In this article, Warren Buffett, one of the world’s greatest investors and the CEO of Berkshire Hathaway, imparted some of his best life lessons that we can learn to succeed.
Respectively, Berkshire Hathaway owned some world largest companies such as Helzberg Diamonds, FlightSafety International, and NetJets. Apart from investing and growing his businesses, Warren Buffet also shares his learnings through seminars and writings.
Here are some lessons that we can learn from one of the most business tycoons in the world.
- It is important to say no.
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
Warren Buffet believes that it is important to prioritize what really matters. It is better to do less but better in order to attain the highest contribution than being stretched thinner every day.
“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
2. Be consistent and patient
“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
Warren Buffett explained that time is the enemy of the mediocre and a friend of wonderful businesses. Rich people love to invest in time. Things that are easy to obtain are not worthy. Do not be too harsh to yourself, take time, and trust the process.
3. Reduce expectations
Frustrations mostly come from unmanaged expectations. It is important to lower your expectations so that you will be surprised at what life can bring you.
4. Never invest in something you do not know
“Risk comes from not knowing what you are doing“. As they said, ignorance is bliss. In this information age, it is easy to obtain knowledge at your most convenient time and way.
5. Invest for the Long Term
One of the best life lessons that Warren Buffett shared is to value long term investment.
“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because, sooner or later, one will.”
6. Do work that you love
“There comes the 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. Isn’t that a little like saving up sex for your old age?”
Warren Buffett explained that if you do things that you love, you never work a single day of your life. Some people with 8-hour work are stressed because they work on things that they do not care about. When you work on things that you love, you do things with passion.
7. Seize great opportunities
Opportunity knocks only once in our doors. Whenever it is there, do not waste too much time because you do not know when is the next one will come.
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
8. It is okay to dream big
Warren Buffett dreamed to become rich. He explained that there’s nothing wrong to dream big.