This article was featured in the 2008 Parade magazine. I saved it because I thought it was interesting and his advise was wise and practical.
1) Reinvest your profits. Don't be tempted to spend it.
2) Be willing to be different. Don't base your decision upon what everyone is saying or doing. Buffett, instead of following the crown, looked for undervalued investments and ended up vastly beating the market average every since year. To Buffett, the average is just that - what everybody else is doing. Buffett says to judge yourself by your Inner Scorecard, that is judging yourself by your own standards and not the world.
3) Never suck your thumb. Buffett prides himself on swiftly making up his mind and acting on 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.
5) Watch small expenses. Buffett invests in businesses run by managers who obsess over the tiniest costs. According to Buffett, exercising vigilance over every expense cam make your profits and your paycheck - go much further.
6) Limit what you borrow. Living on credit cards won't make you rich. Work on saving money that you can use to invest.
7) Be persistent. Good negotiation skills, tenacity and ingenuity can make you a winner in a lot of situations.
8) Know when to quit. Know when to walk away from a loss, and don't let anxiety fool you into trying again.
9) Assess the risks. Asking yourself "and then what" can help you see all of the possible consequences when you're struggling to make a decision - and can guide you to the smartest choice.
10) Know what success really means. Despite his wealth, Buffett does not measure success by dollars. "When you get to my age, you'll measure your success in life by how many of the people you want to love you actually do love you."
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