Warren Buffettthe American investor recognized as one of the most successful of all time, revealed ten keys to take into account when get rich. Among them, being different and not neglecting ant expenses.
Over the years, the president and CEO of Berkshire Hathaway accumulated a great personal wealth through its investments, which is why it is considered one of the richest men in the world. Now, with a great financial journey, he reveals his strategy to succeed In the economy.
Warren Buffett’s tips for having money
Next, the ten most important points for the entrepreneur.
reinvest earnings
suggests invest from youngsince in this way the compound interest you work hard to build wealth over time. Thus, the exponential growth it becomes more powerful over the years.
be willing to be different
You must have the ability to think independently, which will help you stand out from the rest. If you follow the crowd, you will probably end up broke.
Don’t “suck” your thumb
Don’t waste time making decisions. Do your research and decide quickly on any investment. “He who doubts, loses”the saying goes, and opportunities don’t come along often.
Verify agreements
Whether it’s a project or a job, you have to have bargaining power. Take advantage of this to get the best deal possible since then it could be too late to change it.
Be aware of small expenses
There is a great difference between being one cheap person and be thrifty. When you’re cheap, you try to save as much as you can on each expense. On the other hand, when it is the other way around, you do not waste money since you make sure you find the best deal possible.
limit borrowing
Borrowing money can be a smart decisionbut it can also get you into serious problems. You have to keep in mind that, in this way, you expose yourself to risks.
be persistent
Do not give up when things are not going so well as you expected. The best will be overcoming difficult times and you will be rewarded.
Learn when to give up
Recognize the moment you have failed and I moved on. When he was 11 years old, Warren lost a week’s winnings betting on horse races. However, he learned and never made the mistake again.
Assess the risks
In general, risk is understood as volatility. The ideal is avoid risky bets which are considered to have the potential to fail.
Understand what success means
Success is not about money. “When you get to my age, you will measure your success in life by how many of the people you want love youthey really love you. That is the ultimate test of how you have lived your life,” says Buffett.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
