Personal Development, Finance and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
At first they will ask why you're doing it. Later they'll ask how you did it.
How well did you really know Mr. Warren Buffett? Who is he?
Mr. Warren Buffett also known as the "Oracle of Omaha," a nickname given to him because of his investment picks, comments on the market and he lives and works in Omaha, Nebraska. He is one of the most successful investors of all the time. He is also a Philanthropist. According to Forbes.com, Mr. Buffett's Net Worth is $73.9 B (as of 7/22/17).
So you're wondering how Mr. Buffett achieved financial success. Almost every successful person begins with two beliefs: the future can be better than the present, and I have the power to make it so. Below are the excellent rules and tips from Mr. Warren Buffet on how to achieve financial success.
Rules to Riches
Reinvest Your Profits
- Don't be tempted to spend your profits, reinvest the profits instead.
Be Willing To Be Different
- Don't base your decisions upon what everyone is saying or doing.
Never Suck Your Thumb
- Gather in advance any information you need to make a decision.
Spell Out The Deal Before You Start
- You bargaining leverage is always greatest before you begin when you have something to offer.
Watch Small Expenses
- Benjamin Franklin once said that "Beware of little expenses, a small leak will sink a great ship." Be obsess over the tiniest costs.
Limit What You Borrow
- Living on credit cards and loans won't make you rich.
- With tenacity and ingenuity, you can win against a more established competitor.
Know When To Quit
- Know when to walk away from a loss, and don't let anxiety fool you into trying again.
Assess The Risk
- Asking "and then what?" can help you see all of the possible consequences when making a decision.
Know What Success Really Means
- Measure success by how many of the people you want to have love you, actually do love you.
- Never depend on single income. Make investment to create a second source.
- If you buy things you do not need, soon you will have to sell things you need.
- Do not save what is left after spending, but spend what is left after saving.
INCOME - SAVINGS = EXPENSES
On Taking Risk
- Never test the depth of river with both feet.
- Do not put all eggs in one basket. Learn to diversify.
- Honesty is very expensive gift. Do not expect it from cheap people.
If you don't find a way to make money while you sleep, you will work until you die.
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ABOUT THE BLOGGER
Ralph "Rap" was born and raised in the Philippines. A Financial Literacy Advocate. An I.T. by Profession. An Investor. A Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). A Traveler. An Adventurous. A Mountain Hiker. A Dreamer.
Currently works his way towards time and financial freedom.