Do you know that all rich and successful people have the same habit and mindset?
Be it millionaire, multi-millionaire, or even billionaires like Warren Buffett, these people think alike.
So if you’re looking to be successful just like them, all you have to do is copy and paste their way of thinking as your own.
Unfortunately, that’s easier said than done.
Chances are, if you’re not in their circle of friendship, you can’t really pick up their habit or engage in conversation with them where they reveal the way they think and act.
Fortunately for the rest of us, there’s a way to tap into their mindset and thinking.
And that’s by reading the book they personally author.
Yes, books are the gateway to their mindset.
It’s where they distil most of their knowledge and life’s work so they could reach and inspire a bigger audience to achieve the same level of success as they are.
So from all the books, publications and media coverage of Warren Buffett, I’ve pieced together 5 habit of him that made him who he is today: a Multi-Billionaire.
Habit #1. Always look for opportunities to increase your income
That’s a great thing that everyone should do no matter what your job or what business you do.
There’s a ton of money making opportunity today compared to the old days. We have the Internet which gives us incredible information and knowledge that opens up tons of opportunity to make money.
Habit #2. Invest of course, and start today
Did you know that 90% of his wealth today is generated after he turned 50 years old? But if he didn’t invest early on in his life, then he wouldn’t be who he is today. However our generation today has a different take when it comes to investment.
We tend to choose instant gratification instead of long-term gain and financial stability. I’m guilty of splurging my first few years of salary into buying stuff that doesn’t really generate long-term wealth, instead, it was just to show off to my friends and circle of how “successful” I was at my career or business.
But those days are long gone, as I have suffered greatly from that mistakes, raking up credit card debts, and 5 figures in debts because I don’t really value money back then, let alone investing.
But making mistakes is a good thing because now I learn to better manage my money towards achieving financial freedom, by following the JARS Money Management System by T Harv Eker.
Habit #3. Borrow as little as you can
Yes, there are times when borrowing is necessary as a form of leverage to achieve an end goal, like for example, borrowing to buy houses or assets that generate long terms gains, or education, which increases our employability, and which in turns increases our earning potential.
Warren Buffet said that you should only borrow only if you absolutely had to, and if you don’t have to, don’t do it.
Habit #4. Live below your means.
This is a simple yet powerful advice of his, yet a lot of people today fail to do. I’ve been there too. So what this means is that you try to spend less than what you earn. Most people these days will say things like: How do you expect me to save when I earn so little??”
I was guilty of thinking that way too. It wasn’t until I learn to force myself to save a portion of my money in percentages that I started to see and feel better when I saw my savings grew. It doesn’t matter if you’re earning 1000 or 2000 or even lesser.
Just try to put aside at least 10% of your income towards saving, which you should never touch. If you can’t do that, start with 5%, like I did. Then slowly increase that percentage as you earn more.
And by doing this also, you are forced to do one of the hardest things ever: Changing your lifestyle.
Especially when it comes to your social or family life.
A lot of young people these days can’t help but to always spend their money hanging out at night after work with their friends and colleagues because as a young generation, we tend to do things that are “cool”.
So what’s uncool? Stay at home, don’t really go out, save money, invest and do it for the next 10-20 years or more in your life until you achieved financial freedom.
It’s not easy, and since we as human are hungry for growth, we tend to improve our lifestyle as our income increases. There’s nothing wrong with that, except of course, you want to work till your retirement then enjoy your life. Or you can start a good saving and investing habit today, and retire early than those friends of yours who just love to show off.
It’s okay to maintain a moderate lifestyle throughout your life. If any of your friends ridicule you about that, just tell them the story of how Warren Buffet still stays in his 5 bedroom house that he bought for $31,500 in 1958.
Habit # 5. Continuous learning
Like Bill Gates, Mark Zuckerberg, Oprah and many other successful people like him, Warren Buffet never stops learning.
In fact, if you were to read his biography, he credits a big part of his success today by reading the book and studying the work of his favourite investor, Benjamin Graham. Eventually, he hunts down this investor relentlessly to work under him, and learn how he did it.
However, Buffet did not digest just this book about investment. In fact, he spent his late teens consuming as many books on stocks and investing as possible.
Also since he was an introvert and terrified of public speaking, he enrolled in a public speaking seminar by Dale Carnegie and that changed his life forever.
Buffett was quoted as saying, “ You’ve got to be able to communicate in life and it’s enormously important. Schools, to some extent, underemphasize that. If you can’t communicate and talk to other people and get across your ideas, you’re giving up your potential.”
These 5 habits are common among the highly successful and rich people across the world.
So make them your habit too.
You might not be a billionaire like him even if you implement it, but a good life?
That sure is within your grasp. http://gty.im/849898782