Warren Buffet, now 89, is one of the world’s most-respected investment gurus. His advice is sought by the experts on Wall Street as well as other leading financial centers of the world.
In a recent and rare video released by Yahoo Finance, Buffet gets down to sharing the secrets that have helped him in becoming so successful. We cannot thank Yahoo Finance Editor-In-Chief Andy Serwer enough for putting together this video for us.
Warren’s words are worth their weight in gold. So we’ve decided to call them Warren Buffet’s GOLD tips on how to be successful.
How would Warren Buffet Define True Success?
According to Warren, the people who reach their 60s and 70s or an older age and they are loved and surrounded by the people they wish to receive love from, then they’re a success.Warren also notes that he has seen so many ‘very, very wealthy people’ who do a lot of things and make different appearances and still nobody loves them. In Warren’s own words, “Even the kids would say: he’s in the attic, he’s in the attic.”
Advice for People Who Are Looking to Succeed in Business
1. The best investment you can make is in yourself
He gives the example of communication skills. He notes that many people go to college, learn complex formulas, and go through a lot of challenges.
“If they just learn to communicate better, both in writing and in person, they increase their value at least 50 percent.
If you can’t communicate, it’s like winking at a girl in the dark; you know nothing’s happening.”
Warren notes that getting forth your ideas is a relatively simple process. He reveals that he took a Dale Carnegie course that helped him a lot.
Another key observation he makes is that, “If you invest in yourself, nobody can take it from you.”
2. Take Care of Your Mind and Your Body Every Day
He gives the example of a car. If you get a car and that is the only car you can have for life, then you will do everything it takes to care for it.
He explains that the mind and the body are no different. They are meant to take us through our entire lives. We cannot replace them, so our only option is to take good care of them.
He notes that it’s unwise to start taking care of the body after say you’re 50. If you haven’t done anything by that time, the body has already ‘rusted out’.
“You should remember that you got one mind and one body to get through life and you should do what you can to make the most of it.”
Advice to Succeed in Life
Have the Right Heroes
If you are looking to emulate someone, make sure that they are the right people to emulate.
Warren notes that, “In life, you cannot pick your parents. You don’t get a choice on that.”
But you do get different choices somewhere down the line.
You can choose the people you admire and the people you want to copy.
He says that this also applies to when choosing your spouse or life partner.
“You want to pick a spouse who’s better than you,” notes Buffet. “And you don’t want them figuring that out too fast,” he jokingly adds.
The Biggest Mistake People Make When Investing
In Warren’s words, “People think that because they can trade, they should trade.” He does not agree with this opinion that people have.He notes that when you buy an apartment house or a farm, you cannot just sell it the next day.
Is Business School Worth It?
Warren notes that this question depends more on the person, than the school. There are many opportunities nowadays even for people without a degree.He believes that there are a lot of costs associated with studying. You can also just purchase the books and study yourself.
His father got him to enroll.
He says that there ought to be a reason for you to be going to a business school and Warren does not see a reason.
Warren’s Favorite Investment Book
Warren Buffet reveals that his favorite book is “The Intelligent Investor” by Benjamin Graham.Here's the original video from YouTube.
What is your top life and business success tip? Let us know in the comments below.
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