We all have someone we admire and respect. For me, someone on my list is Warren Buffett, who is sometimes referred to as the “Sage of Omaha”. I first heard about Buffett in 2001 when I started to seriously invest in and so I began to read of all the titles to its name. Of course Buffett has not actually written one of them, but they are no less valuable.
If you’ve never heard of Buffett, Forbes currently stands as the third richest person in the world, and he’s probably the biggest investor in the world. He has accumulated his wealth by making smart investment decisions and investing in the company. Here’s what I learned from Buffett:
1. Rich Is A State Of Mind
“I always knew I’d be rich I do not think I ever doubted a minute ..” – Warren Buffett
The difference between rich and poor is simply a state of mind. Poor people think thoughts of lack and poverty, rich people thinking thoughts of abundance and prosperity. You go the way you look at the wealth, the decisions you make and how you act with respect to determining.
2. Success is about more than your bank balance
When asked by CNBC what is the secret of success, Buffett replied: “If people my age and they have their loved ones they want to love them, they managed to not make any difference whether they have. Thousand dollars in the bank or 1000000000 $ in the bank … Success actually doing what you love and do it well is. simple as that. I’ve never had anyone to do who are not satisfied with the success and I met many people who have not reached it and that his life miserable. “.
3. Spend less than you earn
“Do you find yourself in a chronically leaking boat, energy devoted to changing vessels may be more productive than energy devoted to patching leaks.” -Warren Buffett
It seems common sense advice and you’ve no doubt heard financial experts preaching about it for years. You may not get to you financially and spend more than your salary. Buffett is known for living a simple and sober lifestyle. He is a billionaire, I knew that still lived in the same house he bought in 1958 for $ 31,500. He drives a 2001 Lincoln Town Car for years which he bought second hand. Buffett has a net worth of more than $ 52000000000 but the life of an annual salary of $ 100,000. Relative percentage of expenditures based on very small total net worth.
4. To avoid consumer debt
The sooner we realize that consumerism is a social plague that is spread by one billion U.S. dollar marketing machine for you chained to your job, the sooner we can stop spending money on useless things. This is a silly game to spend today, so you can work tomorrow to pay it off. This is a losing proposition because one day your working days have passed, but the debt still hanging over your head. Clever marketing has convinced our society that to be happy, you have more, more and more. Buffett hates consumer debt instead choosing prudent use of debt by leveraging the investment.
5. You are who you hang out with
“It is better to get along with people better than you Choose from an employee whose behavior is better than yours and you’ll drift in that direction ..” -Warren Buffett
If you want to succeed financially you need to get along with people who contribute the most to encourage and entertain your financial journey. If the people you associate with money as evil, the object of capitalism and find wealth a foreign concept then your financial health and welfare will be influenced by their beliefs. Whether we like it or not we are all to some extent influenced by the people our first time. If you are trying to achieve financial security then you have the brains of people in your life that you can all encourage and help each other.
6. Gambling is a game of Fools
“Rule number 1: Never lose money Rule # 2: Never forget rule # 1 ..” – Warren Buffett
While we’re young and naive we choose to risk our money, stupid and foolish to take. Trying to get a home run every time your money has reached a losing proposition with long-term consequences. To chase investments that offer high returns, you also have to assume that it also comes with a higher degree of risk. Bill Gates once quipped “Warren’s and my commitment is always limited to $ 1 bets” when talking about them paying poker together. If two billionaires take risk management this seriously, it’s time we mean to do the same passenger.
7. Give back to community
“Of the billionaires I have known, money just brings out the basic traits in them if they surprise before they have money, they are simply jerks with a billion dollars ..” – Warren Buffett
They say that the more you need to have more to give. A contradiction in terms, maybe, but it’s a simple truth that durable over time. As the Bible says: “It is more blessed to give than to receive-Acts 20:35″. Buffett announced in 2006 that he gave more than $ 30 billion to the Bill and Melinda Gates Foundation made at the time of writing the largest donation in history. He also contributed large sums of money to their children, charities.
8. Abundance and generosity go hand in hand
“Although Ben Graham [Buffett's mentor] had everything you need in life, but he wanted to give something back by teaching, so as we get from others, we do not want to stop us. We want to share with you too” -. Warren Buffett
A famous scripture reads: “What benefits will be for you if you gain the whole world but lose your own soul?” – Mark 8:36 The road to riches is not a solo effort to be alive .. How sad if, at the end of your life and no one to share it with. So if you are traveling on your path to financial abundance remember that there are many people who generously helped you in your journey so that only suitable to be paid in advance when the opportunity arises generosity with your time., Your money, your resources to have a great virtue . The biggest ally build a strong friendship is to help others achieve what they want in life.