Born in Omaha, and considered by many as one of the most successful investors in the world, Buffett is one of the three wealthiest men in America with a whopping net worth of $84.9 billion. Through his annual reports, speeches, and various articles, he's shared his insights into wealth and money management. These gems of advice will enhance your money mindset.
Invest in Yourself
"Imagine that you had a car and that was the only car you'd have for your entire lifetime. Of course, you'd care for it well, changing the oil more frequently than necessary, driving carefully, etc. Now, consider that you only have one mind and one body. Prepare them for life, care for them. You can enhance your mind over time. A person's main asset is themselves, so preserve and enhance yourself."
Pay Yourself First
"Do not save what is left after spending, but spend what is left after saving."
Read Everything
"By the age of 10, I'd read every book in the Omaha public library about investing, some twice. You need to fill your mind with various competing thoughts and decide which make sense. Then you have to jump in the water – take a small amount of money and do it yourself. Investing on paper is like reading a romance novel vs. doing something else. You'll soon find out whether you like it. The earlier you start, the better."
There's Wisdom in Admitting Your Ignorance.
"There is nothing wrong with a 'know nothing' investor who realizes it. The problem is when you are a 'know nothing' investor but you think you know something."
On Patience
"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."
Other People's Mistakes Are the Best Ones to Learn from.
"The best thing is to learn from other guy's mistakes. [General George S.] Patton used to say, "It's an honor to die for your country; make sure the other guy gets the honor." There are a lot of mistakes that I've repeated. The biggest one, the biggest category over time, is being reluctant to pay up a little for a business that I knew was really outstanding."
On Opportunity, Fear, and Greed
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
Do What You Love
"You should do the job you love whether or not you are getting paid for it. Do the job you love. Know that the money will follow. You're rich if you are working around people you like. You will make money if you are energetic and intelligent. This society lets smart people with drive earn a very good living. You will be no exception."
Have Great Coaches, Trust Your Instinct
I had a great teacher in life in my father. But I had another great teacher in terms of profession in terms of Ben Graham. I was lucky enough to get the right foundation very early on. And then basically I didn't listen to anybody else. I just look in the mirror every morning and the mirror always agrees with me. And I go out and do what I believe I should be doing. And I'm not influenced by what other people think.
On Following the Path of Least Resistance
"I don't look to jump over seven-foot bars: I look around for one-foot bars that I can step over."
And Remember, Take it Easy...
"You only have to do a very few things right in your life so long as you don't do too many things wrong."
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