The secrets to success according to Warren Buffet are that there really aren’t any secrets. I am always searching for the “secrets” of success and since I have admired Warren Buffet for a long time I decided to check him out.
Despite being nearly 90 years old, Warren Buffet has created a winning formula mixing business, philanthropy and personal responsibility. Buffett created and still has a huge hand in running Berkshire Hathaway, which owns over 60 companies, including Geico and Duracell.
He bought his first stock at the tender age of 11, filed his first tax return at 13 years old and now, 75 years later, is estimated to be worth $85.5 billion. Despite his vast wealth, the “Oracle of Omaha” still lives in the same house he bought 60 years ago in Nebraska for just over $30,000.
When I searched Buffett’s name on the internet I got over 1,000 results, so it’s not like his success involves any great secrets. In fact, when you start to dig into Buffett’s philosophies of success, they are almost too obviously simple.
Here are six of my favorite beliefs espoused by Buffett:
Think in the long term – Those who plan for the future and believe that consistent and steady wins the race are often the ones moving into the winner’s circle. Want to create wealth? Think of it like a marathon. Anybody can be in the lead after a few miles, but when you get up to miles 25 and 26, who is leading? Those who paced themselves and had a plan for success over the long haul.
Read, read, read – Buffett aims to read at least 500 pages per day. He believes it’s the best way to get knowledge and once told USA Today, “That’s how knowledge works. It builds up, like compound interest.” Reading has been linked to experiencing slower memory loss, higher intelligence, lower stress levels and a better vocabulary. I’m aiming for 250 pages per day (including audio books), you?
Hire great managers you trust– As of 2017, it was estimated that 377,000 people work in one way or another for Buffett. That’s more than entire populations of Miami, Pittsburgh or St. Louis. When your workforce is that large, you need solid people to oversee it. Buffett believes that his most important skill is to hire the best people to run things since he can’t be everywhere at the same time. In a letter to stockholders several years ago, Buffett explained the management philosophy of Berkshire Hathaway: “At Berkshire, managers can focus on running their businesses: They are not subjected to meetings at headquarters nor financing worries nor Wall Street harassment. They simply get a letter from me every two years and call me when they wish. Our trust is in people rather than process. A ‘hire well, manage little’ code suits both them and me.”
Own your mistakes, work through setbacks – While he has an incredible pedigree when it comes to picking companies to invest in, Buffett has had his fair share of losers, and he regularly outlines his mistakes in his annual letter to stockholders. You might think someone who lost shareholders $3.5 billion in a 1993 shoe company deal because he didn’t understand his lack of a competitive advantage would just want to hide for a while, but not Buffett. He learned from his mistake and shared what he learned with others.
Learn to communicate effectively – What have so many business professionals done over the years when they were unable to transfer their written thoughts into oral presentations? They took a Dale Carnegie course. How did Buffett handle his “stage fright?” He took a Dale Carnegie course when he was 19.
Buffett’s takeaway? Never deliver a speech or presentation verbatim, instead favor bullet points. He also said to appear like someone who is good at talking off-the-cuff, it’s best to prepare. Have at least a handful of stories that could be relevant to given situations ready to call on should the moment dictate. It will keep you more at ease.
Help other people – By the time he’s left this earth, Buffett says that he hopes he’ll have given 99% of his fortune to charity and thus far has given well over $30 billion. In 2010, he began The Giving Pledge with Microsoft co-founder and chairman, Bill Gates. That program asks billionaires to donate half their wealth to charitable causes. He has also served as an advocate for raising taxes on the rich to relieve the burden in lower socio-economic classes.
The Secrets to Success According to Warren Buffet: There are No Secrets.
The secrets to success according to Warren Buffet are not that secret after all and we have probably heard them before:
I think it’s realistic to say there’s a 99.9999% chance neither you nor I will end up with the personal achievements of Warren Buffett, but if we start to integrate some of his life lessons into our work and personal lives, we may feel like a billion dollars!
If YOU are ready to take this next step and want some expert guidance, let’s have a conversation. Only if you feel ready, contact me to schedule a complimentary consultation at http://maricarmenpizarro.com/contact-mari-carmen/
