Warren Buffett’s 10 lessons for life, other than investing

By: FE Online

Other than his investment ideas and financial activities, Warren Buffett himself is a person with interests as diversified as his portfolio of assets.

All of us know Warren Buffett as the Maestro of Wall Street — the Chairman and Founder of Berkshire Hathaway, who is one of the most successful investors, making billions of dollars in capital markets through patient investing in value creating stocks. But there is also another side to his individuality. Warren Buffett is a gentleman of ideas and splendid personality.

He is widely known as the greatest investment wizard of the century and a magnificent player in picking up the businesses. However, other than his investment ideas and financial activities, Warren Buffett in himself is a person with interests as diversified as his portfolio of assets.

The world’s third-richest person and one of the most powerful business magnates lives a modest, humble and disciplined life. He keeps sharing his ideas at various public fora. Here are Warren Buffett’s 10 lessons, not on multiplying money in stock markets, but on living a journey called life:

Spend your money and time wisely

Take up wise decisions when it comes to spending money as well as time. Keep yourself aware of where you’re going to put your money, and similarly prioritise the activities for efficient time management. Warren Buffett chooses to invest in ideas, and he lives a very disciplined and well-managed life.

Live below your means and never show-off

Always try to live a thrift life, imbibed with the essence of simplicity. If people try to brag about themselves then there would be a moment when that unusual boast will let them down. Warren Buffett lives in a very modest home which he bought for $31,000 in 1958 and he today calls it the best investment he ever made. Success has nothing to with the house you live in. Instead of taking the risk to buy an expensive home by taking loans or spending every penny he makes, Warren Buffett chooses to live with simplicity and reap the rewards.

Spend time with people better than you

Always spend your time with the people who are better than you in one way or the other. This will surely take you in the right direction or at least you will be heading towards the greater good.

Never ask a barber if you need a haircut

Everyone has its own cause and motives in this world, people should be aware of the reason behind associating with someone else. It doesn’t matter whom you’re dealing with, just keep in mind the rationale and intention of the person sitting across you.

Protect your reputation

Money and wealth are movables which keeps on rotating, but a black spot on one’s character and damage to one’s reputation is irreversible. Warren Buffett emphasises the importance of protecting the reputation of both yourself and your business.

Very successful people say ‘No’ to almost everything

In this fast growing world of technology, people often tend to live with the flow without introspection, which leads to the mismatched association of activities. Try to communicate well within yourself first and be prepared to say “No” to things which aren’t meant for the value addition.

What the wise do in the beginning, fools do in the end

It’s a characteristic of wise people that they take the calculative steps to accomplish a goal from the inception while fools recognise those things after series of mismanagement.

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