Multi-Billionaire Warren Buffet’s 5 Tips To Live By

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Multi Billionaire Investor ‘Warren Buffett‘ who once was ‘The Richest Man In The World‘, shares his 5 major rules to living a successful life.

 

Warren Buffet’s 5 Life Tips

 

On Earning: “Never depend on a single income. Make Investments to create a second source.”

On Spending: “If you buy things you do not need, soon you will have to sell things you need.”

On Savings: “Do not save what is left after spending, spend what is left after saving.”

On Taking Risks: “Never test the depths of the river with both of your feet.”

On Expectations: “Honesty is a very expensive gift. Do not expect it from cheap people.”

 

Here are five lessons that the Oracle of Omaha – Warren Buffett passed on to his son, Peter Buffett.

 

Stay in Milwaukee

In other words, follow your own path, not the approach taken by everyone else. After his big career breakthrough – scoring the memorable “Fire Dance” scene in the Oscar-winning film ‘Dances with Wolves’ – Peter Buffett didn’t move to Hollywood. Instead he continued to live in Milwaukee, and remained true to himself. His father, of course, did the same thing, remaining in his home town of Omaha instead of following the investing herd and moving to Wall Street. Warren Buffett has said this makes him a better investor, because he doesn’t get caught up in the fear, greed or conventional wisdom that other investors fall prey to.

 

Give Your Kids Opportunity, Not Handouts

Peter Buffett says his father helped him get started, but didn’t give him so much money that he could just sit back and live off the inheritance. As Warren Buffett put it: “Enough to do anything but not enough to do nothing.” It’s a useful starting point even if you’re not in Buffett’s league when it comes to wealth. You might decide to pay your children’s way through college, for example, but tell them that after that, they’re on their own.

 

Give to Charity, and Get a Lot Back

Sure, Peter Buffett may have a little more to drop in the collection plate than you do, but the lesson he learned still applies. In 2006, Warren and Susan Buffett gave each of their kids $1 billion to give to charity. With his wife, Jennifer, Peter launched the NoVo Foundation, which helps girls and women around the world who “suffer from violence, poverty and discrimination simply because they are female.”

Peter remembers his dad asking: “Do you think this will affect your music?” “I didn’t know what he was talking about,” Peter says — but then the work he was doing with girls in Africa started to seep into his art. “My music has taken all these interesting turns because of the foundation. Which I never would have expected.”

 

Invest in Potential

Great investors and smart bettors understand that biggest returns come not from the best company or the fastest horse, but the most undervalued stock or the least appreciated steed. Peter Buffett said he applied his father’s investing wisdom to his charitable foundation: “If you invest in an undervalued asset and just let it grow, the market will catch up and recognize its value and you’ll get a huge return,” Peter Buffett says. “To me, that’s an adolescent girl in the developing world.”

 

Do What You Love

“[My Dad] always said, ‘Do what you love,’” says Peter. “That was critical. Really, my Dad and I do the same thing … He told me: ‘Don’t settle for anything other than your passion – if you’re lucky enough to find it.” But finding it, Peter says, is the hardest part.

 

 

5 Lessons for Peter Buffett from Warren Buffet originally appeared here

Joel Brown is the CEO and Founder of Addicted2Success.com. With a long time passion for Entrepreneurship, Self development & Success, Joel started his website with the intention of educating and inspiring likeminded people all over the world to always strive for success no matter what their circumstances. Follow Joel Brown on Twitter or keep upto date with him on Facebook:Facebook.com/JoelBrownA2S

12 Comments

  1. Darek

    March 30, 2013 at 6:10 pm

    You can add this tip as well which is given by Mr. Buffet:

    ON INVESTMENT: Don’t put all eggs in one basket.

  2. Nan Mehta

    January 9, 2013 at 8:28 pm

    As usual – great, practical advice!

  3. Don Ross

    December 28, 2012 at 2:05 am

    sound advice,never to late to learn,good to have ambition hope and be human. I like people who do well in life,and help other people who are less fortunate in there’s, save invest save save invest.

  4. Pauline

    December 17, 2012 at 2:23 pm

    I love the life tips, so simple and yet so true, thanks for sharing!

  5. Justin Germino

    July 18, 2012 at 8:27 pm

    Great words of wisdom and if only more of us would spend only what’s left after saving, there would be much less debt and a much better economy.

  6. Binh Luu

    July 1, 2012 at 5:08 pm

    Wonderful article. Thanks for give us the wisdom. And “finding it” is really harderst part! :D

  7. Gcinumusa Emmanuel Mamba

    June 6, 2012 at 10:41 pm

    The 5 steps are powerful and can be used by anyone. Just because you not rich does not mean you can not save and be rich yourself. It all starts with the little you do and save.

    WE ALL HAVE THE POWER TO DO GREAT!!!

  8. Kevin Martin

    April 12, 2012 at 1:37 pm

    I guess the bit about spending at the beginning of the article really meant something to me because I just don’t understand how some people could spend money so ridiculously. Some people (or idiots) like to go shopping for fun. What kind of loser shops because it’s his or her hobby, seriously?!

  9. D Arlando Fortune

    March 29, 2012 at 7:22 am

    Isn’t it easy to like a guy who can pretty much buy the one of the smaller states on the Northease coast yet settles for a plain ‘ol cheeseburger. Simple truths for a complex world: “Don’t settle for anything less than your passion”. From the amount of content on this site. You have found one of your passions.

  10. E.J.

    March 25, 2012 at 11:46 pm

    Very good advice…specially when it comes to do what you love

  11. inception1010

    March 25, 2012 at 10:08 pm

    luv dis site,its cool

  12. Andrew Venettis

    March 25, 2012 at 2:16 am

    Great post. I especially like “Do what you love”

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