Most people know Warren Buffett as one of the most successful and accomplished investors of all time. No matter if you are in the financial industry or simply enjoy investing your money with hopes of big growth, it is safe to say that you can learn a lot from him.
Despite the fact that you may never have the chance to meet Buffett in person, you can learn plenty by doing some basic online research.
Here are three things you can learn from the money master himself:
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
1. Patience is the key to success. Are you under the impression that Buffett was always a billionaire? Do you believe he hit it rich at an early age and has been collecting cash since? This is definitely not the case.
It took many years for Buffett to reach his current status. In the early days, from 1951 to 1954, he was an investment salesman. It was not until 1962 that he was considered a millionaire.
2. Don’t be afraid to stay put. Did you know that Buffett lives in the same house today that he purchased for $31,500 in 1958? If you are the type who is always looking for something “bigger and better,” in terms of material possessions, this one detail of Buffett’s life may open your eyes.
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.”
3. Compound interest is your best friend. Start investing now, continue investing into the future, and let your money grow. Buffett is a huge believer in the power of compound interest, and you should be too.
Warren Buffett is king in the world of investing. With the three points above in mind, you will find yourself on a better financial track from this day forward.
This is part of an ongoing series on some of America’s most successful entrepreneurs and companies got their start.