Do you want to know the financial secret of one of the world’s wealthiest man? Are you ready to move out of debt and into financial emancipation? If so, then read on and change your life.
Warren Buffett is considered to be one of the world’s most successful investors in the world. In spite of his wealth, he is known for his frugality. His financial empire spans decades and continues to increase. The way he lives his life is a testament to sound money management that everyone can learn from.
Money Saving Tip #1: Practice Living A Simple Life
What would you do if you have billions of dollars at your disposal? Chances are you’ll have a lifestyle makeover. Although this is often the case when people find fortune, Warren Buffett advices people to remain modest in living. Lavish spending will delete your savings faster than you could ever imagine. Moreover, living a simple life puts your feet on the ground and keeps you in touch with the rest of humanity – those that don’t have wads of cash tucked in every pocket.
Money Saving Tip #2: Avoid Compulsive Buying
Although this tip of the Billionaire is on stock trading and investment, it can be used for other aspects of financial gains. For him, patience is important for anyone who wants to be successful and financially free. Finding the right time to buy is equally important. His idea on stock investment and on waiting for the right timing to buy can be used in everyday life. For example, instead of simply buying items simply because they attract you is not a good buying decision (if there are any decisions being made). Likewise, waiting for the right moment when the prices are more appealing will save you a lot of money. So scout out sales and dropped prices before you swipe your credit card or pay cash.
Money Saving Tip #3: Buy What Is Important To You
The value of this advice goes beyond cost and savings. Of course finding something that you find valuable is important. But it is likewise, wise to find items that you want to keep for life. As items you buy are investments in themselves, make sure you purchase those that will last you a lifetime. This underscores the difference between cost and value – the former simply being the amount you’ve paid while the later is the actual importance to you.
Money Saving Tip #4: Learn To Save
Even a man of unimaginable wealth knows how to save money. In fact, learning to save is something everyone is advised to do. But the reality is, not everyone gets to save. Warren Buffett in spite of being at the top of the financial food chain saves money.
Money Saving Tip #5: Being An Investor
Warren Buffett is no stranger to risks. Just like anyone, his daily life is wrought with financial difficulties and risks that can shatter anyone’s confidence. But of course with billions of dollars backing him up, it’s quite hard to rattle this investment legend. But the bottom line is he understands and respects these risks that he himself lives a frugal life and continues to save.
Are you a person who is willing to learn from a successful man? If so, then presented here are some of life’s simple yet powerful advice on financial success. Most people have heard a variation of these tips and suggestions. However, many don’t put them into action. The difference between most people and Warren Buffett is that he takes saving seriously. Perhaps
it’s about time that you too take finances seriously.
Adapted From: http://www.selfgrowth.com