However, the truth is that many billionaires are quite frugal and careful with their money. In fact, by adopting some of their habits, you can also manage your finances like a billionaire and build lasting wealth. In this article, we'll share some tips from Tom Church, Co-Founder of LatestDeals.co.uk, to help you achieve financial success.

Tip #1: Embrace Frugality

Contrary to popular belief, being frugal is not about being cheap. Instead, it's about being mindful of your spending and focusing on what truly matters. Billionaires like Warren Buffett and Mark Zuckerberg are known for their frugal habits, such as driving modest cars and wearing simple clothes. By embracing frugality, you can save money on unnecessary expenses and put that money towards more meaningful investments, such as a down payment on a house or retirement savings. For example, you could save up to £1,200 a year by cutting back on daily coffee runs. As Tom Church puts it, "Frugality is not about being miserly; it's about being mindful of what you spend and investing in what truly matters."

Tip #2: Invest in Yourself

One of the critical traits of billionaires is their willingness to invest in themselves. They prioritize their education and personal growth, whether attending conferences, reading books, or taking courses. Investing in yourself can improve your skills and knowledge, enhance your earning potential, and open up new opportunities for advancement. For example, you could increase your salary by £10,000 per year by taking a coding course. As Tom Church notes, "Investing in yourself is the best investment you can make, as it will pay dividends for the rest of your life."

Tip #3: Think Long-Term

Another characteristic of billionaires is their long-term thinking. They focus on investments and goals that will pay off over time rather than chasing short-term gains. By adopting a similar mindset, you can make smarter financial decisions and build lasting wealth. For example, investing in a low-cost index fund and holding onto it for ten years could save £5,000 in fees compared to actively managed funds. As Tom Church advises, "Always think long-term about your finances. It's not about getting rich quickly but building wealth over time."

Tip #4: Don't Be Afraid to Take Calculated Risks

Billionaires are known for taking calculated risks in their investments and businesses. While this can be daunting, it can also lead to higher returns and faster financial success. Of course, doing your research and making informed decisions before taking any risks is essential.

One way to take calculated risks is by investing in emerging technologies or launching innovative products. For example, if you had invested £1,000 in Bitcoin in 2011, it would be worth over £20 million today. As Tom Church suggests, "Taking calculated risks can be scary, but it can also be gratifying. Just do your due diligence and don't invest more than you can afford to lose."

Tip #5: Create Multiple Streams of Income

Another common trait among billionaires is their ability to create multiple income streams. They don't rely on one job or business but rather diversify their sources of revenue. Doing so can increase their financial security and protect themselves against economic downturns. For example, you could earn an extra £12,000 per year in passive income by investing in rental properties. Tom Church says, "Having multiple income streams is a key component of financial success. It allows you to have more control over your financial future and not rely on one source of income."

Tip #6: Surround Yourself with Successful People

Billionaires often surround themselves with successful and like-minded individuals. By doing so, they can gain inspiration, motivation, and access to new opportunities. You can also benefit from surrounding yourself with successful people, whether it's by attending networking events or joining exclusive clubs. For example, entering a mastermind group could increase your income by £5,000 per year through new business connections. As Tom Church puts it, "Surrounding yourself with successful people can be a game-changer. It can push you to take your finances to the next level."

Tip #7: Give Back to Others

Finally, many billionaires engage in philanthropy and give back to their communities. By doing so, they not only positively impact the world but also improve their financial reputation and legacy. You can also make a difference by donating to charities or volunteering your time. For example, donating 5% of your income to charity could save £2,000 in taxes each year. As Tom Church notes, "Giving back is not only the right thing to do, but it can also be financially rewarding. It can improve your reputation and help you leave a lasting impact on the world."

By adopting these tips, you can manage your finances like a billionaire and build lasting wealth. Whether embracing frugality, investing in yourself, or taking calculated risks, there are many ways to achieve financial success. Tom Church advises, "Remember that building wealth takes time and effort, but it's worth it. By taking small steps today, you can create a brighter financial future for yourself and your loved ones."