condos are the name of the game.

But do you really think billionaires got where they are because they spent faster than they earned? Of course not. Forget about those who were born into luxury. They don't count. Consider instead the rich men and women who got their wealth all on their own. Those who started from scratch and built business empires that have brought them enormous wealth. How did they do it?

Many of them did it by living frugally. That's right... some billionaires have gotten to where they are partly by living lean. We're talking about men and women who shop at ordinary department stores, cut their own hair, and save on gas by biking to work.