'A remarkable role model': Warren Buffett and Bill Gates call this billionaire their hero — 3 financial lessons from Charles Feeney

“Chuck Feeney is a remarkable role model, and the ultimate example of giving while living,” Bill Gates told Forbes back in 2012.

Berkshire Hathaway CEO Warren Buffett presented a Forbes 400 Lifetime Achievement Award to Feeney in 2014, calling him “my hero and Bill Gates’s hero. He should be everybody’s hero.”

Here are some finance lessons you can learn based on how Feeney managed his money.

Diversification

While building his massive fortune, Feeney didn’t just focus on his global network of duty-free airport stores — he was a prolific investor as well.

By the early 1980s, he was profiting from hotels, property and retail space, and he later invested in tech start-ups.

It wasn’t until 1996 that he sold his stake in DFS Group for a tidy $1.63 billion that went to his foundation, Atlantic Philanthropies — a deal that multiplied in value by investment returns later, according to the Wall Street Journal.

Feeney followed the golden rule — don’t put all your eggs in one basket — and grew his wealth by diversifying his investments.

You don’t have to be a pro to make the most of your investments like Feeney. With private equity firm First National Realty Partners (FNRP) you can diversify your portfolio with grocery-anchored commercial real estate. Even better, you don’t have to do the legwork yourself, as FNRP’s team of professionals will manage every step of the investment process.

Because FNRP’s investments are anchored by major grocery stores, they remain steady even when the economy is volatile.

Frugality

Feeney went from purchasing luxurious multimillion-dollar homes — including in London and the French Riviera — to renting a two-bedroom San Francisco apartment with his wife.

Like many folk of his ilk, he once spent his time cruising on yachts and private jets — but decided in his later years to cut back on spending and focus on his philanthropic efforts.

For Feeney, value was more important than flaunting his wealth. He flew coach because he wasn’t getting anywhere any faster by opting for a first-class ticket. He wore a $15 watch and used plastic bags in place of a briefcase.

“I just reached the conclusion with myself that money, buying boats and all the trimmings didn’t appeal to me,” he was quoted saying in a 2007 biography about his life, The Billionaire Who Wasn't.

Of course, spending money is inevitable no matter how frugal you are. But when you do so while using a tool like Acorns — an automated savings and investment app — you can make the most out of your spending.