You often read or hear something for Warren Buffet and think to yourself, “Why didn’t I think of that?”
The lessons he teaches are so simple, yet if implemented, can have a profound effect on our lives. This article will explore 4 of them. Here we go.
1. Pick Your Friends Wisely.
We all know the famous saying, “You are the average of the five people you spend the most time with.”
However, Warren put his own and more implementable spin on it when he spoke with some college students a few years ago. He said,
“You will move in the direction of the people that you associate with. So it’s important to associate with people that are better than yourself. The friends you have will form you as you go through life. Make some good friends, keep them for the rest of your life, but have them be people that you admire as well as like.”
2. Improve Your Communication Skills.
Warren Buffett has two famous quotes:
- “The most important investment you can make is in yourself,” and;
- “The more you learn, the more you earn.”
Specifically, he stresses that communication is the key to leveling up, as he has also said, “One easy way to become worth 50 percent more than you are now at least is to hone your communication skills — both written and verbal.”
3. Learn Something Each Day.
Warren Buffet has been known to spend a lot of his time building up his knowledge through books. Apparently, he will often spend around 80 percent of his daily routine just reading.
He says the key to success is to learn a little each day, as he put it: “That’s how knowledge builds up. Like compound interest.”
4. Say No.
Perhaps the greatest lesson for leaders and entrepreneurs comes from another of Buffets famous quotes,
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
James Altucher also said something great in his book, The Power of No, “When you start just saying ‘no’ to the bad things, the ‘yes’ compounds every day.”
Don’t be afraid to say ‘no’ for now and simply wait for the right opportunity. Remember that when you say ‘yes’ to one thing, you say ‘no’ to almost everything else. You’ll never get that time back.