雅虎香港財經 9 Lessons We Can All Learn From Warren Buffett’s True Rags-to-Riches Story
Warren Buffett, aka “the Oracle of Omaha,” is a worthy icon in the finance space. He built his massive fortune from scratch and shares his wisdom to help others be successful investors. Americans can acquire a great deal of knowledge from his insights and legendary track record. Plus, it’s inspiring. Not many ultra-rich people start out so young and without a silver spoon.
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Here are nine lessons we can learn from Warren Buffett’s rags-to-riches story.
Start Young
Buffett bought his first stock when he was just 11 years old. Getting an early start gave him a strong upper hand.
“Imagine a young Warren, a kid with a paper route, saving to buy his first stocks,” said Kraig Kleeman, founder and CEO of Z-Branding. “While his friends were spending money on toys, Warren invested in his future.”
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Play the Long Game
Buffett is well known for holding tight to his investments, focusing on the long-term gains, even when the market gets rocky. This approach helped make him a billionaire.
“Buffett dreams big and doesn’t rush,” Kleeman said. “He’s interested in something other than quick fixes or get-rich-quick schemes. Instead, he plays the long game. Lesson? Think big and be patient; success takes time.”
Stay Calm — Even When Others Are Panicking
When the stock market takes a nosedive, plenty of people tend to panic and yank out their investments. But not Buffett.
“When everyone else is panicking, Buffett stays calm,” Kleeman said. “He’s not afraid to go against the crowd. While others were running from the stock market during crashes, Buffett saw opportunities.”
Stick To What You Know
Buffett doesn’t leap into investing without a deep understanding of what he’s getting into, which is a wise approach.
“Buffett keeps it simple. He only messes with stuff he understands,” Kleeman said. “He focuses on businesses and industries he knows well. Whether it’s newspapers, Coca-Cola or insurance, he sticks to what he knows.”
Choose Quality Over Quantity
“Buffett doesn’t buy a bunch of random stocks,” Kleeman said. “He picks the best ones. He’s not interested in quantity; he’s all about quality.”
Just Say No to Debt
Buffett is so anti-debt that he’s recommended people steer clear of credit cards altogether.
“Buffett avoids debt like the plague,” Kleeman said. “While some people juggle credit cards like they’re playing hot potato, Buffett stays away from debt.”
This lesson may be harder to absorb and implement than others, given that many of us are cornered into living paycheck to paycheck, but it’s still smart to at least try to live debt-free.
Surround Yourself With Winners
“Buffett surrounds himself with intelligent people,” Kleeman said. “He seeks mentors, collaborators and friends who challenge and inspire him.”
Plan For Your Succession
We all need to have our affairs in order for when we pass on, and Buffett has been outspoken about his estate plan, motivating others to get a move on theirs.
“He’s showing and telling the importance of succession planning as an ongoing conversation,” said Cody Barbo, founder and CEO of Trust & Will. “He also recognizes that things change. In years and decades past, his kids weren’t ready to be executors, now they are. It seems obvious with a large fortune like his — also wrapped up in planning for who will replace him at Berkshire.”
Build and Commit To Your Financial Dreams
Perhaps the best lesson we can learn from Buffett is to dream big and commit to making our dreams come true. Sure, you probably won’t end up as wealthy as he is (the man’s net worth is about $135 billion), but you can reach a good financial place by taking notes from his journey and philosophies.
“Warren Buffett’s journey isn’t solely about accumulating wealth; it also serves as a blueprint for anyone interested in achieving financial stability,” Kleeman said. “By adhering to these … straightforward principles, we can all move closer to our financial aspirations. Therefore, let’s commence today and pave our way towards financial triumph!”
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This article originally appeared on GOBankingRates.com: 9 Lessons We Can All Learn From Warren Buffett’s True Rags-to-Riches Story
