Warren Buffet is an American investor, business tycoon, philantropist, and the chairman and CEO of Berkshire Hathaway, “The Oracle of Omaha” .The 90 years old man who loves to do his things his way, from drinking coke for breakfast to carrying around an old- school flip phone, is considered one of the most successful investors in the world. Whose net worth of US $ 78.9billion as of August 2020, making him the world’s seventh wealthiest person.
Warren buffet became a millionaire in 1960 at the age of 30 and ever since then, Warren buffet has been one of the richest persons in the world. HERE ARE WARREN BUFFET’S ADVICE TO THE YOUNG PEOPLE...
#1 ACT WITH INTEGRITY÷ According to him ” it takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently “. Integrity is a highly valued traits. When you live with integrity, you are more likely to always earn trust and people will always love to deal with you. You need to have strong moral principles.
#2 GO AGAINST THE CROWD ÷ He states ” Be fearful when others are greedy, be greedy when others are fearful”. Figure out what everybody is doing and do just the opposite. Most people in this world aren’t thinking, they prefer to copy than to make use of their brain.
#3 PATIENTLY ENDURE THE TOUGH TIMES÷ He quotes “No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant “.Not being able to endure hard days is one of the reasons many people are poor in life. It takes crazy dedication and unusual persistent to create wealth and success. If you find it difficult to endure the tough times, you may not be able to smile to the top. Great things takes time.
#4 AVOID BAD HABITS÷ He states “The chains of bad habit are too light to be felt untill they are too heavy to be broken”. One of the best treatment you can give to yourself is to avoid bad habits. If you don’t stay at arms length where bad habits are, you can be trapped and when it grows, you become their slave and helpless.
#5 ENJOY YOUR WORK÷ He advices that you should “Enjoy your work and work for whom you admire“. Learn to create the kind of work or business you would love to do.
#6 CREATE YOUR WORLD÷ He states ” You cant buy what is popular and do well”. Whenever something becomes popular, the game is over. When you get a business idea via newspaper, it is too late to call it an opportunity. Dont trade by noise, the real thing is in the secret. Search for knowledge when others search for entertainment. Read books everyone is not reading. When you know what others dont know, you will see opportunities before others could see them.Search for hidden ideas, others are not seeing.
#7 DON’T BE A GENERALIST BE A SPECIALIST. He states “Never invest in a business you cannot understand, Choose fields you are interested on”. Study and know what others dont know about in a field. If you dont want to create time to study a business, dont even start it. Send your money to only where your knowledge lies.
#8 READ GOOD BOOKS÷ He states that ” I just sit in my office and read all day”. If you want to be successful, make reading a habit. Read atleast 10 books about whatever you want to do or invest on.
#9 HANG OUT WITH GOOD FRIENDS ÷ He states “It is better to hangout with people better than you. Associate with people whose behaviour are better than yours and you will drift in that direction. Whoever you hang out with today determines your tomorrow. Just take a few seconds and do this exercise. Close your eyes and list out your close friends and imagine what they are likely to become in the next 5years. BRAVO! or SORRY! that is exactly how your tomorrow can turn out to be. If the people you call your friends are not positive or ambitious about life, you can’t be.
#10 MAKE GOOD USE OF YOUR TIME ÷ He states “You won’t keep control of your time, until you can say “NO”. You don’t have to let other people set your agenda in life”. There are distractions everywhere, social media, movies, parties, cinemas etc. They are all interesting good stuff that bring little or no value to who we are. The more “NO” we can say to distractions, the more times we have got to be productive.
#11 BE DISCIPLINED÷ He states, “You dont have to be smarter than the rest. You have to be more disciplined than the rest”. Talents and IQs are as common in the world today as table salt. Many people with great talents are broke. Discipline, practice, dedication and persistence are what you need to be successful.
#12 TAKE CALCULATED RISKS÷ He states, “Risks comes from not knowing what you are doing”. The real risks is in your ignorance. The more you know about your field the less risky it becomes. Learn to reduce unnecessary risks by seeking knowledge.
In conclusion, choose to do the opposite of what everyone is doing. Say NO to unproductive activities if you want to be rich and successful.