Here are some solid words of wisdom on generating wealth and being generous with it as well. You may be looking for an edge in your personal finances -- something that can help you rethink your approach to money and start getting ahead financially . If so, you might benefit from hearing what billionaires have to say and learning from their experiences. So, here are a few lessons on frugality, investing, and generosity from some of the wealthiest people in the world. 1. Live simply and be frugal Most people don't associate billionaires with penny-pinching, but that's how famed investor and billionaire Warren Buffett approaches his personal finances. Buffet bought a relatively modest house back in 1958 for just $31,000, which was around $275,000 in today's dollars, and he continues to live in it to this day. For context, the median home price in July of this year was $313,700. Buffett has summarized his views on success and happiness like this: Succ...

There are many factors to consider when you start investing – such as what to invest in and how much it will cost. But what many people might not realize is that one of the most important considerations is your age. How old you are determines how long you have to invest, and that can help decide how much investment risk you should take. Ryan Hughes of pension provider AJ Bell says: ‘The rule of thumb is that the longer timeframe you have the more risk you can afford to take. ‘But, of course, you should never take more risk than you are comfortable with. There is no point investing in a way that will give you sleepless nights.’ Starting Early Beginning as young as possible can give you a head start. For many people, the investment journey may begin as a child. Parents and grandparents can squirrel away up to £4,128 a year tax-free for children through a Junior Isa. Not only will starting early give the investment pot longer to grow, it can also get youngster...

The S&P 500 didn't gain ground in 2015, so neither did retiree Bruce Stanton's spending money. That summer, the former teacher in Washougal, Wash., dialed back what he withdrew from his retirement account to reflect the lackluster market. Fluctuations in income aren't that rare. During his career as a chemistry teacher, Stanton would sometimes get a big raise and other times get none. "I'm used to going without them," says Stanton, 63. A challenge for all retirees is creating an income stream that will last a lifetime even if a downturn takes a big bite out of their savings. Some, like Stanton, are tackling this by adjusting withdrawals based on the market's performance. But market-linked approaches run counter to the long-standing 4% rule, which holds that your money will last for a 30-year retirement if you withdraw 4% of your nest egg the first year and adjust that dollar amount annually for inflation. Some experts are now arguing fo...