Even billionaires don’t waste money though they have money in abundance. Some of them suggest to have simple living and have a long term vision towards investment. Below are some of the proven tips from those who are rich:

Simple living

Some of the famed investors and billionaires have revealed follow simple and frugal living with strategic approach towards personal finances. It is to note that ultimate luxury is getting to do what you love to do every day. You should know where to end even though you have lot of money.

Long term investment strategy

You can build wealth if you know money can earn more money for you. This can be possible if you invest in stocks and index funds. Never allow unnecessary things to distract your long term goals. Do not allow false hope and fear to crowd out good investment judgement.

Be generous

Get some inspiration from Microsoft founder and billionaire Bill Gates. You may be aware that he is also well known for his philanthropic work. No matter what is your income level, it is important to support causes. The Americans are more generous, if believed to data of Charities Aid Foundation. Its World Giving Index in 2016 found individual charitable donations increase by 2.6 percent compared to 2015.

Pay all debts

This is very true. Don’t carry forward your debts. Pay those as soon as possible, especially the credit cards one.