Warren Buffett is the richest man in the world with over $ 75 billion in wealth. When it started buying stocks in Berkshire Hathaway in 1962, the cost of a share was $ 7.50. Today, 78-year-old Warren Buffett is president and CEO of Berkshire and the company has a share of Class A shares of over $ 250,000. His astonishing success, he explains, is one of the few key strategies he shared with writer Alice Schröder. Some of Warren Buffett’s secrets to making money and how they can work for you.
Include Your Profits
You may want to spend when you earn money from the stock market. Re-invest with your profit instead. Warren Buffett is from early learning. In high school he bought pinball machine to put on a barber shop with a friend. They bought 8 more machines to put in different shops with the money they earned. After the two friends sold out the pinball initiative, Buffet bought stocks and money and set up small businesses. At the age of 26, today’s money reached $ 1.4 million ($ 174 thousand). Even small amounts can turn into large wealth.
2. Be a willing to be different
Do not take decisions based on what everyone says or does. When Warren Buffett began managing money in 1956, he collected $ 100,000 from relatives and relatives, and was called a strange player by those around him. He worked not in Wall Street, but in Omaha, and refused to tell his family and relatives what he was doing about the money he was directing. People thought he would fail, but when he sold his first partnership, he made over $ 100 million in wealth. According to Warrent Buffett, what other people do about investment is always the same, and we should not follow the crowd. To earn above average, you can determine your own criteria, not by methods that provide you with average income or by frequently applied methods.
3.Didn’t Take Quick Decisions
Pick up all the information you need to make a decision in advance and make quick decisions if you don’t have a different information about your decision. Warren Buffet is proud of this feature, because it quickly shapes its decisions and moves fast according to its decisions. That is why it is time for the unnecessary / long-term decision-making to mean escaping opportunities.
4. Make All Agreement Clear Before You Begin
Before you start a job, your bargaining power is at its highest level. Then you need to present what the other party wants. Warren Buffett learned this at an early age. Her grandfather, Ernest, had her and her friend run after the blizzard to clear the family shops under the snow from the snow. The weather was so cold that it was worse than freezing as a result of two hours of snow shoveling. For this job, the grandfather gave them 90 cents to split up with two friends. Buffett was horrified to see a few bucks for a few bucks. Always state the terms of an agreement clearly. Perform this principle even if you have your own family and friends.
5.Follow Your Small Expenses
Warren Buffett invests in businesses operated by managers who are obsessed with even the lowest costs. On one occasion, he bought a toilet in which the owner counts 500 rolls of toilet paper in order to find out whether he has been deceived or not (which was being deceived). On one occasion, he admired his friend who painted only the façade of the office building. Being cautious at every cost affects your profits and your monthly performance.
6. Limit Your Operators
Living with credit cards and credits doesn’t make you rich. Warren Buffett did not make a significant amount of borrowing for investment or home loans. He received numerous grieving letters from many who thought debt was manageable but was overwhelmed by debt. His advice: talk to the creditors to pay for what is obligatory. Then, when you’re in debt, try to save money that you can use to invest.
7. Be Insistent
Work hard and you can even defeat a stronger opponent with skill. Buffett purchased Nebraska Furniture Mart in 1983 just because he liked the way he did business. As a Russian immigrant, he has taken over the store as the pawnshop, making it the largest furniture store in North America. His strategy was to make big product sales cheaper and increase market share. According to Warren Buffett, Rose set out the constant courage to take the winner out of a victim.
8. Know the Time to Leave
Once Warren Buffett went to the racetrack when he was young. He bet a race and he lost it. To win his money back, he bet in another race and lost again. When he returned home, he realized that he had lost his earnings for a week and he never repeated this mistake. When you experience a loss, know when to get away from that job and do not repeat your mistake.
9. Measure Your Style
In 1995, Warren Buffett’s son, Howie, was charged with price fixing by the FBI. Warren Buffett advised Howie to imagine the worst and best case scenarios if he stayed with the company. His son quickly realized that the risks of staying in the company were more than any potential earnings, and he resigned the next day. The question what about you later? Olabilir can help you see all of the possible outcomes when trying to make a decision and directs you to the most intelligent choice.
10. Know What The Real Meaning Of Your Success Is
Despite his wealth, Warren Buffett does not measure successes in dollars. In 2006, he pledged almost all of his fortune to charitable organizations, especially the Bill and Melinda Gates Foundation. He strongly opposed the monuments to be built on his behalf – he never wanted to be the Buffett Building or the Convention Center. Hastane I know a lot of people who have a lot of money, he says, and he goes on. But the truth is that nobody in the world loves them. When you’re my age, you’ll find the measure of success by comparing how much you want people to love and how much you really love you. This is the only indication of how you live your life.