Have you ever heard someone say “I’m so broke” or “I’ll be poor forever” and then they go and buy a round of drinks, new phone, or a new car? My other personal favorite is that the rich keep getting richer. Although statistically there is truth to that and the media likes to say it’s at the demise of the working class, one must take a holistic view and define what rich is.
Warren Buffet is arguably one of the wealthiest businessman in the world. Was he born rich and did he get rich quick? The answer is no. https://www.marketwatch.com/story/from-6000-to-67-billion-warren-buffetts-wealth-through-the-ages-2015-08-17
I’m not saying we could all be the next Warren Buffet. The man has dedicated his life to investing his earnings. But what can we learn from him? Here are some key highlights from his life that we can all implement in our own:
1) Live below your means.
2) Investing takes TIME and DEDICATION
3) Study and work hard!
Number 1 is so critical. If you borrow and spend more than you earn and don’t save anything, you are living above your means. It doesn’t matter how much money you make if you can’t control this.
Number 2 we will expand upon later in this blog. But very rarely does a person invest a sum of money and triple it overnight. Time in the market and diversify, as boring as it sounds, is the only way safe and consistent way to invest.
Number 3 is another hot topic. Reduce the time you spend on Facebook and Instagram looking at car videos and read about the market, low-cost index funds, or learn how Warren Buffet seeks out companies to invest in.
All of this is a good start but you have to be willing to invest in yourself as much as you would like to invest in your future. Resources are at your fingertips.