As you probably know, Warren Buffett is one of the wealthiest investors of all time. Just how wealthy is he? He’s worth over 72 billion dollars. Most people probably cannot fathom just how much money that is. Not a million. Not 1 billion, not 25 billion.
That’s the crème de le crème of wealthy investors right there! At 87 years old, Warren has learned many valuable lessons throughout his life personally and professionally. Oh, to sit at his feet and let him spoon feed us with his wealth of wisdom!
Good news is that he’s more than willing to share these valuable lessons and has been doing so for many years through articles, books, videos, and in person.
Regardless of whether you’re a real estate investor or not, lessons that Warren shares are worth learning and emulating. When you want to become more successful, you don’t have to reinvent the wheel. This means you do not have to go figure it all out yourself. Sure, learn lessons in your own endeavors. Often, you may learn valuable lessons through failures, but you can also learn immensely valuable lessons through other successful people.
Here are five valuable lessons that Warren Buffett shares on life and success:
1. Do what you love to do
If you’re going to work, and chances are you do, Buffett says if you’ll work a job that you love, you’ll never work a day in your life. If you’re passionate about what you’re doing, you’ll get up every morning looking forward to your day. In other words, you won’t wake up in dread like millions of people who cannot stand their jobs or settle for mediocrity.
2. Live a frugal life
Warren has enough wealth to pay high prices for anything he wants. Does this mean that he is extravagant with his spending? Not at all. Warren is and has always been frugal. In fact, he’s been in the same house since he was 28 years old. While others upgrade their homes, square footage and value, Buffet’s been content to stay put, upgrading a little here or there. When he shops, he’s wise. He doesn’t buy things that he doesn’t need, and he looks for the deal. He looks for the value. If you really want long-term success in your finances, live a frugal life.
3. Pay yourself first
Most people get their paycheck and pay their bills first. They hope that they have some money left over, and if they do, some of them will put it into savings. Unfortunately, a large majority of people will take the money that’s left over and go buy things that they don’t need. Buffet says that to grow wealthy, paying yourself first is important. When you do this, you always have money in savings. You remain conscious that your goal is to save money over the years. Whether you pay yourself 10, 20, or 40%, be diligent about doing this every time you get paid.
4. Learn how to communicate well
Buffett states that when he was young, he was afraid to talk to people. He didn’t have confidence in his communication skills. Did he let this hold him back? Not at all. He enrolled in a Dale Carnegie communication class and learned how to communicate well with people. He believes that success will be influenced by how well you can connect and engage with people. If you’re lacking in communication skills, or self-esteem, begin a journey to learn more effective skills and practice them regularly.
5. Price is what you pay. Value is what you get
One of Buffet’s famous quotes is, “Price is what you pay. Value is what you get.” Buffett was an avid researcher, and always did his homework before purchasing anything. He teaches that value is what is important. It’s not so much the purchase price, because you can buy something for $100, but it might only be worth $50. Buffett likes to look for quality products that have a great value, and then negotiates a good price.
These are just a few of the many valuable lessons that Warren Buffett teaches. He’s got multiple books that are full of insight and wisdom that will help any business person, entrepreneur, or investor. As you continue your business ventures, take some time regularly to learn from Buffett; one of the greats who has mastered investments and wealth.