Warren Buffet is an American business investor, philanthropist and Chief Executive Officer of Berkshire Hathaway. He is one of the wealthiest people on the planet and popularly known for his phenomenal achievements in the field of business and investing.
The billionaire was born in 1930 in Omaha, Nebraska. He developed an interest in business and investing at an early age as this led him to pursue a degree at the University of Nebraska where he graduated with a B.Sc. in Business Administration. He went further to earn an M.Sc. In Economics from the University of Columbia after being rejected by Harvard Business School.
The life of Warren Buffet delineates a man who from an early age has been driven by a passion for what he loves doing most- investing. His recent works demonstrate his love for humanity and commitment toward philanthropy. His underlying principles, philosophy and imitable lifestyle place him on the pedestal as one of the most admirable personalities in the world.
The following tips are wisdom drawn from one of the most successful investors in the world. They relate underlying principles on which Warren has built his empire upon. These lessons are poised to enlighten and inspire you as you journey on your path to success.
8 inspiring lessons from warren buffet.
1. Communication skill is essential: develop it.
“if you can’t talk to people, you’ve got a real problem”
Warren Buffett disclosed that he used to be crippled by the thoughts of speaking in public. He realised that this fear would impair his success and he immediately took action by enrolling for one of Dale Carnegie’s courses on the subject. Warren Buffet pointed out that this decision has yielded compounding returns.
Being able to communicate your ideas and thoughts to people in a succinct manner is an essential skill that needs to be mastered.
Just like mastering any skill; public speaking and communication skills can be harnessed by regular and consistent practice. Get into uncomfortable situations and air your view on various subject matters. Don’t be scared that you’ll make a joke of yourself. Even if you do, it’s part of the learning curve. Strike a conversation with random people and cultivate the art of listening.
2. Mindset is everything.
” I always knew I was going to be rich. I don’t think I ever doubted it for a minute”
The law of attraction is one of the irrefutable laws which govern the universe. The quality of your life is a direct reflection of your thoughts. To live in perpetual success, you must decide exactly what you want in life and train your mind to think in that direction. There is no room for self-pity or self-doubt. Negative thoughts are toxic and it’s important that you start nurturing thoughts that corroborate the vision of the kind of life you want.
- Must read: How To Gain Control Over Your Mind
Though circumstances might not be favourable, learn to look beyond your present situation and hold the picture of your dream life. The universe will conspire to see it through if you remain persistent.
3. Fuel your passion
“I love what I do and I’ve loved it the whole time I’ve done it. Some people are very lucky in finding their passion very early. And if you haven’t found it yet, you’ve got to keep looking”
Passion is the inner strength that fuels determination when giving up seem like the best option. There are millions of people who hate their jobs and go over the same routine day after day doing something they’re not remotely interested in.
To fully live and enjoy life, you must commit to doing something you’re genuinely interested in; something that adds value to others and gives you a sense of purpose.
4. Adopt positive qualities from people you admire
“Hang out with people better than you. Pick people whose behaviour is somewhat better than yours and you’ll drift in that direction.
There is always a rub-off when you hang out with someone. There is a tendency to imbibe a fragment of their traits when we repeatedly spend time with them. To establish your stance at the positive receiving end, choose people whose personalities you admire. Spend time with folks older than you. There is a lot of knowledge you can suck in from their level of experience.
5. Success requires sacrifice
“price is what you pay. Value is what you get”
Rarely is anything gotten from nothing. And it would be ridiculous to assume anyone became successful without some amount of sacrifice.
Remaining in your comfort zone, reclining to societal norms and not challenging the status quo are all the ingredients needed to lead a life of mediocrity. To live at the helm of your dreams, you must put yourself out there and take calculated risks.
6. Consider your reputation before making your decisions
” it takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”
Your reputation is your most valuable currency. Be it customer service, personal branding, business ethics and how you treat others; these cumulatively determine how far you’ll go in the journey of life. Therefore, be mindful of how you act and say. Usually, when these two (action and words) go out, they often cannot be redeemed.
This doesn’t mean you should live life in constant fear of what your actions might result. But rather it should give you a sense of responsibility to establish your values and act in unison to fairness and uprightness.
7. Learn to say “NO”
“the difference between successful people and really successful people is that really successful people say NO to almost everything”
Life regularly presents options before us and we’re required to make daily decisions. While most people are apt to bite on everything presented before them, this might not necessarily be the best route.
To take full control of your life; you must learn to make decisions that might not appeal to people’s emotions- and this requires saying “NO” more often than not. This involves saying no to opportunities that may seem appealing at the time but might not be so beneficial in the long run.
8. Take control of your life
“You’ve gotta keep control of your time… you can’t let people set your agenda in life”
Time is a limited resource and how you utilize it is very important. Be strategic in your actions and engage in activities that add value to you. Avoid allowing others control and dictate the course of your life.
Must Read: 6 incredibly useful time management tips
9. Choose your investments wisely
“Never invest in a business you cannot understand”
This is not a financial advice but common sense would suggest you make an in-depth research on a business before venturing into it. Consult with financial experts and do your personal background check before putting your money out there.
Related: Choosing The Right Business Partner: 11 Tips To Make The Right Decision
10. Don’t neglect Personal development
” the most important investment you can make is in yourself”
Warren Buffet is an avid reader- and most of the world’s successful people are. Spend time to improve yourself. Learn a skill, take a course, go to the gym. Whatever it is, ensure you’re committing time to developing yourself daily.
Apps like Duoligo makes learning foreign languages easy. Codecademy makes computer programming fun. Jay Shetty shares regular inspiring videos that help you become the best version of yourself. Goalcast teaches you to live the impossible and Quora is a reliable resource for information and knowledge. Business owners and aspiring entrepreneurs can also garner a wealth of knowledge from Inc and addicted2success
The aim is to constantly learn and develop your skillset.