Thread by @MoneyWell_

Warren Buffett's 🔟 Rules for Success -

1. Reinvest Your Profits

When you first make money, you may be tempted to spend it. Don’t. Instead, reinvest the profits. Buffett learned this early on. In high school, he and a pal bought a pinball machine to put in a barbershop.

With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture,
Buffett used the pro ceeds to buy stocks and to start another small business.

2. Be Willing to Be Different

Don’t base your decisions upon what everyone is saying or doing. When Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball.

He worked in Omaha, not on Wall Street, and 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 later, it was worth more than $100 million.

3. Never Suck Your Thumb

Gather in advance any information you need to make a decision, & ask a friend to make sure that you stick to a deadline. Buffett prides himself on swiftly making up his mind & acting on it. He calls any unnecessary sitting and thinking 'thumb-sucking'.

4. Spell Out the Deal Before You Start

Your bargaining leverage is always greatest before you begin a job – that’s when you have something to offer that the other party wants. Buffett learned this lesson the hard way as a kid.

When his grandfather Ernest hired him and a friend to dig out the family grocery store after a 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 split.

5. Watch Small Expenses

Buffett invest in businesses run by managers who obsess over the tiniest costs. He once acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). Small expense can cause big trouble later

6. Limit What You Borrow
Buffett has never borrowed a significant amount — not to invest, not for a mortgage. He has gotten many heart-rending letters from people who thought their borrowing was manageable but became overwhelmed by debt.

His advice: Negotiate with creditors to pay what you can. Then, when you’re debt-free, work on saving some money that you can use to invest.

7. Be Persistent

With tenacity and ingenuity, you can win against a more established competitor. Buffett acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder, Rose Blumkin, did business.

A Russian immigrant, she built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots, and she was a merciless negotiator.

8. Know When to Quit

When Buffett was a teen, he went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick. He had lost nearly a week’s earnings. He never repeated that mistake.

9. Know What Success Really Means

Despite his wealth, Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation.

He’s adamant about not funding monuments to himself-no Warren Buffett buildings or halls.“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 ultimate test of how you’ve lived your life."

10. Look forward, not to the past

Buffett famously stated in the 1950s that "the investor of today does not profit from yesterday's growth." This maxim still holds true today.

According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what's in its future, not its history.

So that was "Warren Buffett's 🔟 Rules for Success". I hope you liked it.

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