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Warren Buffett is perhaps one of the most successful investors in the world. He is also one of the richest people in the world. Here are some lessons you can learn from the "Oracle of Omaha":
1. Live below your means
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Warren Buffett has a net worth of 77 billion. But he still lives in the same house he bought in 1958 for only $31,500. Compared to his income and net worth, Warren Buffett lives frugally. The rest of his money is protection in case of emergencies. Because he lives frugally, he can also invest more money, which will reap more rewards. Not only will his wealth grow faster, but it is unlikely he will declare bankruptcy.
Consider this quote by him: "I’m not interested in cars and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living."
2. Skip meetings and other unnecessary time wasters
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Instead of having long, unnecessary meetings every year, Buffett sends a letter to each of his companies, praising victories from the past year, and stating his goal for the current year (see also: Warren Buffett’s “Not To Do” List). The result is he has more time to work on more productive projects and his employees have more time to work and accomplish goals.
Warren Buffett’s business partner Charlie Munger jokes about Buffett:
"You look at his schedule sometime and there’s a haircut. Tuesday, haircut day. That’s what created one of the world’s most successful business records in history. He has a lot of time to think."
3. Practice your communication skills
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Buffett hated public speaking when he was younger, but he knew it was necessary for him to be successful. So he enrolled in a public speaking course that eventually broke down his fear of public speaking and helped him become a successful public speaker. He now tells young entrepreneurs that the key to success is good communication skills.
See the rest of the story at Business Insider
