Thread by @1DeepNote

21 Powerful Life Hacks from Warren Buffet

| Learning Thread

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1. Buffet once said:

"I always knew I was going to be rich. I don't think I ever doubted it for a minute."

For best results, set high expectations for yourself and work toward your goals and aspirations.

Then, make it clear to yourself, your family and friends that you have a commitment to become financially independent.

Create your future with a plan, knowing when to get aggressive against knowing when to be conservative.

2. By age 15, Warren Buffett had earned $2,000 delivering papers and selling magazine subscriptions.

He used $1,200 of his earnings to invest in a farm, forming a profit-sharing agreement with the farmer.

The lesson? "Start saving money as early as possible, so that you get into the habit," said Brittney Castro, founder and CEO of Financially Wise Women.

This is important whether you're saving to invest in a business or buy your first house.

3. When Buffett was in high school, he and a friend bought a pinball machine.

The pair put it in a barbershop and quickly earned enough to buy more machines and install them in other shops.

The friends eventually sold all the machines for a profit of $1,200.

If you want your fortune to grow, the best thing you can do is keep reinvesting it in your business.

Of course, you can enjoy the fruits of your labor, but don't spend it all in one place.

4. Because of Buffett's sharp mind for business, it's no surprise that he managed to finish college in three years.

Graduating early could save you even more when you factor in the cost of student loan interest paid out over the next 25 years.

5. Ironically, Harvard Business School rejected Buffett after his interview.

But instead of sulking, he headed to Columbia and met Benjamin Graham.

Graham is a legend in the investment industry, and he became Buffett's mentor.

Much of Buffett's incredible investing success could arguably be credited to Graham and the lessons he taught him.

Even if you get rejected from a school or job opportunity, it's important to keep moving forward.

If Buffett had quit after Harvard dismissed him, he wouldn't be where he is today.

6. Face to face communication is crucial.

Follow Buffett's advice and don't underestimate the value of face-to-face communication.

When you're trying to achieve a business or personal goal, sometimes a phone call or email just won't cut it.

7. When Buffett graduated college, he wanted to work on Wall Street. He offered to work for his mentor Graham, but Graham said, "no,"

So, Buffett went back to Omaha -- but he still continued to pitch ideas to Graham. Eventually, Graham hired Buffett.

If you get a "no" from a potential employer who you really want to work for, never take it as a final answer -- keep trying until you get a "yes."

8. Good public speaking skills can take you far in your profession.

However, speaking in front of large groups can be terrifying for some -- even Buffett.

In fact, Buffett admitted that used to throw up before public speaking.

But instead of letting his fear cripple him, Buffett took the necessary steps to improve his public speaking skills.

Got the lesson?

9. When evaluating your cash flow, you should understand that the more revolving debt you carry, the more you will diminish the amount that can be invested.

By saving money and avoiding debt, you too can take advantage of business opportunities and pursue personal goals, such as retiring early.

10. Buffett once wrote:

"It took a powerful force to move me on from Graham's limiting views. It was the power of Charlie's mind. He expanded my horizons.”

If you want to be successful, it's important to find a trusted partner -- be it a business acquaintance, friend or spouse -- who challenges you to be better.

11. Your personal image is not the perception of how successful you are. Don't be someone you are not.

You can follow this life hack by owning who you are; the people around you will view you as more authentic as a result.

12. Buffett said:

"There are things money can't buy. My life couldn't be happier. In fact, it'd be worse if I had six or eight houses.“

Unlike other billionaires who live lavish lifestyles, Buffett is known for living modestly.

13. The best way to achieve wealth is always to pay yourself first

Many people are currently doing this by investing through their company's retirement plan.

If you develop the habit of always paying yourself first, you will be extremely successful in acquiring wealth.

14. Sticking to your guns is a good life hack whether you're talking about investing in a business venture or allowing your teenager to go to that unsupervised party.

15. Once Buffet said:

"Be fearful when others are greedy, and be greedy when others are fearful."

Buffett is what you would call a contrarian investor -- meaning he's known for buying assets that aren't doing well and then selling them when they do perform.

You can follow this advice by being careful about where you spend your money and avoiding fads.

16. Many investors have the urge to sell stocks when the market is down.

However, a popular piece of Warren Buffett advice is to put your emotions aside when making business decisions.

For best results in business and life, follow this Buffett tip and avoid making crucial decisions in the heat of the moment.

17. Berkshire Hathaway's core business was originally textile mills, and Buffett maintained them for many years.

In 1985, he sold the mill's equipment because they weren't making him any money.

The decision might have been tough for Buffett to make, but it was imperative to his success. Making the hard call is important in life, as well.

For example, you might have to skip that expensive vacation and invest your extra dollars in a retirement fund, instead.

18. Buffett is famous for holding Coca-Cola stock; he purchased a 6.3 percent stake in the company in the late 1980s.

As of July 18, 2017, he owned an 8.73 percent share in the soft drink company.

Buffett certainly knows Coke well -- he drinks up to five cans a day, and he once said, "I'm one quarter Coca-Cola."

You can follow this advice by pursuing a career about which you're truly passionate.

19. Buffett is known for his honesty.

Honest business practices build trust among colleagues, staff and even competitors. Moreover, investors then express confidence by offering more funding.

The lesson?

Be honest; it'll likely help your business -- and your personal life -- in the long run.

20. Buffett is likely one of the most generous men in the world.

And along with Bill Gates, he is donating over half of his wealth.

Said Buffett, "If you're in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%."

21. Buffett succeeded for the same reason Roger Federer became good at tennis.

Buffett's decision to limit his activities to a few kinds and to maximize his attention to them, and to keep doing so for 50 years, was a lollapalooza.

Focus your efforts on whatever it is that inspires you, and you might just achieve a level of success even Buffett would admire.

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