Follow these tips – If you want to be a millionaire like Warren Buffet
These are the pillars that Warren Buffet has followed all his life to be recognized as the world’s most famous investor.
How are you managing your finances? Even if it seems to you that things are going well, it is important to be clear about how you use your money, what you spend it on, and what purposes you often set out to invest it and achieve good returns or results.
Don’t think that plans or budgets are only made by people who are very greedy. On the contrary, those who have big companies and businesses or invest in different products know how necessary it is to know where their money is, because if they don’t they can fall into big crises or total losses of what little or much they have.
What’s more, financial education and good decisions about money don’t depend on age, there are children and young people who have a clear idea of what they want to do with it from an early age. And with wisdom they even start small businesses or simply seek to invest, often better because they are not afraid of risk.
This is the case with several multimillionaires who currently occupy one of the top positions on the Forbes list of the richest men and women in the world. They have become known for their brilliant intelligence, their eagerness for business and their ability to innovate with them.
Warren Buffet is an example of this, from a very early age he was interested in investments and today he has a fortune of $77.3 billion and is the second richest man in the world. In fact, when he was only 32 years old in 1962 after founding his company Buffet Partnership Ltd and opening seven billion-dollar companies.
He did it all because of the interest he had in managing his finances since he was 10 years old, as at this age Buffet was rubbing shoulders with the “tough guys” on the New York Stock Exchange when his father took him to dinner with them several times.
From that moment on, Buffet became conscious of making money and a year later, when he was 11 years old, he invested for the first time in shares, bought three of them at Cities Services Preferred for $38 each, but they fell quickly to $27, but Buffet held on to them and decided to keep them until they recovered for $40 and sold them. Hence, their investment advice has always been “buy and hold”.
What’s more, after selling chewing gum and soft drinks, selling newspapers and even washing cars, he decided to invest with his best friend in a pinball machine that he located in a hairdresser’s, the result was that on the first night they made a profit of $4 dollars, (a high figure for the year in which they made the business), however, he did not spend the money, but rather reinvested it in the purchase of more machines to grow the business.
It is because of these behaviors and the lifestyle he leads that he has stated in various interviews that “money should not be wasted”. Warren Buffet is so modest that he doesn’t have a phone, prefers to travel by public transportation, instead of a computer on his desk he has a universal encyclopedia and even continues to live in his first five-bedroom home he bought for $31,500.
Another secret of Warren Buffet’s success beyond money has been his gratitude to other people, he believes that “something must always be given back to humanity”, it is like a belief faithful to the theory of “karma”, have you heard it? It ensures that you have to do the right thing to make sure that things are returned in the best possible way.
In this way of thinking, millionaires like Warren Buffet and Bill Gates agreed to donate at least half their fortunes to charity. Thus, in 2016 Buffet donated nearly 2,860 million shares to social works.