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Investment Lessons Learned From Warren Buffet
Most people try to invest and make money, but often end up suffering losses as they make the same mistakes over and over again. Aspiring investors should try to learn and emulate the minds of the rich like Bill Gates, Mark Zuckerberg, Michael Dell and Warren Buffet. Let’s look at Warren Buffet, who has been described as the best investor on the planet. Here are some investment tips to keep in mind:
1. Develop your investment mindset
Not all people are business oriented but we can improve our business mind by reading business related books. Warren Buffet invests a lot of his time in studying books on business.
2. Practice patience in your investments
Every time Buffett buys a stock, he buys into the company. This means that you don’t sell stocks in every market boom or bust. He believes in the companies he invests in for the long term and holds onto shares until he believes more or sees value in those companies. One of Buffett’s famous quotes, which illustrates his penchant for long-term investments, is: “No matter how amazing your skills or efforts, a few things simply require a significant investment. You cannot create a child in a month to have nine pregnant women.”
3. Prioritize value
Sometimes, the amount we spend on something and the value we get from our purchase are unrelated. Buffett believes that investors need to understand that markets are driven by supply and demand and that buying into a company with solid growth during market downturns are great opportunities to gain value. Buy a good stock at a good price.
4. Check your emotions when investing
Human emotions influence the market far more than any monetary model. Emotions can make people hope for something that never happened or rarely happens. Buffett advised that controlling your emotions is much more imperative than your IQ. According to him, “Achievement in investing is not associated with IQ. What you need is the behavior to control the urges that cause damage to other individuals in investing.”
5. Invest in what you know and are passionate about
Buffett exhorts that “never put resources into a business you don’t have.” Don’t put money into companies whose business you don’t understand.
If you do not have adequate information about a company, it is much more difficult to understand how a company will do in the long term and predict what the company will become a couple of years down the line.
6. Live below your means
Despite a net worth of $87 billion dollars, Buffett lives in an unpretentious home. He bought his current home in Omaha, Nebraska for $31,500 in 1958 and, today, calls it the third best investment he ever made. Rather than spending money to live lavishly, Buffett lives frugally and has reaped the benefits.
7. Save first then spend the rest
People tend to pay the bills first, spend the rest, and save for last. According to Buffett, this is the wrong approach. Buffet prescribes that you should set aside a set amount of money each month as savings first, then pay your bills, then spend what’s left after paying the bills.
8. Remember your roots
When he was in high school, Buffett got a job as a paperboy delivering the Washington Post. He developed that early activity into a deep association with the daily newspaper. Years later, his company, Berkshire Hathaway, became the largest investor of the Washington Post. Remember where you come from, your values, and you can discover unique opportunities for great investments.
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