8 Important Life Lessons we can Learn from Warren Buffett
In this world, there are only a few people like Warren Buffett, Steve Jobs who inspired the mind of the millions. Even if we fail to follow them fully in all respects, we like to replicate some of their life lessons in our life.
Warren Buffett is well known for his investment strategies. Knowing such great person’s life principles and experiences are the better way to reap such success in life. Along with his experiences he has shared some of the valuable thoughts on leading a better and successful life.
Millionaire mindset can be acquired by realizing few strategies behind it. If one of your goals is to have a Millionaire Mindset, then check out these remarkable tactics below.
1. Make Your Life Simpler
I have heard some of my friends telling on visiting the exotic places such that their ambition is to buy a house there or to buy a dream home near to the river banks or lakes.
Some people are desirous to get a brand new luxurious car. In my childhood days, I dreamt of driving a fancy car.
These are the usual ambitions of the common folks. On reaching there, some realize that these are only the needs of the inflated mind.
People give importance to money that makes them feel secure in life. Possession of wealth beyond this security is only to fulfill the greedy mind.
Due to enormous wealth, literally, some guys are collecting more of burdens and unwanted responsibilities in life. They are buying more stress according to Neil Patel. This increases only the level of stress in life, not the happiness.
Despite billions, Warren Buffett leads a simple life that is convenient for his profession. His principles are same for life and business. These types of people are certainly behind their goals and stay focused.
2. Walk in Line With Your Personality
We all have different sets of skills and passions in life. Some people are leading their life that is against their personality. They get obliged to move in that direction. This makes the sense that there is a lack of freedom in life.
Our skills determine our life purpose. When our deeds are in line with our personality we feel the sense of contentment.
Warren Buffett had different likes in personal and professional life. Though he was the CEO of Berkshire Hathaway he doesn’t like to attend the meetings.
He prefers more of his interests in life according to his personality. He was powerful and courageous to lead a life that he prefers.
Walking in line with his personality is the way he beats some of the unwanted restrictions in life. Thus, become more liberal in life. (Read also 3 SureFire Ways to Become More Productive in Life)
3. Leap before You Dive
This is a popular proverb that he upheld throughout his life. His profession involves lots of risks and the better way to compete with it is to know the pitfalls and pluses around it.
Taking unwanted risks in life is similar to gambling. It’s not the genuine way towards success. Jumping into the unknown without any adequate knowledge imprints you as a dumb.
The world praises the deeds of the risk takers. What most of us require is the cognitive ability to investigate the risk involved in the particular task that would help to mitigate its impacts. This is the strategy they implied in their life to become very successful.
4. Art of Saying No to Most of the Unwelcomed Things
I have already noted this in the article '12 Most Essential Skills Every Person Should Know'. Warren Buffett says that this is one of the important qualities that helped him to lead a successful life.
Often in life, we have to choose the path that is beneficial for our purpose, or else adverse decisions can ruin our purpose and exploit happiness in all manner. This hurts our confidence and self-esteem too.
Telling no to almost everything is not the hard part of our life. But learning to tell it without causing any dislikes and to maintain the same level of relationship with others is an art of communication.
5. Save and Then Spend
There are few millionaires and celebrities who led a luxurious life in the beginning and had fatal mistakes and failures in life. This caused to ruin all of their wealth. They had to face the bankruptcy.
So, they had to shift their lifestyle according to their present conditions. Compared to world's influential people, they had a different mindset.
Leading a greedy life is detrimental and looks uninteresting to others. Most popular people say that ‘As our possession increases we have to be as generous as we can. Or else, the sense of arrogance will be perceived in our deeds the most.’
Buffett had some of these principles in life. He bought a house for $31,500 long back. It was not a mansion and he continues to stay there.
6. Move Forward with a Single Step
‘Slow and steady win the race’. We should not think of jumping 3 or 4 steps ahead. It only leads to stumbling. We have to take each step as like climbing the ladder.
Buffett enormous success in investing is not a giant leap. It all began with a single step. He started investing with 10,000 dollars. He cautiously took each step based on the past experiences.
7. Have Priorities and Schedules in Life
Look at the life of the ultra-successful people; they have a better time management skill.
Time management is having an organized plan in spending the time. It is that the things with utmost importance have to give some priorities.
Having better schedules keep away the burdens of workloads at the deadline.
Buffett had habits that are nothing apart from these.
Some people have a better time management skills but the reason for their inefficacy is that they fail to stick to it.
8. Success Alone is Not a Success
The value of your success depends on the benefits it adds to the world. The success that deals with only the selfish needs is worthless.
Moreover, this has nothing to do with your happiness and wellbeing. It is the path of mentally weak people. (Read also 8 Character Traits Mentally Strong People Avoid in Social Settings)
Warren Buffett is a humanitarian. According to him ‘success is measured not in possession of wealth but winning the hearts of the people. And, at the end, it is how many people are there to really love you. It is the mindset we have to develop.'