Warren Buffert Tips On Being Rich!

1. Rich Is A State Of Mind
"I always knew I was going to be rich. I don't think I ever doubted it for a minute." - Warren Buffett

The difference between being poor and being rich is really just a state of mind. Poor people think thoughts of poverty and lack, rich people think thoughts of abundance and prosperity. Your beliefs are going to determine the way you perceive wealth, the decisions you make and the way you act towards it.

2. Success Is More Than About Your Bank Balance
When asked by CNBC what is the secret to success, Buffett replied "If people get to my age and they have the people love them that they want to have love them, they're successful. It doesn't make any difference if they've got a thousand dollars in the bank or a billion dollars in the bank... Success is really doing what you love and doing it well. It's as simple as that. I've never met anyone doing that who doesn't feel like a success. And I've met plenty of people who have not achieved that and whose lives are miserable."

3. Spend Less Than You Earn
"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks." -Warren Buffett

It seems like common sense advice and you've no doubt heard financial experts preaching about it for years. You can't possibly get ahead financially if you're spending more than your paycheck. Buffett is famous for living a simple and frugal lifestyle. He is the only billionaire I know that still lives in the same house he bought back in 1958 for $31,500. He drove a 2001 Lincoln Town Car for years which he bought second hand. Buffett has a net worth in excess of $52 billion and yet lives off an annual salary of $100,000. The relative percentage of his spending based on his overall net worth is minuscule.

4. Avoid Consumer Debt
The sooner we realize that consumerism is a social plague that has been propagated by billion dollar marketing machines to keep you shackled to your job, the sooner we can stop spending money on useless stuff. It is a fool's game to spend today so that you can work tomorrow to pay it off. It is a losing proposition because one day your working days are going to be over but the debt is still going to be hanging over your head. Clever marketing has convinced our society that to be happy you have to have more, be more and do more. Buffett abhors consumer debt instead choosing to use debt wisely by leveraging it in investments.

5. You Are Who You Associate With
"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." -Warren Buffett

If you want to succeed financially you need to associate with people who are most conducive to encouraging and cheering on your financial journey. If the people you associate with see money as evil, object to capitalism and find wealth a foreign concept then your financial health and well being is going to be influenced by their views. Whether we like it or not we are all influenced to some extent by the people we spend our primary time with. If you aspire to achieve financial security then you need to find a mastermind of people in your life whom you can all encourage and help each other.

6. Gambling Is A Fools Game
"Rule No.1: Never lose money. Rule No.2: Never forget rule No.1." - Warren Buffett

While we are young and naive we choose to take risks with our money that are dumb and stupid. Trying to hit a home run with your money every time is a losing proposition with long term consequences. To chase investments that offer a high rate of return you must also assume that it also comes with a higher rate of risk. Bill Gates once quipped "Warren's and my betting has always been confined to $1 bets" when talking about them paying poker together. If two billionaires take risk management this seriously, it's time we average punters did the same thing.

7. Give Back To The Community
"Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars." - Warren Buffett

They say that to have more you need to give more. A contradiction in terms, maybe, but it's a simple truth that is as enduring as time. As the bible says "It is more blessed to give than to receive -Acts 20:35". Buffett has announced in 2006 that he was giving away over $30 billion to the Bill and Melinda Gates Foundation making it at the time of writing the largest charitable donation in history. He also contributes large sums to his children's charitable foundations.

8. Generosity and Abundance Goes Hand In Hand
"Even though Ben Graham [Buffett's mentor] had everything he needed in life, he still wanted to give something back by teaching, So just as we got it from somebody else, we don't want it to stop with us. We want to pass it along too." - Warren Buffett

Living Rich!

Many people have the wrong idea about what being a millionaire is all about. Many also equate instant gratification with happiness. They believe that millionaires live lavish lifestyles and all that self-indulgence brings lasting happiness.

Well, from my research and my own observations of the many self-made multi-millionaires I know, I find that most self-made, sustainable millionaires DO NOT live this way. What does sustainable mean? It means a person whose millions of dollars will last a lifetime and not just a couple of years.

Officially, Bill Gates is ranked as the richest man in the world with a net worth of $46 billion. Unofficially, figures put IKEA founder Ingvar Kamprad as the world's richest with a net worth of $53 billion. One of the reasons he managed to accumulate so much money is because of his frugal nature. Up to today, it is said that Kamprad flies economy, drives an old Volvo and even waits until the afternoon to buy his fruits and vegetables, when the prices drop significantly.

If he were alive today, Sam Walton (1918-1992), founder of Wal-Mart would be the richest man in the world with an estimated net worth of $90 billion. If you take a look at Forbes list of the ten richest people in the world, five of them are the Waltons who inherited their money from Sam. How did this once poor farm boy accumulate so much wealth? Again, he was well known for sharing rooms during business trips to save money, flying only economy and wearing clothes from his own discount store.

5 Money Making Secrets

Making Money Secret #1

"Start your own business." Hardly anyone gets rich from a job, unless they are about to be the next CEO at a giant corporation. Even then, you only technically make your money when you are physically at work.

Really making money entails making money 24/7, when you work, play, eat or sleep. Start a business that provides you cash flow whether you are there or not.

Making Money Secret #2

"Time." Time is the one variable on this earth that is the same for everyone. There are only twenty-four hours in a day and one of the main differences between the wealthy and those that aren't is how their time is spent. Wealthy individuals use their spare time to improve their future quality of life. The rest spend their time eating potato chips and zoning out in front of the television.

Making Money Secret #3

"You are what you think about." If you think about negative things and negative circumstances, you will get negative results. On the other hand, if you think positively about your future, you will achieve positive results.

Making money is no different, you need to tell yourself exactly how much you want to make and then believe it to be true. It is this unconditional belief, along with good business skills that will make you money and bring you success in whatever you desire.

Making Money Secret #4

"Learn, learn, learn, and apply." You are going to need to devour and I mean devour every piece of instructional or educational material that pertains to business and making money. Then you are going to need to take action and apply that knowledge.

Making Money Secret #5

"Be persistent." This doesn't mean to use the same newspaper ad over and over again if it isn't producing customers or leads, being persistent means to always be focused on your end goal and do whatever is necessary to achieve it.

You will probably be surprised at the amount of effort required and the difficult earning experiences you need to go through to become successful. Always keep trying new angles.

The road to wealth will be bumpy so you had better be able to face whatever comes your way without getting down on yourself. This is why most people quit, they expect impossible results in a very short amount of time and then when they aren't meant they shout out, "this stuff doesn't work," and go back to their job saying that "money is the root of all evil."

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