Warren Buffett seems to have understood everything. He is a multi-billionaire with the well-deserved nickname The Oracle of Omaha. Her net worth of $ 80 billion has increased since her teenage years. He lives quite frugally. He looks like a nice guy. He likes his ice cream and coke and other fun and tasty food items you wouldn’t normally associate with an octogenarian – or almost, he will officially be 80 on August 30. He never fought with his best friend and his right arm, Charlie Munger, not one, in the 61 years, the two were friends. He pledged to donate 99% of his net worth to a charity before dying with 83% of the money going to the Bill and Melinda Gates Foundation via the Giving Pledge he founded with Bill and Melinda. In short, it looks like he has a pretty good life. That’s why it seemed like a good time to share some of Buffett’s rules with you. We’re all sort of out of breath now and it doesn’t look like it will change anytime soon. So why not take advice from the master? Buffett has 10 rules to follow, but we’ve organized the list so that it doesn’t apply exclusively to investors. If you are interested in the other four rules, a simple Internet search will bring them up.
# 1. Communication is the key
The key to Buffett’s success is to be a good communicator, not to select actions. Choose your words carefully and make sure you think what you say. Sales tactics are part of almost all careers. Anyone looking to take advantage of their work for a larger position or with more leadership required should be able to think clearly and communicate well in all situations – especially stressful situations.
# 2. Keep your focus on the future
In the 1950s, Buffett said something that was repeated often by him and many others. He said: “Today’s investor does not benefit from yesterday’s growth”. It is truly wise advice that is also true today, seven decades later. According to Buffett, in business (and in life), finding new opportunities is more important than the past.
# 3. Know when to go
Kenny Rogers said in his song “The Gambler”, “know when to hold them and when to fold them, know when to go and when to run”, and Buffett echoes this statement. The key to investing for life is to know when to leave. By investing, Buffett learned it when he was young and bet on horse racing. When he lost, he increased his bets and ended up losing even more money. This saying can also be applied to life.
# 4. Be ready to learn
We all know that the more we learn new things, the healthier our brain, no matter how old or young we are. Buffett has repeatedly said that knowledge is accumulating, as is interest in the bank. And look at it this way – we all know an older person who struggles with technology, right? Avoiding (or just stopping) learning new things puts you at risk of not understanding the world today. Nobody wants to be obsolete. Even simple crosswords are great for learning.
# 5. Don’t Spend What You Don’t Have
I think that goes without saying, but think of the Oracle of Omaha himself: he lives frugally. He drives an old car and still lives in the house he bought for $ 31,500 in 1958 in his beloved hometown of Omaha, Nebraska. He’s a big fan of an inexpensive breakfast at McDonald’s that he catches from driving. Don’t spend stupidly. Live modestly. This is easier said than done for many people.
# 6. Something good may be around the corner
Be ready for anything, because anything is possible. Buffett prints the front pages of newspapers with stock market crash headlines to remember to avoid risky investments or debt. Being open to change and a positive outcome is important.