Be better with your money in 2022: think like Warren Buffet

Loved by many and criticized by others, billionaire Warren Buffett clearly knows how to be financially successful.

He is considered one of the greatest investors to ever live. One of the many reasons he’s respected among those looking to increase their net worth is to follow what many see as principles of “common sense” when it comes to investing in the stock market.

Author Bo Bennett has compiled some of the ideas that contributed to Buffett’s success:

Patience is not only a virtue, it can help you be more successful.

Believe it or not, Buffett was only eleven years old when he bought his first shares of Preferred city service. He only bought three, at $ 38 a share. Soon after, those stocks fell to $ 27. Ouch. Obviously he was stressed about it BUT he didn’t panic. He was patient enough to wait for the shares to return to $ 40 each and then sell them.

So he didn’t lose any money, that’s right. However, Buffett is now thinking and wishes he had even more patience. Soon after, the stock boomed and hit $ 200 per share. He learned to really, really embrace patience after that.

If you want to be successful, don’t be put off by rejection.

Buffett was rejected from Harvard Business School to be “too young”. Undeterred, he then applied to Columbia. During his studies there, he was trained by two famous investors, Ben Graham and David Dodd, who would influence and change his life forever. Had he been accepted for Harvard, he would never have received their instruction.

“Be afraid and do it anyway.”

While not a quote from Buffett, it certainly applies. Buffet was afraid to speak in public. Still, he knew it would be a critical part of his future success. Rather than just sitting around marinating in fear, he chose to take action and enroll in a class that would help build self-confidence and alleviate that fear.

Obviously, there is a lot more wisdom to be gleaned from masters like Warren Buffett. Watch the video below to watch a great discussion of some of the best first steps to building wealth.

What else could you add to this list?

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