Want to Be Happy and Successful? Financial Advice from Warren Buffett
Warren Buffett’s name is synonymous with ideas like “wealth,” “success,” and even “happiness.” Why? Because he’s managed to achieve all three at the highest levels possible. More importantly, unlike some who amass as much wealth and success as possible, Buffet is happy to share what he has learned along his journey as well as his insights on how others can emulate what he has achieved. Here are some of the tips he shared recently in an interview for Inc.
You Should Be Your First Investment
There are a lot of ways to interpret this. In the practical or money-based sense, it can mean making sure to put some of every paycheck into savings before you start paying bills. It also means to really spend time honing and developing your skills and expertise. The better your skills and the more advanced your knowledge, the more you are worth to employers and clients. Mostly he means that you should make yourself your top priority. Doing so will make you happier and that happiness and fulfillment will help improve your productivity and earnings potential.
If you want to be able to invest in yourself, you have to know yourself. This is something that most people find uncomfortable because, make no mistake about it, objectively evaluating your own strengths and weaknesses is hard. Even so, it is important to figure out who you are, what you want, and take stock of your strengths and weaknesses. When searching for employment or trying to decide where your career should go next, this is often called “writing a reverse CV.” The results you see on the paper might surprise you, but they will definitely help you figure out your next steps.
Having a mentor is an important part of building up your own business or learning how to navigate the landscape of a new career. These mentors do not always have to be formed via personal relationships. Build a network of people who have what you want to have for yourself and find out how they got there. Read the interviews they’ve given and the books they’ve written. Find out as much as you can about how to emulate their success and achievements. This doesn’t necessarily mean that you have to interact with them personally. A lot of the time, a mentor can be someone like Warren Buffett himself: someone you follow from afar.
Stare Down Fear
Everybody is afraid of something–especially when it comes to career management and/or striking out on one’s own. Even so, it is important to not let those fears keep you from achieving your goals and dreams. Find a way to face the things that scare you. In Warren Buffett’s case, he was terrified of speaking in public. Instead of letting that stop him, he took a course on the subject to help him face that fear and alleviate it. Look for safe and effective ways to face your fears. Take classes, read books, work with a counselor or teacher, etc.
Learn Time Management
There are a lot of different theories about how to approach time management and how to develop the skills you need to stay on task. Many people swear by the Getting Things Done method made popular by David Allen. Others are disciples of Julie Morgenstern. Whatever method you subscribe to, master it. Find a way to effectively manage your time to ensure maximum productivity and focus. It might take time to do achieve this goal, but you’ll be glad you took the time to find a workable method. We promise!
Learn to Recognize Opportunities
As you grow and work you will learn to instinctively recognize great opportunities when they come along. When you see one of these great opportunities it is important to grab it. Don’t discriminate against a fantastic opportunity just because it doesn’t look the way you thought it would or come up at the best time. Sometimes life surprises you. Learn how to go with it!
Love What You Do . . . to a Point
You will automatically be more invested and productive if you can find a way to earn money doing the tasks and activities you love. At the same time, it can often take a while before you find a way to turn your love into a profitable endeavor. Don’t turn up your nose at day jobs that will keep you financially secure while you work on your dream job in your spare time. Be smart about it! Remember, nobody starts out as Warren Buffett, they work hard to get that kind of success and happiness.
Warren Buffett is an inspiration. Use his advice to help you in your own life!