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Warren Buffett's Secrets To Wealth

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 Warren Buffett's Secrets To Wealth
topic by Don Savant - 09-15-2008, 08:39 PM


Warren Buffett's Secrets That Can Work for You

With an estimated fortune of $62 billion, Warren Buffett is the richest man in the entire world. In 1962, when he began buying stock in Berkshire Hathaway, a share cost $7.50. Today, Buffett, 78, is Berkshire’s chairman and CEO, and one share of the company’s class A stock is worth close to $119,000. He credits his astonishing success to several key strategies, which he has shared with writer Alice Schroeder. Click forward to see some of his best secrets!

No. 1: Reinvest Your Profits

When you first make money, you may be tempted to spend it. Don't. Instead, reinvest the profits. Buffett learned this early on. In high school, he and a pal bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture, Buffett used the proceeds to buy stocks and to start another small business.

No. 2: Be Willing to Be Different

Don't base your decisions upon what everyone is saying or doing. When Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not on Wall Street, and he refused to tell his partners where he was putting their money. People predicted that he'd fail, but when he closed his partnership 14 years later, it was worth more than $100 million.

No. 3: Never Suck Your Thumb

Gather in advance any information you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking "thumb-sucking."

No. 4: Spell Out the Deal Before You Start

Your bargaining leverage is always greatest before you begin a job -- that's when you have something to offer that the other party wants. Buffett learned this lesson the hard way as a kid, when his grandfather Ernest hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split.

No. 5: Watch Small Expenses

Buffett invests in businesses run by managers who obsess over the tiniest costs. He once acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). He also admired a friend who painted only the side of his office building that faced the road.

No. 6: Limit What You Borrow

Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. He has gotten many heartrending letters from people who thought their borrowing was manageable but became overwhelmed by debt. His advice: Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest.

No. 7: Be Persistent

With tenacity and ingenuity, you can win against a more established competitor. Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business. A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator.

No. 8: Know When to Quit

Once, when Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick -- he had squandered nearly a week's earnings. Buffett never repeated that mistake.

No. 9: a.ssess the Risks

In 1995, the employer of Buffett's son, Howie, was accused by the FBI of price-fixing. Buffett advised Howie to imagine the worst- and best-case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day.

No. 10: Know What Success Really Means

Despite his wealth, Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation. He's adamant about not funding monuments to himself—no Warren Buffett buildings or halls. "When you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you. That's the ultimate test of how you've lived your life."

http://www.parade.com/hot...ys-to-get-rich


The Following BX resident gave props to Don Savant edwinmar305 (11-23-2008)

43 comments for "Warren Buffett's Secrets To Wealth"

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 09-24-2008, 03:56 PMaway - #2
titebuoy  space
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$263 | 164923
solid stuff
 10-01-2008, 05:08 PMaway - #3
LightzoutP  space
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$278 | 829426
good read...learned alot..this should be sticky
 10-08-2008, 04:57 PMaway - #4
hurricanegfx  space
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$96 | 305595
Sticky?
 10-08-2008, 07:50 PMaway - #5
DjInfamous804  space
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$1,474 | 4198606
thats tough advice there in ways
 10-08-2008, 08:22 PMaway - #6
parlaebiz  space
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$106 | 232470
Originally Posted by Don Savant
Warren Buffett's Secrets That Can Work for You

With an estimated fortune of $62 billion, Warren Buffett is the richest man in the entire world. In 1962, when he began buying stock in Berkshire Hathaway, a share cost $7.50. Today, Buffett, 78, is Berkshire’s chairman and CEO, and one share of the company’s class A stock is worth close to $119,000. He credits his astonishing success to several key strategies, which he has shared with writer Alice Schroeder. Click forward to see some of his best secrets!

No. 1: Reinvest Your Profits

When you first make money, you may be tempted to spend it. Don't. Instead, reinvest the profits. Buffett learned this early on. In high school, he and a pal bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture, Buffett used the proceeds to buy stocks and to start another small business.

No. 2: Be Willing to Be Different

Don't base your decisions upon what everyone is saying or doing. When Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not on Wall Street, and he refused to tell his partners where he was putting their money. People predicted that he'd fail, but when he closed his partnership 14 years later, it was worth more than $100 million.

