- Derrick Hayes, the millennial founder and CEO of multimillion-dollar chain Big Dave’s Cheesesteaks, grew up in “survival mode” selling bean pies and newspapers in Philadelphia. Once he hit success by selling a $12 cheesesteak every 58 seconds, he decided to splurge on luxury cars, including Bentleys, a McLaren, Audi R8, and G-Wagon. But in this economy, he says, people should spend wisely as everything is too uncertain.
When the big paychecks roll in after building a successful business, it may be tempting to splurge on designer clothes, luxury mansions, and high-tech gadgets. When Derrick Hayes—an entrepreneur who grew up in “survival mode” selling bean pies and newspapers on the streets of Philadelphia—finally made it with his multimillion-dollar fast-casual restaurant chain Big Dave’s Cheesesteaks, that meant he had the chance to finally get behind the wheel of some flashy cars.
“My kryptonite is cars,” Hayes tells Fortune. “I had two Bentleys…I had a McLaren, Audi R8, Range Rover, G-Wagon. I’ve had pretty much every car.”
The founder and CEO treated himself after a decade of growing Big Dave’s Cheesesteaks into a national success. In 2014, the Philly native launched the chain after his ailing dad wished for him to start his own business—so he opened the first location, named after his late father, in a Shell gas station in Dunwoody, Georgia. And ten years later, the restaurant has exploded across the U.S. with 12 locations, with two of Big Dave’s hotspot locations in Atlanta bringing in $1.1 million to $1.8 million in net sales last year alone. The chain sells a cheesesteak—ranging from the basic $11.99 sandwich to $46.99 specialty choices—every 58 seconds.
Despite continuing to grow his empire, Hayes has decided to cut back on the niceties he was splurging on. The 2023 model of the Audi R8 the entrepreneur was driving would run up car enthusiasts anywhere from $161,395 to $253,290; a 2025 Mercedes-Benz G-Class, or “G-Wagon,” will set you back $149,400 to $163,700; and depending on the model, a McLaren can cost over $2 million.
They’re some of the most sought-after cars for those who like to drive fast and in style, but Hayes says everything loses its luster eventually. And in this fragile economy—rife with tariffs, skyrocketing living costs, and a looming recession—there’s no telling how one’s financial situation can change on a dime.
“What I’ve learned is, after two weeks, no matter what you buy, you don’t love it the same,” the millennial CEO explains. “[As I get] older, I’m getting a lot wiser. Not saying that you don’t buy things that you want to enjoy and have fun on the weekends…but I think it’s very important that you be mindful of how you spend because we live in a world that you don’t understand.”
“The economy can always shift on you,” he adds. “And I always say this: nobody can save me and my family if I hit rock bottom. I can’t expect anybody to afford these massive bills that I have… The only way I could do that is to be very responsible with finances and decisions, so that I can give my last name a chance of generation-breaking.”
Other entrepreneurs are treading carefully with their money too
Hayes isn’t the only one who has made it, yet still treads carefully with their money. Lucy Guo, the youngest self-made billionaire who retained a $1.2 billion stake from founding $25 billion Scale AI, isn’t the type to ball out on Prada clothes and luxury cars. The entrepreneur said she hates “wasting money,” and lives by the mantra “act broke, stay rich.”
“In terms of daily life, my assistant just drives me in a pretty old Honda Civic. I don’t care,” Guo previously told Fortune. “Everything I wear is free or from Shein…Some of them aren’t going to be that great quality, but there’s always like two pieces or so that really work out, and I just wear them every day.”
And 31-year-old actress Keke Palmer, star of hit projects including Nope, Hustlers, True Jackson, VP, and One of Them Days still lives under her means despite achieving millionaire status at the age of 12.
Just like Guo and to the dismay of Hayes, she isn’t willing to drop hundreds of thousands of dollars on a car or luxurious house. Palmer said she learned her checkbook balancing skills from her parents “who knew their limitations with money and finances,” and is careful to save and live a frugal lifestyle as a mega-star.
“I live under my means. I think it’s incredibly important,” Palmer told CNBC in an interview this May. “If I have $1 million in my pocket, my rent is going to be $1,500—that’s how underneath my means I’m talking. My car note is going to be $340. I don’t need a [Bentley] Bentayga, I’ll ride in a Lexus.”