People say Advice is the easiest one to give and a hard one to take. Right?
But I feel it depends on who is giving that advice to you and how you take it. Some people’s advice cannot be ignored and you have to listen and understand, to know the value of it.
And now I want to share with you seven Warren Buffett pieces of advice that can help you at some point in your life.
#1. Patience
“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.” – Warren Buffett
Everything needs time, you cannot grow a tree in one day and you cannot become super-rich in one night.
So, don’t focus on the end result right now, or don’t go for the shortcut to achieve something. Patience is a key element and you should not ignore it. Just work on the things that you want to be and slowly you move in the path of achieving the goals you planned.
#2. Warren Buffett advice on Taking Risks
“Never Test The Depth Of Water With Both Feet” – Warren Buffett
Without taking a risk you cannot achieve something big in your life but it should be a calculated risk.
Let’s connect taking risks with one of the common thought or wish most of you have it in your mind.
Most of you want to leave the 9 to 5 job and start your own business. Yes!
For this, you don’t have to resign from your job and start your business. Just work on your business while you were in a 9 to 5 job, slowly build your idea and you will see the progress either in a positive or negative way.
Based on the result of how your idea is progressing, you can take decisions with minimal risk.
#3. Expectations
“Honesty is a very expensive gift, Don’t expect it from cheap people.” – Warren Buffett
The Minute you start expecting something from someone, you will lose control of your mind.
If you are honest with someone, your mind is always tuned to expect positive results from them and if you get the opposite, you will feel, let down.
So, have your expectations under control. Be honest with the people from your side and don’t expect the same from the other side. Good people will reflect the same honesty to you and cheap people, let’s not talk about them.
#4. People
“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
People are an important source of motivation for each other.
We are always surrounded by people and it’s very important for you to learn from them.
How many of you, we’re very much impressed by a person’s behavior?
Whether the way they talk with people, the way they give presentations in the office, or the way they save and invest their money.
So, start spending time with people whom you feel are better than you, in terms of behavior and you will slowly learn from them and start moving in their direction.
#5. Warren Buffett Investment advice on Earning
“Never depend on single income. Make investment to create a second source.” – Warren Buffett
Most you are earning from a corporate job, business, or freelancer. So, never depend on that income where you have to work. Better start investing in something like real estate, stocks, or fixed deposits.
With these kinds of investments, you will get Rents from Real Estates, Dividends from Stocks, and Interest from Fixed deposits. This will act as a second source of income, which will help make you financially secure.
#6. Warren Buffett advice which saved me, Saving
“Do not save what is left after spending; instead spend what is left after saving.” – Warren Buffett
Every month, for many of you, savings are the last priority, after you spend your earnings on other things. The moment you keep your savings as your last priority you are always carrying the chance of postponing it to a later date or forgetting it completely. This leads to the risk of financial instability in life.
So, as Warren Buffett says take Savings as one of your top priorities and save it as per your financial goals and then you can start spending. This will help you to have good control over the way you are spending.
Recently I started following this tip and it really helped me to improve my savings habit.
#7. Spending
“If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffett
Saving and spending are bonded to each other when you save more, your spending will go down, and it’s vice versa.
Unnecessary spending is one of the common habits many of you have, and if it continues for the long run, it will have a huge impact on your basic necessary things.
Just look around your home and see,
“What are all the things which are simply kept idle without any usage?”
And many of you would have noted a minimum of 1 or 2 things.
So, stop buying things you don’t need and ask yourself multiple times
“Do I really need this item?” “How frequent am I going to use?” “Can I do my work without this?”
These questions will clarify all your doubts and help you to make better decisions and leads to better spending habits.
So, we hope you can use some of the advice from Warren Buffett, which can improve yourself from the current situation in your life.
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