#184 – Ten rules for making money and becoming successful from Warren Buffett, one of the richest men in the world

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.”

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About sand1

When I was young, I made a lot of bad choices. The only way I knew to dig myself and my family out was to go to the library, always hoping that the next book I read would change my life and thankfully, often many of them did. Out of gratitude for the happy life I have now, I decided to share what I have learned, and continue to learn. I hope that Tuesday Tips helps you as much as they have helped and continue to help me. Sand
This entry was posted in happiness, Inspiration, life and love, life coach, Motivational, new thought, positive psychology, Positive Thinking, Self Help, Success. Bookmark the permalink.

One Response to #184 – Ten rules for making money and becoming successful from Warren Buffett, one of the richest men in the world

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