Warren Buffett’s 10 Ways to Get Rich
September 16, 2008
During a week like this one – where the market is tanking, investment banks are failing and people are running scared – it seems like a good time to get back to basics Buffett Style.
Yes, it’s time to check in with that ol’ investor Warren Buffett to find out a few of his secrets. Luckily for us, there’s an article on WalletPop.com about Warren’s 10 Ways to Get Rich. And what I like about these ways is that they’re all pretty much common sense.
According to Buffett, if you want to get rich you should:
1: Reinvest Your Profits
In the beginning, don’t spend the profits from your investments. Reinvest them. It will give you a bigger stake to invest and profit from in the future.
2: Be Willing to Be Different
Don’t blindly follow what others say or do. Make your own decisions based on your own research and situation.
3: Never Suck Your Thumb
Don’t wait around idly trying to “make up your mind.” Take action swiftly.
4: Spell Out the Deal Before You Start
Agree on all aspects of the deal when you have the most bargaining leverage – before you even start.
5: Watch Small Expenses
Even the littlest costs can affect a business’ profit and loss.
6: Limit What You Borrow
Beware of why and how you borrow money.
7: Be Persistent
Once you set your plan, be tenacious in following it.
8: Know When to Quit
But know when you’re making a big mistake.
9: Assess the Risks
Look at the worst- and best-case scenarios. Honestly.
10: Know What Success Really Means
Look deeper within yourself to se what success really means to you.
There you have it, 10 simple ways to get rich. All from the master investor Warren Buffett. So, what are you waitin’ for? Go get rich!
Definately easier said than done! However, they are all a good basis to get a mindset started. Sometimes though people forget that you need some money to make money, tough to do it when your broke!!