Warren Buffet Says To Invest In This ONE Thing, Have You?
Warren Buffett owes his success to a secret weapon and you happen to have it too. Are you prepared to make the biggest investment of your life?
This may sound like the start of a generic motivational speech but there is more to this article than empty motivation so let’s get to the point. You already have the most useful asset you could ever need.
Let’s go back to Warren Buffett for a moment, because when a man of his credentials has advice to offer, you might just want to hear him out. After all, his net-worth amounts to a little over $72 billion, give or take a few cents, which places him among the wealthiest people in the world. In short, the man knows how to invest.
Better still, he is not one to shy away from sharing the secrets to his success, so what is Warren Buffet’s number one investment?
“Invest in as much of yourself as you can, you are your own biggest asset.”
What this means is that the key to success, as clichéd as it may sound, is a healthy mind, body and spirit. This goes far beyond simple health and well being advice though; it’s all well and good to get healthy but when it comes to doing business, it won’t get you very far if you don’t put it into practice. You get out what you put in.
“The best investment you can make is in your own abilities. Anything you can do to develop your own abilities or business is likely to be more productive.”
Step one is getting yourself into shape both physically and mentally, step two is channelling this new-found strength into your work, and the final step is the best because you don’t really have to do anything but celebrate the results. That’s right, it’s another shameless cliché; step three is success.
So, we’ve established what your secret weapon is and what it can do for you (i.e. everything) but now it’s time to look at how you can use it in more detail. The bad news is that you will need to constantly work towards this goal but the good news, aside from the success it can bring you, is that the more you do it, the easier it gets and the better it feels.
“You only get one mind and one body. And it’s got to last a lifetime. Now, it’s very easy to let them ride for many years. But if you don’t take care of that mind and that body, they’ll be a wreck forty years later.”
Without further hesitation, it’s time to make that investment and transform yourself into an unstoppable trading force of nature. Here’s how:
Set goals every day and smash them.
You may have an ultimate goal in mind but you cannot charge towards it head-on if you aren’t ready for it. Instead you need to put your energy to better use and work on a series of goals that will build towards the success you desire and deserve. It is also important to eliminate any bad habits holding you back and replace them with positive habits that will push you forwards. It won’t happen overnight, but put in the work daily and you’ll get there.
“Most behaviour is habitual, the chains of habit are too light to be felt until they are too heavy to be broken.”
The best approach is to set small, attainable goals every day. That is, goals you know you can and will achieve. Don’t make things difficult for yourself, especially if you struggle to get motivated initially. Small goals will help you clear that obstacle soon enough but until then you need to go at a pace that suits you, otherwise you’ll end up leaving yourself behind.
These goals can be anything but the more related they are to your venture, the better. For example, you might want to exercise more and get into shape, but if this is a brand new habit you need to ease yourself in. Take a ten-minute walk around the block to start with; it will hardly impact your day at all but it will do you good and help clear your head. Do this every day and build on it when you feel ready. Maybe you’ll walk further, maybe you’ll start jogging instead. The choice is yours but the important thing is that you set a realistic goal and stick with it.
It may not feel like much at first but it can make a world of difference to your outlook if you are achieving something every day, however small it is. One day that achievement will be staggering.
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
Warren Buffet is a highly intelligent man and credits his success to this fact. It stands to reason that you cannot succeed in a field you know nothing about so it’s important to be well-read on the subject, as well as many others. When you go into business you need to know what you’re dealing with and have a very deep knowledge.
The best way to do this is to read. Read around the subject, read around related subjects, read as much as possible and learn as much as you can, because your brain is one of the most powerful tools at your disposal and you need it running at optimal capacity. Read a lot and read often.
“That’s how knowledge builds up, like compound interest.”
Buffett’s partner, Charlie Munger, summed it up perfectly:
“Go to bed smarter than when you woke up.”
Of course, learning is not limited to books and you should explore as many learning avenues as possible, such as attending seminars and completing courses. There are all kinds of educational opportunities out there and you should make it a priority to undertake as many as possible.
Get A Mentor
If you have NO experience, this process could save you 5-10 years. Acutally with the right mentor you could save yourself a lifetime of struggle. Now don’t panic if you don’t have a mentor today, start the process, start reading, start that business/exercise routine. Then the next step is to get networking, start making friends in your chosen industry. Whether they’re virtual (on Facebook) or real relationships, you never know who’s going to help you out.
Mentors have made all the mistakes themselves so you don’t have to. You can even have more than one, almost a group of highly experienced individuals who you can call on when you need some help.
Take the time to stop and smell the roses.
As good as it is to get immersed in your work, you should never let it dominate your life or you will end up missing out on so much. Success is meaningless if you don’t get to enjoy it. Sometimes you need to walk away, even if it is just for five minutes.
Activities like yoga and exercise are ideal for improving your physical and mental health but these should not be your only outlets. It doesn’t do any harm to have fun once in a while. In fact, I highly recommend it. You probably have a hobby already but if you don’t find one. Find something you enjoy doing, find something that makes you happy and make sure you take the time to indulge in it on a regular basis.
Balancing business and pleasure is a vital skill to have. Focus on pleasure too much and you risk falling behind or even failing, but if you focus solely on business it can have negative repercussions on your own well being. A little happiness is nothing to feel guilty about and if you never relax, you’ll only burn yourself out. Not only is it unhealthy, it could also lead to poor judgement and bad decisions, pushing you even further from your goals.
“I insist on a lot of time being spent almost every day, to just sit and think. So I do more reading and thinking, and make less impulse decisions than most people in business.”
Spend time with the right people.
The people in your life all have an influence on you so you need to make sure you don’t waste your time and energy on the wrong people. This applies in both a professional and social setting.
Professionally, you need to associate with people who encourage you to be the best you can be. They should be people you look up to and aspire to be. The more time you spend with them, the more likely you are to be more like them and emulate their success. In other words, without putting yourself down, you need to be around people you perceive to be better than you.
“It’s better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you’ll drift in that direction.”
Finally, you really should be spending valuable time with those you love, the ones who matter to you the most. Loving and being loved back is a fast track to happiness, which is nice enough in its own right, but as an added bonus, it can invigorate and motivate you to achieve true greatness that you’ll want to share with them.
“When you get to my age, you’ll measure your success in life by how many of the people you want to have love you, actually do love you. That’s the ultimate test of how you’ve lived your life.”