Who's Warren Buffett?
For those of you who don't know, Warren buffet is an american businessmen, billionaire investor, chairman and largest shareholder of Berkshire Hathaway and a notable philanthropist having pledged to give away 99 percent of all his Fortune to philanthropic causes.
He is considered to be one of the most successful investors in the world; time magazine named him one of the most influential people in the world and it's very important to know that he started from scratch, with literally zero money and now he is worth $75.5 billion. Warren Buffett is a great man check out his rules for success and apply the to your life.
1.- FIND YOUR PASSION
"I was very, very lucky to find my passion when I was eight years old."
Explore jobs until you find one that you like, if you don't find a job that really moves you, "create it by yourself". Some people just walk through life unhappy because they are not willing to take risks and go find their passion and work for their dreams, they want "security" for their lifes and they decide to live a mediocre life.
Warren Buffett says you are a lot more happier when you find a job that you like; in his case he created it.
Here it's a list of things that you gotta do once you found your passion:
- Pursue your dreams
- Always look for more.
- Never give up
- Always do your best
- Develp the habit of consistent learning
- Be great full but never satisfied
- Be ambitious
- Give unconditional love
- Have fun
2.- REINVEST YOUR PROFITS
When you first make money, you may be tempted to spend it. Don’t. Instead, reinvest the profits. Buffett learned this early on. In high school, he and a pal bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture, Buffett used the proceeds to buy stocks and to start another business.
If you wanna grow your business you gotta have austerity in good times to build a good capital for the business. A lot of people start spending money once the business is doing well and generating profits; Warren Buffett doesn't recommend that, he says that if you wanna grow a company you gotta reinvest the profits. The Mexican business magnet Carlos Slim also recommend this practice, he says: "that's the only way you can grow a company."
Whether your business is big or small you gotta start reinvesting your profits until you see that your business is doing so well and you have the necessary capital to cover a future lost.
3.- BE PERSISTENT
With tenacity and ingenuity, you can win against a more established competitor. Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business. A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator.
At first you will fail a lot of times and you gotta keep trying until you get it; Warren Buffett is well known for his long term investments and long term vision. We live in an era where everyone wants everything fast, instantly, in business this doesn't happen, you don't get rich over night, you don't get successful in one week or two; in business you create your own luck.
4.- BE WILLING TO BE DIFFERENT
Don’t base your decisions upon what everyone is saying or doing. When Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not on Wall Street, and he refused to tell his partners where he was putting their money. People predicted that he’d fall, but when he closed his partnership 14 years later, it was worth more than $100 million.
- Do different things to get different results
- Find your own individuality
- Don't be normal
5.- DON'T CARE WHAT OTHERS THINK
When you are starting your business you'll receive a lot of criticism, a lot of people will not trust you and you gotta deal with all this things, Warren Buffett says he never took care about the criticism of others, he says that you have to work in silence and never ever listen to the little man, instead he stay on what he called "the circle of confidence"
Don't have any problem if someone says you're wrong, in your life you will know a lot of negative people, your job is to ignore them and surround yourself with positive people.
6.- READ, READ, READ
Warren Buffett credits many of his great money decisions to his varacious reading habit. He says he starts every morning by reading several newspapers and estimates he spend as much as 80 percent of his day reading.
Warren Buffett when asked once about the key to success, pointed to a stack of books and said: "read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it."
"I read and think," Buffett once said.
So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life."
It's important to develop the habit of reading at least one hour every day. We live in a competitive world where you gotta be upload, with frech knowledge and with new skills.
As Warren Buffett says:
The more you learn
the more you earn.
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