Warren Buffett is one of the most successful money managers of all time.
Here are his 10 rules to get rich:
(Thread π)
Here are his 10 rules to get rich:
(Thread π)
10. Know What Success Really Means
Success isn't about money.
βWhen you get to my age, youβll measure your success in life by how many of the people you want to have love you actually do love you. Thatβs the ultimate test of how youβve lived your life.β
Success isn't about money.
βWhen you get to my age, youβll measure your success in life by how many of the people you want to have love you actually do love you. Thatβs the ultimate test of how youβve lived your life.β
9. Assess the Risks
In general, risk is understood as volatility.
To Warren Buffett risk is the chance of losing your initial investment.
Warren only invests in sure things. He avoids risky bets that he thinks have the potential to fail.
In general, risk is understood as volatility.
To Warren Buffett risk is the chance of losing your initial investment.
Warren only invests in sure things. He avoids risky bets that he thinks have the potential to fail.
8. Know When to Quit
Recognize when you've failed, and move on.
When he was 11, Warren lost a week's worth of earnings, gambling on horse races.
He never repeated the same mistake!
Recognize when you've failed, and move on.
When he was 11, Warren lost a week's worth of earnings, gambling on horse races.
He never repeated the same mistake!
7. Be Persistent
Grind through the tough times, and you will be rewarded.
Don't give up when things aren't going as well as you expected.
Grind through the tough times, and you will be rewarded.
Don't give up when things aren't going as well as you expected.
6. Limit What You Borrow
When you borrow money to invest, you put yourself at risk.
Borrowing money can be a smart decision, but it can also put you in serious trouble.
For example, the banks that failed 3 months ago failed because of their debts to depositors!
When you borrow money to invest, you put yourself at risk.
Borrowing money can be a smart decision, but it can also put you in serious trouble.
For example, the banks that failed 3 months ago failed because of their debts to depositors!
5. Watch Small Expenses
There's a big difference between cheap and frugal.
When you're cheap, you try to save as much as you can on every expense.
When you're frugal, you don't waste money. You spend money on wjatever you love, BUT you make sure to find the best deal possible.
There's a big difference between cheap and frugal.
When you're cheap, you try to save as much as you can on every expense.
When you're frugal, you don't waste money. You spend money on wjatever you love, BUT you make sure to find the best deal possible.
4. Spell Out the Deal Before You Start
Before you start a project or job is when you have the most bargaining power.
Use this to your advantage to get the best deal you can.
After an agreement is met, it's very likely that you have little to power to change the deal.
Before you start a project or job is when you have the most bargaining power.
Use this to your advantage to get the best deal you can.
After an agreement is met, it's very likely that you have little to power to change the deal.
3. Never Suck Your Thumb
Thumb sucking: unnecessary sitting and thinking.
Don't waste time when making decisions. Do the research and make up your mind quickly about any investment decisions.
Eg. You snooze, you lose. Opportunities don't come by very often.
Thumb sucking: unnecessary sitting and thinking.
Don't waste time when making decisions. Do the research and make up your mind quickly about any investment decisions.
Eg. You snooze, you lose. Opportunities don't come by very often.
2. Be Willing to Be Different
Being able to think independently will help you stand apart from the crowd.
IN MY OPINION: If you follow the crowd you'll probably end up broke. The crowd is almost always late.
Being able to think independently will help you stand apart from the crowd.
IN MY OPINION: If you follow the crowd you'll probably end up broke. The crowd is almost always late.
1. Reinvest Your Profits
Start investing young.
Let compounding do the heavy lifting of building wealth over the long term.
Exponential growth becomes more powerful with time.
Start investing young.
Let compounding do the heavy lifting of building wealth over the long term.
Exponential growth becomes more powerful with time.
I'm passionate about helping more people become financially literate.
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Thanks for reading!
If you like my content, make sure to:
- Retweet the first tweet
- Follow me: @rajatsonifnance
- Subscribe to my newsletter: rajatsonifinance.com
Thanks for reading!
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