Warren-BuffetWarren Buffett, “Oracle of Omaha” is one of the wealthiest individuals in the world with a net worth of over USD 60 billion. He is known for being an incredible investor, entrepreneur and philanthropist. His best friend is none other than Bill Gates, founder and chairman of Microsoft. He is also legendarily frugal, living in the house he bought for $31,500 since 1958.

So here is some of his greatest advice on success and investing:

1) Level of understanding and knowledge matters

“Risk comes from not knowing what you are doing”

2) Know who you spend your time with

“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.”

3) Choose quality over quantity

“You only have to do very few things right in your life so long as you don’t do too many things wrong.”

4) The fragility of your reputation

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

5) An important rule in investing

“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”

6) Looking for honesty in others

“Honesty is a very expensive gift, don’t expect it from cheap people.

7) Start early

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

8) Have patience and faith in whatever you do

“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.

9) Understand the difference between your needs and wants

“If you buy things you don’t need, you’ll soon sell things you need.”

10) Life is about perspective

“The happiest people do not necessarily have the best of all. They simply appreciate the things they have.

11) Price is something quite different than value

“Price is what you pay for. Value is what you get”

12) On Value Investing

“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.” That’s what value investing is all about.”

My Favourite Quote:

“Risk comes from not knowing what you are doing”

This is one quote that I can personally relate to. Whenever I discuss about investing in the stock market, these are the statements that people will make:

1) Are you crazy, stock market is only for people with a lot of money.

2) It is too dangerous. It is impossible to invest.

3) It is better to park your money with the fund managers.

The statements above may hold certain truths. However, risks will always surface if you do not understand how and what are you doing. The same rules applies for people driving, or riding a bike or anything you do in life. If you do not know how to drive a car or ride a bike, it will definitely be risky. So before you do anything, put in the time and effort to learn and understand it.

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