Warren Buffet is without a doubt, one of the most successful individuals who walked the earth, with an equal wealth of invaluable lessons worth sharing. How he accumulated a staggering fortune amounting to $72 billion in his lifetime is worth sharing. The grains of wisdom which produced one of the most successful businessmen of all time can inspire any one to live life in the best way possible, and lead us on the same road to greatness which he has traveled. Following are some values and beliefs extracted from a compilation of Warren Buffett’s many writings and inspirational talks on how to succeed in business and in life.

KEY LESSONS LEARNED FROM WARREN BUFFETT

Warren Buffet is without doubt one of the most successful individuals who walked the earth, with an equal wealth of invaluable lessons worth sharing. How he accumulated a staggering fortune amounting to $72 Billion in his lifetime is impossible to equal, perhaps not in this lifetime. But the grains of wisdom which produced one of the most successful businessmen of all time can simply inspire any one to live life in the best way possible, and lead us on the same road to greatness which he has traveled. Following are values and beliefs extracted from a compilation of Warren Buffett’s many writings and inspirational talks on how to succeed in business and in life.

The Life of Warren Buffett

Warren Buffett was born in Omaha, Nebraska. He is currently the chairman and CEO of Berkshire Hathaway and is considered as one of the most successful and influential investors of the 20th century. In 2008, he was ranked as the wealthiest person in the world while in 2011, he’s one of the top three wealthiest people. Warren Buffett has pledged to donate 99% of his fortune to philanthropic causes.

He started as an investment salesman in 1951 for Buffett-Falk 7 Company after which he worked as a securities analyst at Buffett Partnership, Ltd. In 1962 Buffett earned his first million through his partnerships in business which was highlighted by his acquisition of Berkshire Hathaway textile manufacturing company. He reached billionaire status in 1990 after selling class A shares, acquiring General Re and providing reinsurance through a collaboration with Maurice R. Greenberg at AIG.

Life Lessons from Warren Buffett

1. “Time is the friend of the wonderful business, the enemy of the mediocre.” Be patient—success doesn’t come overnight. Just keep moving on because although the road to victory is difficult or excruciating, it still holds many valuable lessons which make winning much sweeter.

2. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” First weigh the risks, consider all possible scenarios then make a decision.

3. “Exercise vigilance over every expense and spending.” Controlling your spending helps avoid waste, and when you do, you save money that can work for you and enable you to invest for the future.

4. “The difference between successful people and really successful people is that really successful people say no to almost everything.” Act decisively and swiftly, and say “No” if you have to.

5. “There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume.”  When you love what you’re doing, you’ll never work a day in your life.

6. “I am a better investor because I am a businessman, and a better businessman because I am an investor.”  When dealing with people, it is always best to bargain, leverage and clarify the deal and conditions beforehand.

7. “Nothing sedates rationality like large doses of effortless money.” “I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.” Avoid unnecessary borrowing and limit what you owe others. You will never be rich living on handouts, loans and credit cards.

8. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because, sooner or later, one will.” Seize investment opportunities and reinvest your profits. Even a small investment can generate great wealth if you nurture it well.

9. “You don’t have to swing at everything—you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’” Instead of following the crowd, measure yourself by your “Inner Scorecard”—your own standards and not the world’s. “I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs, and trying to intelligently give away that money in fields that they particularly care about.”
Never make decisions or base your success or happiness on the judgement or standards of other people.