Warren Buffet Rules To Become a Billionaire

Leaderships


11 Important & Powerful Lessons Everyone Can Learn from Warren Buffett For Success.

Introduction.

Warren Buffett is currently one of the most successful investors and wealthiest people in the world. Buffett, a very humble person despite all his wealth and success, is a great inspiration, especially for entrepreneurs.

Warren Buffett is very generous with his investments but is also generous in investing in startups that he has in mind. Buffett, who donated $ 2.86 billion of his fortune to the Bill-Melinda Gates Foundation, is also one of the leading names in The Giving Pledge. The Giving Pledge is a project for the wealthiest names in the world to donate a significant portion of their wealth to charity before their life ends.

Reinvesting Method to Grow Your Business.

In this article, we consider important life lessons that we can learn from Warren Buffett.

1. Make the Right Investment.

Warren Buffett has the habit of researching the companies he will invest in, down to the finest detail. After doing solid research, an investor should not be afraid to invest his money in a company he has in mind, he says.

There are four principles Buffett pays attention to when investing in a company. Buffett explains these principles in the following words:

“We determine our investments according to the following 4 factors:

Promising long-term economic potential,
Having an honest and well-informed management team,
Having a reasonable price compared to the value measured by the owner of the company,
To operate in a sector that we have knowledge and experience about and therefore can be evaluated correctly.
In the book "Winning Ugly," tennis coach Brad Gilbert states that the world's most successful tennis players are the ones who make the least mistakes. The same goes for life, of course. It is not necessary to reinvent the wheel, to reinvent America. It is enough to avoid nonsense mistakes. Warren Buffett says:

“You just need to do a few right things in your life. That way, you won't do a lot of wrong things. ”

In other words, Buffett favors simplicity. The best example of this is that Coca-Cola has been one of the most important investors for many years. You don't need to know advanced math to earn money. He explains this situation as follows: "I guess there is a distorted property in human nature, such as making easy things difficult."


2. Don't Forget Your Original.

Buffett, who distributed The Washington Post newspaper with his bike during his high school years, never forgot this first job of his career. So much so that he maintained his relations with The Washington Post newspaper throughout his life. Buffett is currently one of the paper's biggest investors.

3.Prioritize Accumulation.

Most people spend with their monthly earnings, pay bills, pay installments; tries to save the remaining money. Buffett argues the opposite. “Transfer some of what you receive each month into the savings account, spend with the remaining money,” he says.

Buffett's on this subject, "What smart people do first, foolish people do at the end." his statement makes the situation clear.

"If you buy things you don't need, you will soon have to sell what you need." With his words, it is possible to understand the importance that Warren Buffett places on thrift.

4. Improve Your Communication Skills.


In the early years of his career, Warren Buffett was too afraid to speak in public. But after realizing that he had to speak in front of the public to achieve his goals and dreams, he took a lesson on this topic from renowned communications expert Dale Carnegie. Buffett definitely emphasizes the importance of having effective communication skills for success when he will give advice to young people today.

5. Maintain Your Reputation.

"It takes 20 years to gain dignity, 5 minutes is enough to destroy it." Money is a temporary thing. However, when the dignity and dignity of a person are damaged, it is very, very difficult to repair him again. In this context, Warren Buffett places great emphasis on dignity, both individually and commercially. Buffett's statement “Money cannot change how many people love you and how healthy you are” is also a phrase that needs to be considered in this manner.

6. Choose Your Friends Right.

Parents often warn their children when their children should or should not be friends. They have good reasons for them. Warren Buffett thinks so too. He advises that a person should befriend people who are more successful than an entrepreneur himself. If the people around you are successful people, they will inspire you to realize your potential.

7. Spend Your Time Efficiently.

Warren Buffett does not attend the New Year's meetings of the companies he owns. Instead, it sends a special message to those meetings. In this message, he states the company's targets for the new year and congratulates the company employees for the success achieved in the past year. Warren Buffett doesn't like wasting time with long meetings and phone calls. It does not waste its own time and does not steal employees' time. Thus, it makes it easier for everyone to focus more on their own business and achieve their goals.

"The difference between a successful person and a VERY successful person is that very successful people say NO to almost everything offered to them." This quote is by Warren Buffett. Emphasizing the need to be very selective about time and opportunities, Buffett's success can be compared to the success of the famous actress Meryl Streep. Because he chooses the productions he will play with great care.

Buffett's quote also has deep meaning for entrepreneurs:

"I believe in the importance of sitting and thinking most of the time." Buffett prefers to take time to think and concentrate his thoughts rather than being under this information bombardment in an age where the flow of information is at a crazy speed.

8. Do not be attracted to popular stuff.

You can't see Warren Buffett investing in social media startups and popular tech startups. In other words, Buffett does not have investments in companies such as Facebook, Snapchat. He prefers to invest in solid sectors that have proven their success in the long term.

9. Don't Give Up.

When Warren Buffett bought Berkshire Hathaway, the company was a textile company about to go bankrupt. Seeing some opportunities in Berkshire Hathaway's manufacturing and pricing policy, which produces liners for men's suits, Warren Buffett made Berkshire Hathaway one of the world's largest investment and marketing companies.

10.Live a Humble Life.

Warren Buffett has a personal fortune of about $ 80 billion today. However, he still stays in the house he bought in 1958 for $ 31,500. He has a fortune of $ 80 billion, but he knows how to settle for a $ 31,500 house!

The fact that he lives such a humble life allows him to invest more and earn more. The wealth of such a frugal person naturally increases faster and the probability of bankruptcy gradually decreases. “I'm not interested in luxury cars. I have no intention of making people jealous. Do not confuse the standard of living with the cost of living. ”

11. Don't neglect to have fun.

Warren Buffett has trouble understanding why people work jobs they don't like. Because he is an important defender of the philosophy that life is short and a person should do what he loves. Buffett is living proof that when a person has the right goals, he can achieve what he wants with the right moves.

If he didn't like his job, he wouldn't have taken that much care and effort. Comparing working in a job that people do not like to wait for their sex life to retirement years, Buffett says. "If you do not do what you love because you are overly ambitious and greedy, it means you manage your life in a lousy way."


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