Warren Buffett, 91, billionaire and CEO of Berkshire Hathaway is famous for his profitable investments, and golden advice. He had spent all of his life investing and doing business while providing amateur investors with the information they need to succeed too.
Here are four pieces of advice we learned from Buffett, which can help you too once you starting following them.
1. Remember Boundaries
When you’re a billionaire, you’ll have hundreds if not thousands of people wanting to meet you, and this is the case for Buffett. However, the billionaire learned a long-time ago that time is a great commodity. Hence, he had always set boundaries for himself and other people; not only when it came to time-management; but in several other aspects. He says: “The difference between successful people and really successful people is that really successful people say no to almost everything.”
Setting boundaries and learning to say no will enable me to have additional time, and effort. Therefore saying “No” and keeping boundaries is a very important thing in life. Leave your time and effort for people who deserve it.
2. Best investments are in YOU, says Buffett
Buffett has always made very successful investments, but surprisingly, the billionaire believes that the greatest investment he made is in himself. In a 2019 interview, he said: “By far the best investment you can make is in yourself.”
Yes, you can make tens or hundreds of successful investments, but if you don’t invest in yourself, you won’t be able to develop yourself to make your investments better. In other words, investing in your well-being and knowledge is your greatest asset, says Buffett.
Buffett reads 800 pages a day, and this might be the best example of his advice.
3. Buffett on “leadership”
In 2015, Buffett sent a letter to shareholders of his company Berkshire Hathaway, and explained how he sees great leadership: “Much of what you become in life depends on whom you choose to admire and copy.”
Buffett referenced Tom Murphy his “guru” in the letter. Murphy wasn’t only the teacher of Warren but also one of his greatest admirers, and he breaks down his best lessons on management practices below:
- · Make workers autonomous.
- · Hire based on integrity
- · Delegate your authority wisely.
4. You only have one reputation, make it great
Buffett , widely respected in the world, did not built his reputation that quickly. The money-magnet has always spoken about principles he follows in both his professional and personal life:
- · Be trustworthy, transparent, and fair.
- · Make your products both high quality and high value
- · Respect people
- · Make your communication clear and on point.
- · Make an impact in your community