The Top 5 Life Lessons Warren Buffet Can Teach You
"What can Warren Buffet teach me other than about money and finance?"
"How and what can I learn from the super rich?"
"I'll never be rich but I want that life of joy and contentment."
"What is the meaning of happiness? I hope it's not money!"
What can super-investor Warren Buffett can teach you about life?
He surely knows a lot about money.
But how does that success translate to being an expert on life?
You may be surprised!
Warren is famous for a simple lifestyle and love of his work.
Let these five lessons in life be a guide for contentment in your own life.
Focus on what you love.
Warren has a nice, but modest home, and drives a $40,000 car. He could own the most expensive home and cars in the world but he doesn't. He drinks Coke, buys what he likes, and enjoys a relatively simple life.
- Enjoy your life and the things you have. Avoid being concerned about what everyone else has or about what you could have. It's more satisfying to own one perfect painting than to own 10 that don't thrill you. Seek out the things you love and avoid wasting your time on the rest.
What will you focus on?
Quality is more important than quantity.
You only need to make a few good decisions to be incredibly successful. Warren Buffett has hundreds of billions of dollars to invest for himself and others, yet he frequently only owns 20 or so stocks. Be picky. Be happy with a smaller quantity.
- Warren has a very famous line that basically states, "Your financial wealth would be much greater if you could only make 20 investments in your lifetime. You would make sure they were great if you had only 20 chances."
Do you see the benefits of quality or quantity?
Do what you love.
Warren has said that the most important part of success and contentment is doing what you love every day. That's why he's never stopped investing and making money. If you're spending your time doing what you love, you continue doing the same thing regardless of how much money you have.
- You might not enjoy the career you have right now. But are you doing anything to change that? Do you have a plan? Imagine how much more content you would be if you enjoyed going into work each day.
What do you love to do?
Mind your own business.
You needn't be concerned with what the competition is doing. Avoid being influenced by everyone else. If you do what everyone else is doing, you'll simply be average. Avoid comparing yourself to everyone else. Follow your own intuition.
- Most of us are overly concerned with others. We're worried about how we compare. We're worried about their opinions of us. They're probably thinking the same things. Get yourself out of that loop and do your own thing.
Who or what influences your life and decision making?
Stick to your talents.
Warren is famous for shunning high-tech investments, even when they were practically a sure thing. He has stated that he simply doesn't understand them well enough to invest in them. Stay in your areas of strength. You don't need to do everything. Focus on what you know well.
- We usually enjoy doing the things that showcase our strengths. That's human nature. It also makes life easier. Work on your weaknesses, but leverage your strengths.
What are you good at?
You may be thinking, “Duh, anyone would be content with $50 billion dollars.”
But that's not true!
Recent studies have shown that happiness and income are only correlated up to $75,000 USD. Above this income level, happiness does NOT increase.
Super wealthy people became wealthy largely because they are content living a particular way. You can be just as content, even if you never amass a mega-fortune.
Stop seeking money, possessions and other material things that you “are sure” lead to contentment.
Instead, aim to increase the amount of contentment in your life.
The rest will take care of itself.
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