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Clearly decide that you are going to be rich

This WordPress post encourages individuals to take action in recognising their desire to become wealthy. It discusses the importance of not simply dreaming of being rich, but instead turning one's dreams into productivity and action. At the centre of it lies the challenge to focus on one's long-term goals and to assess and improve their current method of career planning in order to magnify the chances of achieving their desired wealth. Ultimately, this post reinstates that a definitive decision to be successful is the primary ingredient in the recipe of reaching financial security.

This article is about the advice of Warren Buffett, one of the richest people on the planet. They are about how to stay on horseback in matters relating to business, finance and personal life..

It is difficult to become one of the wealthiest individuals in the world without knowledge and skills that are inaccessible to other people. According to Forbes, often referred to as Oracle of Omaha, Warren Buffett has a fortune of $ 73.5 million. Of course, he is a business genius, but his success has not only come from talent and personal secrets. There are many tips from a great investor who can use each of us on the road to a prosperous life..

1. Clearly decide that you are going to be rich

Warren Buffett Tips

To be a rich person, you need to believe in your success. According to the Huffington Post, Buffett once said:


“I always knew that I would be rich. I don’t seem to doubt it for a minute. ”.


To achieve better results, you need to set high expectations and work hard on goals. Make it clear to yourself, your family, and friends that you must become financially independent. Build your future with a plan, recognizing when you need to show strength and aggressiveness, instead of remaining conservative.

2. Start accumulating from a young age.

Warren Buffett Tips

According to CNBC, by the age of 15 Warren Buffett earned $ 2,000 by delivering newspapers and selling magazine subscriptions. He used $ 1,200 of his income to invest in a farm and made a profit sharing agreement with its owner. Start saving money as early as possible to make it a habit..

3. Invest in profits

When Buffett was in high school, he and a friend bought a pinball machine. According to the biography of the future billionaire, the businessmen put it in a hairdresser and quickly earned enough money to buy more machines and put them in other stores. In the end, they sold all the cars with a profit of $ 1,200.

If you want your fortune to grow, the best thing you can do is continue to invest in your business..

4. Learn fast

Warren Buffett Tips

Warren Buffett graduated from college in three years instead of four. Despite the fact that then the training cost less than nowadays, it allowed to save significantly. And the more important this example is for modern students.

5. Do not give up after failures

Warren Buffett Tips

This is something that Warren Buffett’s advice definitely cannot do without. You might be surprised, but Harvard Business School did not accept Buffett to study after the interview. But he was not upset, but went to Columbia, where he met Benjamin Graham, a legend in the investment industry. Graham became a mentor to Buffett. To a large extent, this acquaintance determined his future success..

“Have you been rejected? But who cares, such things happen all the time. Just continue your work! ” – Tom Skuchimarra, National Sales Manager at M&O marketing.

6. Act in person

warren buffett

In 1951, when Buffett was looking for companies to invest in, he stumbled upon GEICO. To study the potential, he went to the headquarters of the company. According to information known today, the office was closed, but the watchman let the investor in. Fortunately, the company turned out to be a person from the leadership, thanks to a meeting with which Buffett made one of his first transactions. GEICO is now a wholly owned subsidiary of Berkshire Hathaway (Warren Buffett Company).

7. Be persistent

Warren Buffett Tips

After college, Buffett wanted to work on Wall Street. He wanted to work for Graham, but he replied “No.” In the end, Buffett returned to Omaha, but continued to communicate with Graham and share ideas. As a result, the mentor himself invited the student to work with him..

If a potential employer whom you really want to work with is failing, continue to earn a reputation in his eyes until you receive a positive response..

8. Improve your public speaking skills

Good oratorical skills are the strongest skill to promote the business and yourself. Buffett himself admitted that he was terribly afraid of public speaking before. But he took the necessary steps, even took a personal course from Dale Carnegie, not only to be able to keep his word, but to use it as one of the best business tools.

9. Develop “savings” habits

Warren Buffett Tips

According to The Icons of Business, Buffett returned to Omaha after Graham refused, but his capital was in order. He maintained good savings, avoided debt, and even increased his fortune from $ 9,800 to $ 140,000. And after that he created Buffet Associates, Ltd.

Leaning about money and avoiding debts, you expand your investment opportunities, gain financial freedom and begin to accumulate wealth earlier.

10. Find a business partner

Warren Buffett Tips

You can not talk about the success of Warren Buffett, without mentioning Charlie Munger – the “right hand” of a billionaire. They met for the first time in 1959, and Manger still remains vice chairman of Berkshire Hathaway.

