The CEO of Berkshire Hathaway and one of the richest and most reputable investors in the world is Warren Buffett. At the age of 30, Buffett became a millionaire. As of July 18th, 2019, his net worth was US$82 billion.
Over the years, he has provided people with guidance on how to achieve success and wealth. He received a lot of advice that has actually helped a lot of people. We’ll talk about the motivational guidance Warren Buffet gave young people in this blog.
Warren Buffets Advice for Young People Who Want to Be Rich
1. Don’t let others’ greed make you feel unsafe.
One of the most well-known bits of counsel offered by Warren Buffet is this. He advises you to be greedy when others are scared and fearful when others are greedy. Young people should stand out from the pack and not go along with the mainstream, he counsels.
This indicates that when investing money, you should never pay attention to or go with the flow. Typically, individuals invest in stocks when the price is rising, but wise people do the exact opposite. So, if you want to succeed in life, you should have a unique perspective.
2. Despite one’s best efforts or talents, some things simply take time.
Says Warren Buffet “No matter how much talent or effort is put forward, some things simply require time. You cannot get nine ladies pregnant in a month and have a baby.”
Why does this matter? This means that nothing happens instantly, even investments. You will need to wait patiently to achieve the desired results since great things take time. Most people struggle in life simply because they lack patience. There is no quick route to wealth.
3. Spending time with those who are more intelligent than you is beneficial.
According to Warren Buffet, it’s preferable to associate with smarter individuals. This indicates that you should always socialise with optimistic, driven, and successful individuals because if you do, you’ll end up behaving better than they do. Spending time with negative, unmotivated people will make you more like them. You must therefore choose your friends extremely carefully.
4. Risks result from ignorance of the task at hand.
Many individuals think investing is dangerous. However, this isn’t always the case. Not knowing what you’re doing exposes you to risk. A business is subject to the same rules. Make sure you fully understand the business you are launching. Find out more if you think it’s a risky venture. Never plunge into anything without sufficient knowledge.
5. Enjoy Your Work and Work for Whom You Admire
According to a study, more than 80% of people all over the world hate their jobs. But, this is not the right attitude. You should always love your job, as you are going to spend more than 50% of your life working. You have to choose the business and the kind of work you like. If you enjoy your work, you will be successful in life.Want to know more about Investment Planning? We at the ffreedom app will make it easy for you.