Warren Buffet's 10 rules to get wealthy:
1. Watch small expenses
Businesses that are well run by excellent managers that know every cost in a business is something Warren Buffett likes to see.
"A small leak will sink a great ship"
Businesses that are well run by excellent managers that know every cost in a business is something Warren Buffett likes to see.
"A small leak will sink a great ship"
2. Assess the risks
Assess the risk fully and only invest money that you can afford to lose.
Make sure you can handle volatility in the market.
Assess the risk fully and only invest money that you can afford to lose.
Make sure you can handle volatility in the market.
3. Know what success really means
Warren Buffett doesn't measure success by the dollars.
Instead, he surrounds himself with successful people who he loves and gets the same back.
That's good enough for him.
Warren Buffett doesn't measure success by the dollars.
Instead, he surrounds himself with successful people who he loves and gets the same back.
That's good enough for him.
4. Be willing to be different
Be yourself and don't follow the crowd.
Make your own investment decisions and always do your own due diligence.
Be yourself and don't follow the crowd.
Make your own investment decisions and always do your own due diligence.
5. Spell out the deal before you start
Know your price you are willing to pay for a company and stick with it.
Warren Buffett sets his price and does not negotiate.
Know your price you are willing to pay for a company and stick with it.
Warren Buffett sets his price and does not negotiate.
6. Limit what you borrow
Only borrow money if its to make you money.
Never borrow a large amount and rely on someone else for financial support especially when investing in stocks.
Only borrow money if its to make you money.
Never borrow a large amount and rely on someone else for financial support especially when investing in stocks.
7. Never suck your thumb
Warren Buffett believes that when you're presented with an opportunity, you must act and go all in.
Seize the moment when it comes to the right opportunities.
Warren Buffett believes that when you're presented with an opportunity, you must act and go all in.
Seize the moment when it comes to the right opportunities.
8. Be persistent
Never give up and keep being persistent until you get the result you want.
This goes for anything in life.
Never give up and keep being persistent until you get the result you want.
This goes for anything in life.
9. Reinvest your profits
The key to compound growth is to reinvest all profits/dividends.
That way, your money is continuously working for you and allows you to grow your wealth quicker.
The key to compound growth is to reinvest all profits/dividends.
That way, your money is continuously working for you and allows you to grow your wealth quicker.
10. Know when to quit
Knowing when to stop is self-care because its easy to keep going and try recoup your lost funds.
Cut your loses and move on to the next investment.
Knowing when to stop is self-care because its easy to keep going and try recoup your lost funds.
Cut your loses and move on to the next investment.
Thank you for reading!
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