No. 3: Never Suck Your Thumb

Gather in advance any information you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking "thumb-sucking."

No. 4: Spell Out the Deal Before You Start

Your bargaining leverage is always greatest before you begin a job -- that's when you have something to offer that the other party wants. Buffett learned this lesson the hard way as a kid, when his grandfather Ernest hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split.

No. 5: Watch Small Expenses

Buffett invests in businesses run by managers who obsess over the tiniest costs. He once acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). He also admired a friend who painted only the side of his office building that faced the road.

No. 6: Limit What You Borrow

Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. He has gotten many heartrending letters from people who thought their borrowing was manageable but became overwhelmed by debt. His advice: Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest.

No. 7: Be Persistent

With tenacity and ingenuity, you can win against a more established competitor. Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business. A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator.

No. 8: Know When to Quit

Once, when Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick -- he had squandered nearly a week's earnings. Buffett never repeated that mistake.

No. 9: a.ssess the Risks

In 1995, the employer of Buffett's son, Howie, was accused by the FBI of price-fixing. Buffett advised Howie to imagine the worst- and best-case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day.

No. 10: Know What Success Really Means

Despite his wealth, Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation. He's adamant about not funding monuments to himself—no Warren Buffett buildings or halls. "When you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you. That's the ultimate test of how you've lived your life."


good lookin this should be sticky
 10-18-2008, 09:50 AMaway - #7
MoneyIntrigueMe  space
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$23 | 105007
good advices
 10-27-2008, 03:47 PMaway - #8
iznesh  space
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$33 | 36057
Thanks for the info.
 12-21-2008, 06:46 PMaway - #9
twentythree 38 heat pts38 space
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$4,533 | POWERFUL
Warren Buffet

My favorite was #8. There's alot of people in this country who think big money comes easy & this was a great lesson learned for Warren. This incident made him sell the pinball machines that got him the money to buy stock.
 01-08-2009, 06:09 PMaway - #10
Myhalo33  space
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$9 | 0
Good advise thanks
 09-21-2009, 09:37 PMaway - #11
hullaghans  space
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$368 | 327333
If you like Warren Buffett check this out
 11-02-2009, 09:31 PMaway - #12
eNcrypTioN 44 heat pts44 space
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space
$2,326 | POWERFUL
great advice. I already do a few of the things he suggests such as reinvesting your profits.
 03-30-2010, 09:39 PMaway - #13
deziking 41 heat pts41 space
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$14,758 | POWERFUL
what he mean by reinvesting? How many different ways possible?
 07-01-2010, 01:19 PMaway - #14
jdean23  space
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$708 | 535551
By reinvesting he meand as soon as you make that first good profit go and buy and bentley...Keep a little for yourself and take majority and put it back in your business or into other businesses...Stocks are good, your own company, others companies more stock depending on what you do>
 08-28-2010, 03:16 PMaway - #15
Spoken210 4 heat pts space
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$2,671 | 6674791
Originally Posted by jdean23
By reinvesting he meand as soon as you make that first good profit go and buy and bentley...Keep a little for yourself and take majority and put it back in your business or into other businesses...Stocks are good, your own company, others companies more stock depending on what you do>
This I think is very smart. reinvesting.fuk now think about the future
 09-30-2010, 01:10 PMaway - #16
FearlessM  space
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$117 | 6650
Great tips.
 10-24-2010, 11:39 AMaway - #17
rdrake 27 heat pts27 space
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$6,281 | POWERFUL
nice............
 11-10-2010, 03:46 PMaway - #18
Sean McDevitt 5 heat pts space
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$6,784 | 15843596
bareny!!!

cool.
 11-10-2010, 07:34 PMaway - #19
DrX 56 heat pts56 space
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$34,925 | POWERFUL
lol thanks for the advice warren...i call it common sense and no it will take alot more then this to become rich
 12-26-2010, 06:47 PMaway - #20
fcgvp72  space
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space
$7 | 0
Good advice, but market factors and available cash made Warren a billionair. The dicipline was necessary but not enough.
 

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