Who does not know Warren Buffet , one of the richest people in the world ? He is not only the king of the stock market but also the world’s biggest donor.
He has donated most of the wealth earned in life, due to which he is called the greatest donor of the 21st century.
Since childhood, he had so much desire to earn money that he used to go to the newspaper every morning to sell the bicycle. When he was only 15 years old, he used to earn $ 175 every month by distributing newspapers and invested those money in investments. You’d be surprised to know that Warren Buffet earned $ 90,000 before completing college. After this, he realized that money can be made only by investment and on the basis of this mantra, he built his multi billion dollar empire.
Today we are sharing with you 10 magical mantras of earning the wealth of the most successful investor of the world, Warren Buffet.
10 mantras to earn money
1) Invest profit
The ocean is formed by the drop, so if small amount is saved, then at one time it will turn into a big property. Many people invest the profit instead of investing it in their needs whereas Warren Buffet’s mantra is that if 50 percent of the profit is reinvested, it will increase your business significantly. If you make a habit of profit, then the magic of compound interest will make you rich.
2) go off the beaten path
In the stock market or in your business, if you walk out of the box, you will benefit greatly because it will develop a different identity from you. To get out of the box, you must develop your original thinking. You should not become part of the herd for this. Instead of taking any investment decision at the behest of others, based on your discretion, it will also increase your confidence and you will also know about your thinking about where you are doing right or wrong.
3) Avoid dilemma
People who are stuck in dilemma easily lose the golden opportunity. Decide the investment fast and examine the available information for it. Initially for investment, you will have difficulty in taking quick decisions but soon you will understand the advantages of taking quick decisions.
4) Understand the deal before deciding
The deal must be well understood before making any decision. Consider well how you can benefit from the deal. Please read any paper thoroughly before signing it. People forget to re-check some important things in a hurry to decide. In this work, you have to use discretion with haste, which will come with experience.
5) Control small expenses
If you feel that you can succeed in investing by controlling big expenses, then your concept is wrong because very small expenses can prove to be more harmful for you. Before spending anything, consider whether it is appropriate to do so or not. Just as the ocean can be filled from drop to drop, similarly the ocean can be emptied by the drop! Small expenses together become so big that they never allow your dreams to become rich.
6) control debt
If you make a habit of living on the basis of debt and credit cards, you will never become rich. Even though you can try to improve your lifestyle through debt, you cannot improve your financial condition by being burdened with debt. Many investors borrow a lot of money from banks, but later on, only their life goes out to repay the loan. Borrow as much as you can repay within a certain time.
7) Maintain continuity
If you think that the work you are doing is important and right, then keep up the continuity. Keep moving strongly towards your goal. Continuity is necessary in every business or work of life. Unless there is a logical or big reason why things should not be left in the middle, doing so does not achieve anything, but the time and money you have already invested is also damaged.
8) Stay away from harm
During any investment, when you feel that the loss is happening, make a decision to separate from it immediately. Sitting hands-on means facing more damage. Many investors wait till the last minute but by then it is too late, therefore, they should be given up in the loss deal before the time.
9) Assess risk
Whenever you want to take an investment decision, first think about the future results. Assess risk because you can take appropriate decisions only after assessing the risk. Every person has his own ability to take risk, you should not judge your investment by looking at others, but invest according to your risk appetite.
10) Understand the true meaning of success
Success has different meanings for each person. Accumulating only money is not a success. Paying attention to the things that make life meaningful is also an important part of success. How many of those people whom you want to love, really love you, this can be understood as the meaning of true success. Connect your investment with your success and achieve success by continuously improving your investment strategy.