Warren Buffett's 10 Golden Tips for Young People: Understand one of them, and you'll avoid taking 10 years of detours.
1、Being with those who are better than you
Among the five people you interact with most frequently, they determine your level of wealth," said Buffett. His greatest fortune was meeting Charlie Munge.
If you are surrounded by ordinary people, no matter how hard you try, you will struggle to make a breakthrough;
but if you are with strong individuals, you will grow along with their way of thinking and habits.
2、Investing in yourself is the best investment.
The best investment is investing in your brain.
Buffett spends 5 hours reading every day and never stops learning.
Your cognition determines your upper limit of wealth. Continuous learning is more important 。
3、Compound Interest Thinking: Time is More Important Than Intelligence
Life is like a snowball. The key is to find a long enough slope and wet enough snow."
Wealth, knowledge, and health all require compound accumulation.
If you improve by 1% every day, in 10 years you will be at the top of your field.
4、Just do what you truly love.
If you don't enjoy your job, you will never truly succeed.
Buffett was still working at the age of 90, not because he lacked money, but because he was passionate about it. Find your passion, and you will be willing to invest 10,000 hours to become an expert."
5、
Don't get into debt and maintain financial freedom.
Never borrow money for consumption; debt is the shackles of life.
Buffett detested debt and only engaged in long-term and stable investments.
True freedom is not about how much money one makes, but about not being controlled by money.
6、
Simplicity is more effective than complexity.
Investing is actually quite simple, but people always try to make it complicated.
Buffett only buys companies that he can understand and doesn't engage in short-term speculation.
The same is true in life. Focusing on a few key decisions is better than being busy without purpose."
7、
Patience is the greatest competitiveness.
The stock market is a place for wealth redistribution. Money always flows from those who lack patience to those who have patience."
Buffett held Coca-Cola for 30 years and made 100 times the money.
Success doesn't lie in how smart you are, but in how long you can wait.
8、 Reputation is your most valuable asset.
It takes 20 years to build a reputation, but only 5 minutes to destroy it, said Buffett.
He would rather earn less money than engage in actions that damage his reputation.
In the long run, integrity is more important than any short-term benefits.
9、Crisis = Opportunity
When others are fearful, I am greedy; when others are greedy, I am fearful.
During the 2008 financial crisis, Buffett bought into Goldman Sachs and BYD, and made billions.
The true winners are those who make their moves during the downturn."
10、
Happiness = Low Desires + High Satisfaction
True happiness is not about how much you have, but about how much you desire.
Warren Buffett lives in an ordinary house and drives an ordinary car, yet he is happier than 99% of the wealthy people.
Reducing desires and focusing on what truly matters is the key to happiness.
