10 Advice from Warren Buffet for Young People Who Want to Be Rich
Arguably the richest investor to ever live, Warren Buffet became a millionaire in 1960 at the age of 30 and ever since then, Buffet has been one of the richest people in the world. Warren Buffet over the years has given various advice to young people about how they can be rich and successful. In this article, I’ll share with you 10 of the most inspiring advice from Warren Buffet.
Advice No.1 — “Be fearful when others are greedy. Be greedy when others are fearful.”
As a young person, if there’s any single advice you should take very seriously from anyone, that advice is; ‘Be Different. Go against the tide. Figure out what everyone is doing and do just the opposite.’ But why is this important? Well, it’s important to do the opposite of what everyone else is doing because most people in the world aren’t thinking. Most people in the world find it hard to use their brains so most at times what they do is determined by social proof which in turn makes their decision wrong. Take, for instance, most people will only invest in stocks when stock prices are crazily going high, unfortunately, that’s when smart individuals are selling. If you’re normal, you can’t succeed. Don’t Be Normal! Figure out what everyone is doing, and do just the opposite.
Advice No.2 “No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant”
What do you think is the number one reason why most people in the world are poor and unsuccessful? Well, it takes time, crazy dedication, and unusual persistence to create wealth and success. You must patiently endure the tough times or you won’t be able to go through the rough road that leads to success. Great things take time. You can’t have a baby next month by impregnating nine women today.
Advice No.3 — “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
One thing young people do more than anybody of other age demographic is that young people associate a whole lot. Unfortunately, most people are not conscious of who they hang out with. I have an important exercise for you. Pause reading for a second and make a list of 5 people you spend most of your time with. Close your eyes and imagine where these people are likely to be in the next 5 years. Sorry, that’s where you’re going. It’s pretty simple. If your associates are not ambitious or positive about life, you can’t be. If your friends don’t know more than you, you’re never going to grow and become a better person. So what should you do? Cut yourself off from negative and unmotivated people. Choose your friends carefully because you can’t be better than who you associate with.
Advice No.4 — “You won’t keep control of your time unless you can say ‘no.’ you can’t let other people set your agenda in life.”
Look around you. What do you see? Distractions. Distractions. Distractions everywhere. Social media, TV, parties, and movies. All these are interesting stuff that brings little or no value to who we are. The more “NO” we can say to distractions, the more time we’ll have to be productive at things that really matter.
Advice No.5 — “You don’t have to be smarter than the rest. You have to be more disciplined than the rest.”
