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Lesson from the Oracle of Omaha that you must learn to climb the ladder of success

In the financial world, no name is more popular than Warren Buffet. While he started his investing career at the age of 11, by buying three shares of a stock worth $38 in 1936, he is now worth more than 90 billion and that is only because he gave a chunk of wealth to charity. You can do that if you are a multi-billionaire, after all, there are only so many things that money can buy you.

Warren Buffet needs no introduction. He is one of the most successful and richest men of all times. Buffet possesses some exceptional qualities that people around the world can learn a great deal from. Here are some of the main ones that you must definitely take note of:

Live modestly

No man is an embodiment of living below their means than Buffet. While he has all the wealth in the world, he continues to live in his simple Omaha house which he bought 60 years ago and drives his old Cadillac. He preaches people to live somewhat frugally so that they can save and invest. There’s absolutely no need for the many material things according to him. Also, having money for emergencies is better than being in debt just to keep up with the social appearances. The following quote brilliantly sums up his lifestyle and people can learn a great deal from him, “I’m not interested in cars and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living.”


Save and increase your income

Warren Buffet has shown the world how he accumulated his vast wealth by saving and investing wisely for decades. He urges people to allocate their incomes smartly, first save and then spend. This way people can actually save a handsome amount.  He also advises people to multiply their sources of income. According to him, depending on just one paycheck is not safe enough.

Invest smartly

It is obvious that Buffet’s wealth has grown exponentially because of the smart investments he made. While people around the world do know that it’s preferable to buy low and sell high but how to go about finding a specific stock to invest, still remains a mystery. The take-home point from here is to do plenty of research before buying a stock and as Buffet puts it like “read as much as you can”. Following are the secrets to his investing methods:

“Select investments on a long-term basis, weighing the factors that are involved in the purchase of an operating business such as:

(1) Favorable long-term economic characteristics;

(2) Competent and honest management;

(3) Attractive purchase price when measured against the yardstick of value to a private owner; and

(4) An industry with which we are familiar and whose long-term business characteristics we feel competent to judge.”

Moreover, he encourages people to not put all their eggs in one basket, diversify in order to minimize risks and not simply go with the flow of the market.

Nurture your communication skills

Warren Buffet has, at numerous times, urged people to hone their communication skills as he believes it is necessary for success in almost every field. He was himself afraid of public speaking but he overcame his fears by enrolling in a public speaking course and by talking in public.

Have the right company

Buffet says, “Hang out with people better than yourself and you will drift in that direction.” This highlights the importance he puts on surrounding yourself with good people, people who can help you grow and not restrict your abilities. He had a few good friends including Bill Gates. So, if you want to be successful then network with the right people and seek inspiration from those who are better than you.

Don’t waste time

Not only is Buffet against meetings and too much socialization because he thinks they are time wasters, but he also urges people to choose a career path they really want to pursue as he says, “Not doing what we love in the name of greed is the very poor management of our lives.”

Remember where you came from

Even with all the wealth and power, Buffet still remains a down to earth, humble man who is still accessible to people. It teaches everyone that not only should you keep a relatively low-profile, not brag but also be modest.

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Hashaam Asif is a Luminite, an entrepreneur with a passion for writing and an unquenchable thirst for good reads. He is working as a freelance writer, editor, content strategist, and is pretty keen on raising the writing standards on the web. You can find him here https://www.linkedin.com/in/hashaam-asif-45372213b/

 

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