I don’t usually get around to reading my Sunday paper until Sunday evening because I have so many chores to get done and work to catch up with. However, this morning I brought in my Sunday paper with some enthusiasm. Parade magazine was displayed on the top and on the cover was a picture of Warren Buffet with a caption “10 Ways to Get Rich- Warren Buffet’s Secrets that can work for you”.
Totally got my attention because I need 10 secrets to make me rich. Ask my kids.
FYI, in case you don’t know, Warren Buffett is said to be the richest man in the world. He has an estimated fortune of $62 billion . He did it by investing in Berkshire Hathaway, a diversified company with major interest in GEICO, life insurance, annuity sales and sales of jewelry and so much more.
Now Buffett wants to help me get rich. Thanks Warren!
Here is what he says I need to do.
1. Reinvest your profits
Buffet says, when you first make money, you may be tempted to spend it. Don’t. Instead, reinvest the profits.
In a way I am. I am reinvesting any and all profits I get in my son’t college education. That, and paying off my mortgage.
2. Be willing to be different
Don’t base your decisions upon what everyone is saying or doing.
Well, yeah, I admit, I can be different at times. I just don’t want to be called “weird” or “psycho” so I don’t want to become too different.
3. Never suck your thumb
Warren says to gather in advance any information you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline.
Actually, my son was a thumb sucker and it did give him crooked teeth. He chose an expensive Selmar saxophone over braces and now regrets it.
4. Spell out the deal before you start
Your bargaining leverage is always greatest before you begin a job—that’s when you have something to offer that the other party wants.
When I get to the next deal…I’ll remember this. I’ll tell my daughter if she wants to use my car, she needs to clean her room up. I’ll start as soon as she gets home.
5. Watch small expenses
Buffett invests in businesses run by managers who obsess over the tiniest costs. He once acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was).
I admit, that I’m picky about my TP. You know the old saying,” the toes you step on today can be connected to the a#@ you kiss tomorrow. “
6. Limit what you borrow
Living on credit cards and loans won’t make you rich.
Thanks for telling me. I hadn’t noticed this one.
7. Be persistent
With tenacity and ingenuity, you can win against a more established competitor.
I’ll keep reminding, or is it nagging, my daughter to clean her room.
9. Assess the risks
I like to call it pick and choose your battles. Trust me, it makes life easier for you in the long run.
10. Know what success really means
Trust me, I know. I’ve raised two wonderful human beings. And, I know where all of the good sale racks are at Target.
Thank you Parade magazine .
You have been a fine inspiration to my blogging today.