1. Reinvest your profits. When you first make money, you may be tempted to spend it. Don’t. Instead reinvest your profits. Even a small sum can turn into great wealth.
2. Be willing to be different. Don’t base your decisions upon what everyone is saying or doing. Judge yourself by your own standards and not the worlds.
3. Never suck your thumb. Gather your information in advance, then make up your mind swiftly and act on it. Warren Buffet only talks to people when they bring him a price whereby he gives his answer on the spot.
4. Spell out the deal before you start. Your bargaining leverage is always greatest before you begin a job when you have something the other party wants. Always nail down the specifics of the deal before you start.
5. Watch small expenses. Warren Buffett invests in businesses run by managers who obsess over the tiniest costs. Being vigilant over every expense can make your profits and your paycheck go much further.
6. Limit what you borrow. Warren Buffet has never borrowed a significant amount to invest or for a mortgage.
7. Be persistent. With tenacity and ingenuity, you can win against a more established competitor.
8. Know when to quit. Know when to walk away from a loss and don’t let anxiety fool you into trying again.
9. Assess the risk. Figure out the best and worst case scenarios. Asking yourself “and then what?” can help you to see all the possible consequences when you’re struggling to make a decision and can guide you to the smartest choice.
10. Know what success really means. Warren Buffet does not measure his success by dollars. “When you get to my age, you’ll measure your success in life by how many of the people you want to love you actually do love you. That’s the ultimate test of how you’ve lived your life.”