4 lessons Singaporeans can learn from Warren Buffett

Learn about Warren Buffett. Making your own success in the business world is not easy. Some people are born with the silver spoon and some are born with the mindset that is needed to be rich and successful. People with the hunger to be successful and rich have the drive and the thinking power to make things work their way.

One such man is Warren Buffett. The world knows what he has achieved on his own. It is the job of a really strong willed person to turn into a multi-billionaire from delivering newspapers and weekly magazines. Today, Warren Buffett is known for his expertise in the investment world. He has been called the wizard of Omaha, the same place he was born.

Buffett says that he always knew that he was going to be rich and never doubted it a bit. Now that he has turned $100 into $84 billion, that statement doesn’t even seem like an overconfident statement. If you really wish to make it big you need to believe that you can make it big. Dreaming big is not bad. What’s bad is to let it be a dream.

So whenever someone says it’s not easy to make money in this world, just remember Warren Buffett, and remember what he achieved with a $100 bucks. Warren Buffett has been an inspiration for many new investors and people who have started up their own business. If you’re into investments there is a lot of knowledge you can gain from him.

Why Warren Buffett is the Person to Look Forward to?

For me, Warren Buffett is an example of self-made success. He always was and is a good businessman. Since the time of his high school, he’s been saving and investing in things and businesses to make money for himself. In the senior yearbook picture of Warren, when he studied at Woodrow Wilson High School, reads, ‘likes math; a future stockbroker’.

When kids pass high school, they won’t get enrolled in a good college and want to have blasts with friends. But buffet had planned something else for himself. He wanted to let college studies go and have his own business. He was always fascinated by business and investments.

From a young age, he had shown good entrepreneurial skills in his ventures to earn money. He started off by selling Coca-Cola bottles and chewing gum. Where other people usually only know how to spend money, he had taken interest in saving from a young age.

 He had been interested in business when he had read a book called ‘One thousand ways to make $1000′, that he’d borrowed from the Omaha Public Library. When filing his first income tax return in 1944, he took a $35 deduction for the use of his bicycle and watch while distributing papers. Buffet always knew what he had to do and where he had to go.

Which is why he had invested in a lot of ventures at a very young age. He had come up with the idea of buying a used pinball machine and placing it at barber shops. Within a few months of coming up with the business idea, he and his friend, with whom he had partnered on the venture, had pinball machines at three different barber shops.

As Warren grew, his skills grew with him. He achieved a Master degree of Science in Economics. Saving and investment have made him the third richest man in the world with a net worth of $84.4 Billion. He’s a philanthropist, a speaker, business magnate, and still, an investor. He has given many quotes from his life and they are worth putting up as framed pictures for aspiring investors. His quotes are always lessons for investors and businesspeople.

“I’ve never swung at a Ball that is still in the Pitcher’s Gloves” – Warren Buffett

Warren has had a great love for baseball. He often uses baseball terms and theories to explain confusing topics to other people. He says here that he has not swung at a ball that is yet to be thrown. Simply putting, he wants to say that never invest in an area about which there is little information. A company which is unproven and has a very little history about its past transactions and has had no consistency, must not be invested upon by investors.

“Never ask a Barber if you need a Haircut”

When Warren was still a kid, he had bought three shares of Cities Services. At that point in time he did not listen to the people who told him about the disadvantages. He made the investment by thinking for himself. It is ok for investors to take advice from brokers and other investors to a certain point. But in the long run, being able to think for yourself and making decisions based on your analysis is important.

“If calculus or algebra were required to be a great investor, I’d have to go back to delivering newspapers.”

People try to make investing look like a complex idea. It is not rocket science to invest in stocks and shares. All someone has to know for investing in shares is simple mathematics. Economic theories are for the people who make predictions, but for an investor its simple mathematics and comparisons. Just keep your emotions intact and think for yourself.

“If we can’t find things within our circle of competence, we don’t expand the circle. We’ll wait.”

Leo Tolstoy had told that ‘the two most powerful warriors are patience and time’. Patience is the key strength in investment and business. It’s not always necessary that an investment you make will reap immediate profits. It is easier to lose money by investing in a lot of schemes than waiting patiently and honing your experience in one sector. Waiting patiently and waiting for the right time to release your holdings is what makes you great at the game.

Warren Buffet’s life story is something every investor should know about and learn from his quotes of success. Being an investor and being an advanced level game-player are two different things. It requires a good thinking ability, patience to deal with the right time of things and taking steps in the direction where you see most of the profit. It doesn’t matter if you don’t succeed at first. Perseverance can get you the results you seek.

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