Warren Buffett’s timeless nuggets of wisdom on being a great leader.
Warren Buffett, the CEO of Berkshire Hathaway, is set to receive over $6 billion in dividend income from three well-producing stocks in the upcoming year. That’s according to Yahoo Finance.
We know he’s a legendary investor with more financial acumen on the tip of his pinkie than I have in my whole body. But when it comes to timeless leadership wisdom, Warren Buffett is no slouch either. His massive fan club speaks volumes about his success. Let’s explore three rules for success that have worked for Buffett.
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Make Smart Choices
Buffett’s invaluable tips for success are thought-provoking. But the real question is, do we apply his advice practically to improve our situation? One of his most memorable quotes is:
You only have to do very few things right in your life so long as you don’t do too many things wrong.
This means that making good, smart choices every day is key. Let’s face it, everyone has failed at some point, some more spectacularly than others, and it’s bound to happen again.
To minimize your failures, making good decisions on the road to success is essential. This has been Buffett’s advice for decades, and it has worked wonders for him.
Be Around People Smarter Than You
Buffett has emphasized the importance of mentorship in career development. During his time at Columbia University, Benjamin Graham served as Buffett’s teacher and mentor. In the foreword to a sixth edition of Security Analysis, the 1934 investing classic written by Graham and David Dodd, Buffett credits Graham with changing his life. In addition, Buffett advises that success is largely influenced by the people we surround ourselves with. He said:
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Pick out associates whose behavior is better than yours and you’ll drift in that direction.
This is a valuable life lesson about adopting the traits of successful individuals who are further ahead in their careers. By doing so, we can expand our network and enhance our reputation. As the famous saying goes, the people we spend the most time with profoundly impact whom we become. Therefore, associate with individuals who can help you learn, grow, and progress in your career.
Invest in Your Development
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The Oracle of Omaha once advised people to invest as much as possible in a commodity that anyone, anywhere, can have access to regardless of how much money they have.
He didn’t say, “Throw all your money into gold or bitcoin.” Nope, he advised investing in something everyone can get, regardless of their bank account. What’s this golden asset? Yourself!
Here’s the exact quote in an interview with Good Morning America
Investing in yourself is the best thing you can do. Anything that improves your own talents.
This isn’t merely lip service from the billionaire mogul. One of the best secrets to Buffett’s success is that he is continuously learning and improving. Charlie Munger, the vice chairman of Berkshire Hathaway, once said this about Buffett:
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Warren Buffett has become one hell of a lot better investor since the day I met him, and so have I. If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is. So the game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process.
Buffett’s lifelong strategy is something he has followed religiously: Go to bed a little smarter each day. He has applied this over his lifetime to gain an enormous competitive advantage. Now you can too.
