10 Valuable Lessons to Learn From Warren Buffet
The guy became an investor at 11 years old, paid his way through college with profits from his childhood business and later became one of the greatest billionaire moguls and philanthropists of all time. Warren Buffet knows what he’s doing.
Thankfully, the 82-year-old entrepreneurial mastermind (and newly minted Twitterer, or tweep, or whatever you call it) has long been willing to share his wisdom. A journalist recently wrote a piece for Levo League recently listing some life lessons we can all take away from the success of this great American businessman. You can read the entire article here, but we’ve summed up some quick points below.
1. Respect women
For most of the modern age, let alone history, the world advanced using only half its available talent by excluding women from industry. Buffet told Fortune not long ago that he won the “ovarian lottery” by being born a white male in the 1930s. But, he adds, he’s excited to see what the world can do now that women have gained some semblance of equality in the workforce.
2. Invest in what you understand
Don’t invest in something you can’t figure out, warned Buffet, who always stuck to the financial industry since that was his field of expertise.
3. Maintain relationships
Just look at Buffet’s lifelong collaboration with the Washington Post.
4. Keep good company
Hang out with people smarter, more talented and, well, just better than you. It gives you a competitive edge and keeps your personal standards high.
5. Take up a hobby
Buffet plays bridge. What’s your favorite way to spend your free time?
6. Consider your reputation
It’s so tough to build and so quick to ruin. Think about that and act accordingly.
Don’t invest all your time into one endeavor. Mix things up. Buffet has always kept up several different businesses and investments going. How do you divide your time?
8. No need to live lavishly
Buffet remains in the house he bought more than 40 years ago. No need to be flamboyant just because you can afford it, he states.
9. Failure isn’t a dead end
So don’t dust your hands off just yet – is there a hidden opportunity in your perceived failure?
10. Be passionate
If you don’t care about something, it shows. And vice versa.
Tell Us What You Think
What are some lessons you’ve gleaned from Buffet? We want to hear from you! Leave a comment or join the discussion on Twitter.
More from PayScale