Warren Buffett : “Don't be LATE” - Any POOR person who does this becomes RICH in 6 months
Insider Newsletter (BEST stock picks) : https://www.asymmetricgains.com/tfv-7... Start Early and Focus on Learning Warren Buffett, undeniably one of the greatest investors of all time, lives by this rule. He’s famously quoted for saying, "The more you learn, the more you earn." The reason it caught on isn’t just because it’s catchy, which it certainly is, but because it’s just so damn true. Buffet stresses the importance of learning from mistakes. But not just your own, he stresses how important it is to learn from the mistakes of others. He says, "It's good to learn from your mistakes, but it's better to learn from other people's mistakes." After all, if you learn from other people’s mistakes too, you can avoid a lot of common mistakes before making them yourself. Practicing Frugality Did you know that despite being worth almost $130 billion, Buffett still drives a $47,000 Cadillac XTS? Far from a Rolls Royce or Bentley which is what you would expect a sophisticated billionaire like him to drive, or rather, be chauffeured in. He famously said, "If you buy things you do not need, soon you will have to sell things you need." In an era where consumerism is strong and social media often drives our spending habits, living frugally is a powerful tool for financial growth. Mind you, frugality is not the same as being cheap. You don’t need to give up all comforts and luxuries. You just need to focus on getting a lot of value for every dollar you spend, so you don’t waste money on things that don’t truly matter to you. Earning & Saving Money Buffett's philosophy, "Do not save what is left after spending, but spend what is left after saving," highlights the importance of prioritizing savings over expenses. It also makes it much easier to break out of the pay cheque to pay cheque cycle. Once you have a source of income, the next step is to create and follow a simple savings plan, and this is where Buffett's famous quote comes into the picture. Instead of spending money recklessly throughout the month and struggling to put any money away at all, flip this idea on its head. Every time you get paid, take a certain amount of money out of your account and transfer it directly to your savings account. Smart Investing The goal is to make your money work for you so you can turn your savings into your own personal employees. Each dollar is responsible for going out into the world, and bringing you back more dollars. The first step in smart investing is education. You need to understand the basics of the stock market, bonds, mutual funds, ETFs, and newer investment options like cryptocurrencies. Knowledge is power, especially in the world of investing. The great thing about investing in 2024 is that you don’t need much to get started, so start small. Get your feet wet with just a hundred bucks once you understand the basics. Reinvesting Profits Reinvesting profits means using the returns from your investments to make more investments, rather than spending them. This approach is really important for accelerating the growth of your money over time. As you gain more experience and knowledge, you can make more informed decisions about where to reinvest your profits for maximum growth. It's also important to be patient and disciplined. Compound growth takes time, and the real power of this strategy is seen in the long term. Avoid the temptation to cash out your profits too soon. 📜 Disclaimer 📜 The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. Some of the links are affiliate links, and I will receive a small commission for referring viewers to the service at no cost to you. #money #business #investing
