Warren Edward Buffett is an American business magnate, investor, speaker and philanthropist who serves as the chairman and CEO of Berkshire Hathaway. Wikipedia
Net worth: 8,470 crores USD (2019)
Warren Buffett Ten Rules.
No.1) REINVEST YOUR PROFIT :-
When you first make money. You may be tempted to spend it, Don't instead , Reinvest profits. Buffet learn this early on. In high school he read how make $1000 book and he istalled pinball machine on barbershops. With the money they earned, they brought more machines until they had eight in different shops. When the friends sold venture, Buffett used the proceeds to buy stocks and to start another small business.
NO.2) BE WILLING TO DIFFERENT :-
Don't base your desions upon what everyone is doing. When Buffet began managing money in 1956 with $100,000 cobbied together from a handful of investors, he was dubbed an oddball.he worked in omaha, not on wall street 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 after , it was worth more than $ 100 Million.
NO.3) NEVER SUCK YOU THUMB :-
Gather in advance any information you need to make a decision and ask friends or relatives, to make sure that you stick to a deadline. Buffett prides himself on swiftly making up his mind an acting on it. He calls any unnecessary and thinking 'Thumb Sucking.
NO.4) SPELL OUT THE DEAL BEFORE YOU START :-
Buffet learned this lesson the hard way as a kid, when his grandfather emest hired him and a friend to dig out the family grocery store after 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 spilt.
NO.5) WATCH SMALL EXPENSES :-
Buffett invest in businesses run by managers who obsesses over the tiniest cost. Even He also Admired a friend who. Painted only the side of his office building that faced the road.
No.6) Limit What You Borrow :-
Buffet has never borrowed a significant amount - not to invest, not for a mortgage. He Said that Negotiate with creditors to pay what you can. Then, when you're debt-free,work on sacing some money that you can use to invest.
NO.7) BE PERSISTENT :-
Buffet acquired the Nebraska Furniture mart in 1983 because he liked way its founder Rose Blumkine did business. She built the mart from a pawnshop into the largest furniture mart in North America. Her Strategy was to undersell the big shots and she was a merciless negotiator.
NO.8) KNOW WHEN TO QUIT :-
Once, Buffet was a teen, he went to the race track , he beat on race and lost again and again. Leaving him with close to nothing. He felt sick - he had squandered nearly weeks earnings. Buffet never reapted that mistake again.
NO.9) VALUE THE RISKS :-
In 1995, the employers of buffets son, Howie was accused by the FBI of price fixing. Buffet advised Howie to imagine the worst and the best case scenarios if he stayed with in company. His son quickly realized that the risks staying far outweighed any potential gains, and he quit the next day.
NO.10) KNOW WHAT SUCCESS REALLY MEANS :-
Despite his wealth Buffet Does not measure success by Dollars . His Advice : " 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 unlimate tests of how you're lived in life.
Thank You 😊
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