The biggest investor of the century, Warren Buffet has own principles and ideology to make money and live a rich life. He always followed a principle in his life “Never risk something for the sake of something that you don’t need”. Along with the following practices of ‘doing what you love’, Warren emphasises on making the balance between dreams and practicality.
Secrets of money making and happy life of Warren Buffett, he has always something to share and advice.
Sharp your axe:
Warren always said first you should invest in yourself. Find your talent, improve your skills, and learn anything that takes you to the next level in both the personal and professional life. Leave the habits that draw a destructive line. Hard work, conviction and enormous helping of common sense are what he attributes to success.
Be choosy in trusting:
Don’t always rely on market rumours and all outside information. “More risk, more profit”, for this business principle, Warren Buffet said to assess the risk and measure that your business can bear that amount of risk in case of loss. If you can’t bear, then, play safe on one side and take risk another side. Be practical enough in trusting and taking decisions.
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Be a constant learner:
Life teaches many lessons, only if you consider. Buffett is a merciless negotiator. He acquired Nebraska Furniture Mart because he liked the way of doing business by its founder. The move was beyond sense for many industry players, but Buffet think smartly and two steps ahead always.
[ctt template=”5″ link=”grw29″ via=”yes” nofollow=”yes”]Find your talent, improve your skills, and learn anything that takes you to the next level in both the personal and professional life.[/ctt]Measure your risk taking capacity:
Gather information in advance from every possible source. Pick the subject of your interest to kick in the career. Analyse your strengths and weakness. Take the best possible and ever worst case of your idea. If you are ready to bear the worst case, you are simply ready to take risk.
When to quit and when to survive:
Dreaming and setting the vision, both are different. Determine the meaning of success. Set flexible goals to move with the changing market needs and grow with the same. Business theories of Warren mention that one should have a better idea when to quit and when to survive. Don’t just play out in anxiety repeating Mantra of try again, know when to walk away from a loss.
Do not keep all Eggs in one basket:
Whether it is personal life or professional, diversify your investment. Increase investment size gradually. Don’t put your all money at one place. Take risk, think in probabilities, but always set alternatives. One should know when to exit from any particular investment. Limit what you borrow, you never be rich by others money.
Play with the mind:
Focus on wealth creation, instead of expenses and money-spending. Reinvest your profits wisely. Buffet never hands on business or investments that do not bring him price. Before making any partnership, he always plays mindful and spells out the deal.
[ctt template=”5″ link=”8QcTO” via=”yes” nofollow=”yes”]Don’t put your all money at one place. Take risk, think in probabilities, but always set alternatives.[/ctt]Avoid negative thoughts and feelings:
One should have better plan to spend the spare time. Buffet calls unnecessary sitting and thinking ‘Thumb Sucking’. Always find opportunities to take benefit. He says “I won’t talk unless they bring me a price.”
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- Drop the struggle mentality
Be honest, you will never run long with dishonesty, immorality, and cruelty. Warren said, “Never do anything in life if you would be ashamed of seeing it printed on the front page of your home newspaper for your family and friends to see.”
Apart from a successful career, Buffet revealed many secrets of peaceful life. He said first analyse and invest in the happiness of your life. Overcome your fear and always surround yourself with people you admire. This idea will boost your knowledge and zeal to learn.
