If you are going to manage your money sensibly and increase your funds, it would be wise to take notice of expert advice. World-renowned investor Warren Buffett has earned a fortune worth $72 bln. At present, the billionaire is one of the three most affluent people on Earth. We have found 5 valuable tips from Warren Buffett.
Make sure you never lose your money. “Never lose your money,” it is first rule that Mr. Buffett always follows. At a glance, it seems a common statement. However, there is a profound sense. He means that you must not risk such things that are vitally important when you want to get something immediately.
Try to gain more profit at a low cost. Warren Buffett thinks a price is something that we pay, and a profit is something that we gain. Therefore, it is very easy to lose money if you pay a high price for those things that can bring you a minor profit. He gives such examples as debts or credit cards when you have to pay a high interest rate in addition to a price.
Practice the right financial habits. Warren Buffett highlights a person may face bankruptcy with some innocent habits. He is sure that a habit of saving money is one of essential.
You should have a lot of money at your disposal. From his viewpoint, it is important to have available funds, which can be used as an air bag in case of an accident. Speaking about Buffett’s investment fund, Berkshire Hathaway, its accounts were deposited with at least $20 bln. This amount was very helpful in the 2008-crisis. An average person does not have to keep such massive money. However, it makes sense to keep a part of your funds in cash close at hand or deposit it to a saving account.
It is wise to invest in yourself. The following tip from Warren Buffett means any kinds of investing in yourself in any amount. There is a variety of possibilities from healthcare to search for a better job and getting extra education. He thinks that such investments will pay off. Your expertise and skills will be always at your disposal and bring you benefit. “Anything that makes you smarter, makes you wealthier,” the billionaire says.
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