Those who are seeking big financial success usually look to Warren Buffett at some point in their lives for some solid advice. After all, he is worth over 80 billion dollars, so it’s safe to say the man has some expertise on the topic.
Today, Buffett is 87 years old and is still giving sound advice to wisdom seekers all over the world. He gives credit to his outstanding success to various strategies and beliefs he’s adopted and executed throughout his life. Of course, there’s plenty of books out there you can check out that go into more detail, but today I’d like to share with you a few words of advice from Buffett.
- Know what success means for you. Buffett doesn’t measure his success by his net worth. Sure, he loves making money and does so well, but that doesn’t define him. Buffett is a “people person” and loves to give back. In fact, he’s given huge amounts of money to charities over the years. Buffett says, “When you get to my age, you’ll measure your success in life by how many of the people you want to have love you, actually do love you. That’s the ultimate test of how you’ve lived your life.”
- Don’t spend your profits. In terms of investing, Buffett says reinvest your profits. He says many people are tempted to spend their profit, but he says don’t do it. He knows the value of reinvesting profit, allowing his money to make him more money. He shares an interesting story about when he was in high school. He and his buddy bought a pinball machine so they could put it in a barbershop and make some money. They made money from that machine and rather than go and spend it, they reinvested it into more pinball machines. They ended up with eight machines and put them in eight shops. Eventually, when they sold those machines, Buffett reinvested his profit to buy stocks. He’s kept that kind of practice up throughout his whole life, which has resulted in immense financial success.
- Build a solid reputation. Buffett says, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” That’s excellent advice. Your reputation matters, in your personal and professional life. Spend time cultivating heartfelt connections with your family, friends, business associates, clients, and acquaintances. Go the extra mile and don’t be afraid to engage with others in meaningful ways. People want to know that you care about more than just making a dollar. They want to be seen, heard, and valued. If you do that consistently, you’ll be building a wonderful reputation, and people will notice.
- Go for the home run. Buffett says it’s great to dream big. He says he always knew he was going to be rich, even as a young kid. In fact, he says he never really doubted it. So, go ahead and dream big and go after your goals in every area of your life. Think it, feel it, and talk about it often, because what you talk about and think about matters.
- Don’t complicate investing. Whether you’re investing in the real estate market or the stock market, try not to make investing complicated. Buffett is big on following the ground rules when it comes to investing, but no need to complicate things. Of course, there are some things you must do, like learn those ground rules and execute the strategies consistently. Success isn’t going to come easy, but if you build a solid foundation and follow the rules, success will come your way.
Sometimes people psych themselves out when it comes to achieving success, but there are rules, strategies, tips, tricks, techniques, etc. at your fingertips to help you. So, if you’re after success, define what success means to you and then model those who had gone before you and paved the way. I hope that you enjoy a life marked with success on all levels, experiencing peace and joy along the way.