Buffett once said about this:


“It took me a lot of effort to move away from Graham’s restrictive views. And all this happened thanks to Charlie. He expanded my personal horizons. ”.


11. Be true to yourself

Warren Buffett Tips

Berkshire Hathaway is a simple building in Omaha. However, many think that Buffett, as a billionaire, lives and works in luxurious mansions. This is not true.

Your personal image is not a reflection of how successful you are. Do not be what you are not. Buffett owns a lot, but remains a modest person who does not like ostentatious luxury.

12. Live frugally

Warren Buffett Tips

Warren Buffett’s advice says that no matter what your personal goals are, a thrifty life gives you more opportunities to realize them. Unlike some other billionaires, Buffett is known and even popular for his modesty..

Charlie Munger at one of the annual Q&A at Berkshire said, “Frugality is what made Berkshire so successful.” Buffett then added:


“There are things that cannot be bought. I do not think that the standard of living is equated with the cost of living. In fact, I would be worse off if I had 6 or 8 houses ”.


13. Invest in yourself

Warren Buffett Tips

Part of the success of Berkshire Hathaway is due to the fact that Buffett invests in his business and in himself. The best way to achieve wealth is to pay yourself. Many people trust this pension system of the country or company. But, having developed the habit of paying yourself personally, you will become much closer to wealth.

14. Stick to your principles

Warren Buffett Tips

Berkshire Hathaway paid dividends only once – in 1967. And Buffett said that he must have been in the shower at that time, and he missed everything. He did not like dividends because they are taxed on income. This is a sore point for many investors, but Warren is unshakable.

Persistence in principles is an instrument of discipline that allows you to keep things under control. Whether it’s running a company or allowing a teenage child to go to a dubious party.

15. Be the opposite investor

Warren Buffett Tips

Buffett is an antagonist investor known for buying unsuccessful assets and selling them after the company’s business has been established. Here is his tip from the New York Times:


“Be careful when others are greedy, but be greedy when others are careful”.


The main thing is to choose companies with a good foundation. Even if things do not go uphill or growth drags on, you will still have relatively valuable assets that you can sell.

16. Do not invest emotionally

Warren Buffett Tips

Many investors fall under the mood of the market when it falls and sells assets, but one of Buffett’s main tips is to turn off emotions.


“There are a lot of stupid people on the market. It is like a big casino where everyone is drunk. But if you own Pepsi shares, your business is fine. ”.


Avoid emotions and always calmly analyze the current situation..

17. Make tough decisions

Warren Buffett Tips

Initially, the main market for Berkshire Hathaway was textile mills. Buffett supported him for many years, but in 1985 he sold factory equipment, since this business no longer brought money. The decision was difficult for Warren, but important for future success. Such situations often arise in life. For example, it’s more profitable to abandon an expensive vacation and invest in a pension fund.

18. Invest in what you know

Warren Buffett Tips

Buffett is known for owning Coca-Cola shares. In the 1980s, he acquired 6.3% of the company’s assets, and in 2017 – owned 8.73%. During this time, his investments increased 19 times. Buffett himself drinks up to 5 cans of Coke per day and says that a quarter consists of Coca-Cola.

19. Be honest

Warren Buffett Tips

Honesty is a well-known trait of Warren. In a letter to BH shareholders, he admitted that he had lost $ 873 million in the repurchase of Energy Future Holdings debt, calling the deal his mistake. People trust Buffett. Honesty strengthens the trust of employees, partners, colleagues and even competitors. She helps both in business and in personal life..

20. Share

Warren Buffett Tips

Buffett may be one of the most generous people in the world. Together with Bill Gates, they donate half their fortune. In 2010, they created the Giving Pledge, an oath of 154 billionaires who are ready to give most of their money to charity. According to Buffett, this is important, even if you are not a billionaire: “If you are in 1% of happy people, you must think about the remaining 99%”.

21. Limit your actions

Warren Buffett Tips

The success of Berkshire Hathaway is also due to the fact that Buffett decided to limit his activities to several areas, but give them maximum attention. Buffett is the best investor because Roger Federer is the best tennis player and Michael Phelps is the best swimmer..

Focus on what inspires you, and perhaps you can achieve the success that the investor will admire. We hope that Warren Buffett’s tips come in handy..

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Comments: 1
  1. Penelope Russell

    What are some concrete steps or actions one can take to ensure they are on the path to financial success and achieve their goal of being wealthy?

    Reply
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