One of the most famous and influential billionaires in the world, Warren Buffett has a brilliant and clear vision that helped him to built a consistent reputation in the business world.
Buffett is the chairman, CEO and largest shareholder of Berkshire Hathaway. He started doing business from an early age and has acquired a fortune estimated at $70.2 billion.
We share with you some of the cleverest thoughts and quotes of the Oracle of Omaha, as some call him, on how to manage life and business to become successful.
1. You are your best investment
"Investing in yourself is the best thing you can do. Anything that improves your own talents”
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2. Stay healthy
“You only get one mind and one body. And it's got to last a lifetime. Now, it's very easy to let them ride for many years. But if you don't take care of that mind and that body, they'll be a wreck forty years later, just like the car would be.”
Read More: Are You Physically and Fiscally Fit for your Later Years?
3. To invest well, master the basics
“Price is what you pay. Value is what you get.”
4. Change routines and bad habits as soon as possible
"I see people with these self-destructive behavior patterns," he says. "They really are entrapped by them."
Buffett advised graduating students at the University of Florida to form good habits as soon as possible. "You can get rid of it a lot easier at your age than at my age, because most behaviors are habitual," he told them. "The chains of habit are too light to be felt until they are too heavy to be broken."
5. Increase your saving habit
“The biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick.”
Read more: To Become an Elite Trader You Must Develop Strong Positive Habits
6. Let excellence surrounds you
“It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.”
Read more: 5 Qualities of A Good Forex Trading Mentor
7. ...and choose the right adviser
“You can't make a good deal with a bad person.”
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8. Read, read, read
"I just sit in my office and read all day," Buffett told. "Look, my job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action." Reading was his obsession from the very beginning of his career. He admits that this habit is crucial to achieve all his goals.
9. Never lose a good opportunity
"Big opportunities in life have to be seized. We don't do very many things, but when we get the chance to do something that's right and big, we've got to do it. And even to do it in a small scale is just as big a mistake almost as not doing it at all. You've really got to grab them when they come, because you're not going to get 500 great opportunities."
10. Do what you love
“Take a job that you love. You will jump out of bed in the morning. I think you are out of mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?”
11. Know your limits
"You don't have to be an expert on everything, but knowing where the perimeter of that circle of what you know and what you don't know, and staying inside of it, is all important."
Read more: Knowing Yourself is Important for Your Trading
Other article of interest:
- Warren Buffet: Dicing with the Devil
Warren Buffett once challenged Bill Gates to a game of dice. Gates immediately became suspicious when he was offered to choose first from a selection of unconventionally...
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Editors’ Picks
EUR/USD looks sidelined around 1.1850
EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.
GBP/USD flirts with daily lows near 1.3630
GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.
USD/JPY advances on weak Japanese GDP, holiday-thinned trading
USD/JPY rises while US and Japanese markets remain closed for holidays. Weak Japanese Gross Domestic Product figures curb tightening expectations. Investors await speeches from Federal Reserve Vice Chair for Supervision.
Editors’ Picks
EUR/USD looks sidelined around 1.1850
EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.
GBP/USD flirts with daily lows near 1.3630
GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.
Gold battle around $5,000 continues
Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.
Bitcoin consolidates as on-chain data show mixed signals
Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.
The week ahead: Key inflation readings and why the AI trade could be overdone
It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.
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