Long before Elon Musk became a household name as the CEO of Tesla and SpaceX, he embarked on an experiment that would shape his entrepreneurial mindset: surviving on just $1 a day. In a 2015 interview with Neil deGrasse Tyson on the StarTalk podcast, Musk explained that the challenge wasn’t born out of necessity but from a desire to prove to himself that he could thrive as an entrepreneur even with almost nothing.
“My threshold for existing was pretty low,” Musk admitted, highlighting his willingness to push boundaries for the sake of personal growth and his future ambitions. This experiment took place during his time as a freshman and sophomore at Queen’s University in Ontario, Canada, in the early 1990s. Musk was living on a strict monthly food budget of $30, which, at the time, was enough to sustain his basic needs. His diet consisted mainly of hot dogs, oranges, pasta, and jarred tomato sauce, with occasional green peppers thrown in to break the monotony.
The goal wasn’t about maintaining a balanced diet or enjoying food, but rather about testing his ability to make do with very little. “You sort of just buy food in bulk at the supermarket,” Musk explained, revealing how he relied on cheap, basic items to get by. While he confessed that he grew tired of the limited food choices, the experience proved valuable in a way beyond just food survival.
For Musk, the key takeaway from this challenge was proving that financial instability could be overcome. By living on such a meager budget, Musk was testing his capacity to withstand hardship, which he believed would give him the resilience necessary to pursue his entrepreneurial dreams. “If I can live for a dollar a day – at least from a food cost standpoint – it’s pretty easy to earn $30 in a month,” Musk reasoned. “So, I’ll probably be OK.” This experiment laid the foundation for his later ventures, helping to build the mindset that he could succeed even in the most difficult circumstances.
However, Musk acknowledged in hindsight that such an experiment might not be as practical today as it was in the 1990s. Speaking to Business Insider, he noted that $1 would no longer go as far as it did back then. Adjusted for inflation, the $1 a day Musk spent on food in 1990 would be equivalent to about $2.42 today, meaning his $30 monthly food budget would be roughly $72.60 in current terms. In comparison, the prices of basic foods like hot dogs have increased substantially over the years. A 15-ounce pack of Oscar Mayer hot dogs, for example, costs about $3.94 today, making it much harder to replicate Musk’s frugal experiment in today’s economy.
Despite these changes, Musk’s message remains clear. The experiment was an essential part of his journey toward building some of the most innovative companies of the 21st century. As Tyson pointed out during the interview, living on so little was “a starting point to launch anywhere you want to go.” Musk agreed, calling the experience a crucial step in his path toward success.
Musk’s time living on a dollar a day serves as a powerful reminder of the mindset that propelled him to reshape industries. It wasn’t just about surviving but about removing the fear of financial instability and pushing past perceived limitations. Musk’s journey demonstrates that, with determination and creativity, the most ambitious entrepreneurial dreams can flourish—even when starting with almost nothing.
