Seven laws of success from Warren Buffett
“If you’re all so smart, then why am I so rich? Warren Buffett”
This famous phrase is attributed to the charming American old billionaire. An eccentric old man with the appearance of a provincial Professor lives in a modest house in Omaha and often travels on an old “Honda”, bought 10 years ago in the secondary market for some 700 bucks. The car flaunts a license plate with the inscription “thrifty”, which translates as “calculating”. According to this sign, almost any American will determine that this is the car of Warren Buffett — the most successful investor and the world’s richest man nicknamed “the Oracle of Omaha”.
At the age of 6, Buffett bought a package of Sosa-Sola from his grandfather’s store for 25 cents, and then sold each of the six bottles for 5 cents. The total revenue as a result was 30 cents, and the profit was 5 cents. So the boy-businessman made his first profit.
So, here are seven tips for business wins from the most successful investor of the twentieth century and one of the richest people in the world:
1. Wealth is a state of mind
“I always knew I’d be rich. I never doubted it for a minute.” — Warren Buffett
2. Success is more than a large Bank account
On the question of the correspondent of the TV channel CNBC that he believes the main secret to success, Buffett replied: “When people live to be my age and around it is by loving people, this is success. It doesn’t matter how much money is in your safe Deposit box. Also, it’s important to do what you love and do it well. I’ve never met a successful person who does something they don’t like. The lives of such people look pathetic.”
3. Spend less than you earn
“If your ship is leaking, it’s better to use the energy to replace the ship than to patch the holes.” — Warren Buffett
You can not become a financially successful person if you do not know how to curb your spending. Warren Buffett is known for leading a modest lifestyle despite his multi-billion dollar fortune. He still lives in the house bought in 1958 for 31800 dollars, and drives a used Lincoln.
4. Do not take consumer loans
The sooner you realize that consumerism is the social plague of our time, fueled by large corporations in order to make you work for them, the faster you will be able to give up unnecessary things. Only a fool buys today what he can work only tomorrow. Because one day your workdays will end, and the debt will still remain.
5. Choose the right idols
“Spend time with people you think are better than you are. This will help you move in the right direction.” — Warren Buffett
6. Gambling is for fools
“Rule No. 1. Never lose money. Rule # 2. Never forget rule number 1.” — Warren Buffett
Once bill gates admitted that he often bet with Buffett, but not more than one dollar.
7. Generosity and wealth go hand in hand
“Among the billionaires I know, there are no such who would change money beyond recognition. If they were jerks before they got rich, then they just became jerks with billions.” — Warren Buffett
To have more, you need to give more, I’m sure Warren Buffett, also known as a philanthropist and a generous benefactor. In 2006, he donated $ 30 billion to the bill & Melinda gates Foundation, the largest donation in charity history.