When you’re seeking a certain level of success in life, there are various things you can do to progress on that path steadily. You don’t have to reinvent the wheel, as there are those who have found huge success that shares a great deal on the topic.
Warren Buffett is such a man that many people turn to in order to get his advice on personal and professional success. This multi-billionaire has a wealth of wisdom to share. In his almost 90 years living on this planet, he has dedicated his life to learning and practicing some of the best success principles around. The following are five golden nuggets by Buffett on life and success:
- Work A Job That You Like
Buffet recommends going after a job that you actually like. He encourages people to do what they love to do. He says that when you get up in the morning and go off doing what you love, it doesn’t necessarily feel like work. Are you doing what you are passionate about? Do you look forward to getting up and getting busy with your job each day? If not, take some time to think about what kind of work you would actually enjoy doing. Then, begin figuring out how you can incorporate that into your life.
- Be Frugal
Warren Buffett is worth over 72 billion dollars, but he is not an extravagant spender. And he’s been this way his entire life. He doesn’t believe that you should have to spend mega amounts of money just because you have it, and he’s certainly not an advocate of wasting money. In fact, Buffet’s been living in the same house since he was 28 years old! This man could afford a castle, but he chooses to live a frugal life. This doesn’t mean you can’t live in a gorgeous mansion. Go ahead and shoot for the stars if that’s your desire; just be wise. Living a financially free life means that you’re living a life marked by financial success, wisdom, and frugal monetary decisions.
- Give Yourself A Paycheck First
A majority of people get paid and pay all of their bills first. Then, if they have any money left, many of them will go on to buy things that they don’t even necessarily need. Meanwhile, their savings account rarely grows. Buffet encourages people to pay themselves first. Get your paycheck and put a certain percentage right into your savings account. This way you will always have money in your savings account and that cash reserve will continue to grow. Resist careless spending and pay yourself first.
- Master Communication Skills
Buffet wasn’t always a great communicator. When he was young, he struggled with self-esteem, but he didn’t let this hold him back. In fact, he took a Dale Carnegie communications class, so that he could better his communication skills. This allowed him to become more confident, learn how to better connect with people, and have more of an influence on the world.
- Understand The Importance Of Value
Buffett believed that the price is what you pay, but it’s not necessarily what you get. He believed that the value of things should not be overlooked. He would always do his research before paying for something. For example, let’s say you want to purchase something for $200. You like it and so you purchase it. But Buffett says that you should always do your research to see what the actual value of that product is before you purchase it.
What if that product is only worth $50? Would you still buy it? Buffett would always look at the quality, and if he found that the price was far above what it was really worth, he would negotiate a price to better match cost versus value. He did this when he purchased things, as well as in his investments.
As you continue to journey towards success, take time regularly to learn what financially successful people are saying about the success journey. Warren Buffett is one of the masters when it comes to investments and building wealth. He offers plenty of practical wisdom to help you on your financial success journey. All you have to do is implement these into your life and you’ll be just fine.