Warren Buffett is an investment guru and one of the richest and most respected businessmen in the world. He was born on August 30,1930, in Omaha, Nebraska. Investing by age 11, Buffett was running a small business at 13. Buffett later started the firm Buffett Partnership in Omaha, with huge success. He was ranked as the world’s wealthiest person in 2008 and as the third wealthiest in 2015. In 2012 Time named Buffett one of the world’s most influential people.
Well, the truth is that there is no secret formula or ingredient to success. In order to achieve it, we need to follow the steps of those that are already there and here a selection of 10 Life Lessons from Warren Buffetf’s quotes to learn a lot from.
#1. Risk comes from not knowing what you’re doing. – Warren Buffett
We lose a lot of opportunities in our lives because of fear. Fear of taking risks and indulge ourselves into something bigger than us. Learn to set the table, before you sit. Plan each and every aspect of your task and everything will go well. As he said: “Risk comes from not knowing what you’re doing.”
#2. Price is what you pay. Value is what you get.
– Warren Buffett
Unfortunately society has tricked us, we associate high prices with greater quality, but this is not always the case. Learn to consider the value before the price. Always ask yourself about the long term benefits.
#3. 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. – Warren Buffett
Always associate yourself with people better than you, it will not only help you to grow but change into a better person daily.
#4. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett
Specially for entrepreneurs, in everything you do, make sure that you do not loose money unnecessarily. On the other hand it can be used in different aspects of your life. Make sure that you never waste your money, patience, time, energy on activities that will not benefit you anyhow.
#5. Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars. – Warren Buffett
Money itself doesn’t turn anyone into a bad person, neither a better person. It just gives people power, and when people feel powerful, they tend to expose what they truly are.
#6. You only have to do a very few things right in your life so long as you don’t do too many things wrong. – Warren Buffett
History only repeats itself because people make the same mistakes. You don’t have to go through the same things in order to get a lesson from it. Learn from people’s mistakes and you won’t have to spend most of your life going out of problems.
#7. The first rule is not to lose. The second rule is not to forget the first rule. – Warren Buffett
It is related to the previous quote about losing money. Generally, make sure you always benefit from every input that you give.
#8. The investor of today does not profit from yesterday’s growth. – Warren Buffett
This quote can be understood from different perspectives but what I want to emphasize is that as an investor (And I believe that we are all investors, whether of our time, effort and whatsoever), you should know that every action you take must be in consideration to future rewards. Think on the long term impacts and keep moving towards your goals. You won’t speak French tomorrow by conjugating a verb today. Great achievements take time, focus on the long term benefits.
#9. Wide diversification is only required when investors do not understand what they are doing. – Warren Buffett
If you do everything you will never be good at anything. I believe we all have different skills and abilities. Find your strength, “Learn the rules of your game, then play it better than everybody else.”
#10. If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster. – Warren Buffett
Your greatest achievements are not simply the amount of money you are able to accumulate but most importantly, the greatest positive impacts you are able to make in people’s lives.
What other lessons did you learn from Warren Buffett’s quotes? Share with us in the comment’s section below!