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Getting Rich the Buffet Way |
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Written by Roberta Edgar
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Tuesday, 16 September 2008 |
 Warren Buffet learned how to make a profit from the time he was six. Today, at 72, he has an estimated fortune of $62 billion. Writer Alice Schroeder spent hundreds of hours interviewing the man they call the Sage of Omaha for his new biography, The Snowball.
In a recent issue of Parade magazine, Buffet and Schroeder shared a few of Buffet’s secrets for monetary independence. Apply them to your own life, and you are likely to experience a shift in your financial future to the upside, regardless of the state of the world economy. - Don’t spend your money on needless items. Save it, instead. And invest it--wisely.
- Don’t be led by establishment thinking. What works for others may not work for you, and vice versa. Look for undervalued investments that have long-term potential. If you follow everyone else into an investment, there is probably no way to go but down.
- Don’t “suck your thumb,” says Buffet. What he means by that is that you should not hesitate or equivocate in negotiation. Do your homework on an offer, and then make up your mind on the spot. If you put off a decision, very likely someone else will come along and whisk it out from under you.
- Always get it in writing when your leverage is strongest. Before you start a project, spell out everything to a “T” so you will not shortchange yourself, and there will be maximum understanding on all sides.
- Watch out for every expense, no matter how small. Pennies grow into dollars.
- Don’t become a slave to debt.
- Be persistent. No one is a loser until he gives up.
- Know when to fold ‘em, and then, never look back.
- Learn the true meaning of success, which is measured more by the people who love you than the wealth you have accumulated.
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