This week’s parade magazine has a profile of Warren Buffett, and lists his approach to money and investing with 10 ways to get rich. Regular readers know I am a big fan of Warren Buffett and his mentor Benjamin Graham, both for the amount of wealth he has amassed, but even more so for his humble attitude and philanthropic efforts. Most of them are self explanatory, but it never hurts to read the way the world’s richest man got to be where he is.
1. Reinvest your profits -don’t be tempted to spend your profits, instead keep them invested and making money for you.
2. Be willing to be different-Don’t always follow the crowd. Have you ever noticed how most investors follow the herd, so to speak?
3. Never suck your thumb -Don’t sit around waiting, or you will certainly lose out.
4. Spell out the deal before you start -Know what you are getting into and the terms of the agreement are.
5. Watch small expenses-How you deal with small expenses probably influences how you deal with large ones as well.
6. Limit what you borrow-While some borrowing in this day and age is almost inevitable, limiting what you borrow is always good advice.
7. Be persistent -If you know you are doing the right thing and will be successful, keep at it. Don’t be willing to give up easily.
8. Know when to quit -Sometimes, it does pay to cut and run. Throwing good money after bad can hurt your bottom line.
9. Assess the risks -Know what you are getting into, and what the possible outcomes (positive and negative) are before you start.
10. Know what success really means -What are your goals? Most people find that just “being rich” isn’t really a goal at all.
If you're new to "Think Your Way To Wealth", get free updates on debt reduction, saving money, and building wealth by subscribing to the RSS feed or via Email . Thanks for visiting!
{ 1 trackback }
{ 0 comments… add one now }