Here are some Secrets posted by Stephanie;
REINVEST YOUR PROFITS
When you first make money you will be tempted to spend it. DON’T. Instead reinvest the profits. Buffett learned this early on. In high school, he and a friend bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. Then the friends sold the venture, Buffett used the proceeds to buy stocks and to start another small business.
BE WILLING TO BE DIFFERENT
Don’t base your decisions upon what everyone else is saying or doing. When Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors he was dubbed an oddball. He worked in Omaha, not on Wall Street, and he refused to tell his partners where he was putting their money. People predicted that he’d fail, but when he closed his partnership 14 years later, it was worth more than $100 million.WATCH SMALL EXPENSES
Buffett invests in businesses run by managers who obsess over the tiniest costs. He once acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). He also admired a friend who painted only the side of his office building that faced the road.
LIMIT WHAT YOU BORROWBuffet has never borrowed a significant amount – not to invest, not for a mortgage. He has gotten many heartrending letters from people who thought that their borrowing was manageable but became overwhelmed by debt. His advice: Negotiate with creditors to pay what you can. Then when you’re debt-free, work on making and saving some money that you can use to invest.
ASSESS THE RISKS
In 1995, the employer of Buffett’s son Howie, was accused by the FBI of price fixing. Buffett advised Howie to imagine the worst – and the best – case scenarios if he stayed with the company. His son quickly realized that the risks of staying far outweighed any potential gains, and he quit the next day.
KNOW WHAT SUCCESS REALLY MEANS
Despite his wealth, Buffett does not measure success by dollars. In 2008, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates foundation. He’s adamant about not funding monuments to himself – no Warren Buffett buildings or halls.
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Stephanie Deneke
Independent Representative at Numis Network
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