Billionaire Castore Cofounder Tom Beahon Lives Frugally Despite $1 Billion Net Worth

Tom Beahon, a multimillionaire who cofounded the premium sportswear brand Castore, has revealed his frugal lifestyle despite his financial success. Beahon, who retired from a career in football and finance, has a net worth of over $1 billion. He has never bought an expensive watch or clothes, and he only flies economy class, even on long-haul flights to Australia. Beahon's frugality is driven by a constant fear of running out of money, a mindset that has stayed with him since his early days in the sportswear business.

Beahon's journey to entrepreneurship began when he and his brother Philip left their football careers to work in finance in London. They aimed to raise capital for their sportswear venture, Castore. For the first three years, the cofounders paid themselves only £1,000 a month to preserve money for the business. Beahon moved back in with his parents, while Philip's soon-to-be wife paid his rent. These were "rough times financially," but even after Castore neared a £1 billion valuation in 2023, Beahon's frugal habits remained unchanged.

Beahon's fear of overspending and hitting rock-bottom is deeply ingrained in his mindset. He believes that his background and the experience of living through those three years of financial struggle have made him a saver rather than a spender. This fear has never left him, and it continues to influence his spending habits.

Despite his frugality, Beahon is generous with his parents. He likes to buy them nice holidays and business-class flights because they are in the "getting to enjoy it" phase of life. Beahon believes he is still in the "building stage" with long hours, so no vacations are on his horizon. He grew up proudly working class in northern England without much money, and his family didn't go on holidays. This perspective has stuck with Beahon in leading his highly lucrative athletic-wear business.

Beahon's family didn't have a safety net, and his parents made a huge sacrifice by offering to remortgage their house to give them a loan in launching Castore. His pivot to entrepreneurism was about financial stability, not ultra-wealth. Beahon was driven by the feeling of security, as his dad was always nervous about being made redundant, and it affected the family.

Beahon is not the only multimillionaire who skimps on holidays and expensive clothes. Lucy Guo, the youngest self-made billionaire, still shops at Shein and pulls up to work in a Honda Civic. Serial investor also vacationed for the first seven years of getting his technology company off the ground. He was "broke as f-ck" living in a three-bedroom apartment with five other roommates, often sleeping on the floor. Actress Keke Palmer was a millionaire at the age of 12, but her humble upbringing guided the way she handled money forever. For the first 15 years of her career, all of her travel was business-related.

David’s Bridal CEO Kelly Cook may be leading one of the biggest bridal chains, but her early career looked a lot different. She juggled weekend work as a bartender, her college courses, and caring for her young child. Cook described living off pinto beans and cornbread to make her money stretch, her take-home pay of $882 as a single mom barely covering her car note and rent. Now, the 58-year-old is helming a wedding giant with 200 stores across the U.S. and Canada, leading around 5,000 employees.