Warren Buffet is among the top 5 wealthiest people in the world. His practical wisdom can be helpful for anyone from the minimum wage earner out there to the C-level executive earning a six figure salary each year. So, what has he said lately that we can take some notes from? Well, Mr. Buffet has been moving some of his money into two of the biggest companies in America – Tesla and Apple. But what kind of advice can we take from this? Listed below are some of Warren’s notes that you may want read over and try to get some ideas from!
Be Smart About Debt – Warren doesn’t like companies that have lots of debt. He considers “good debt” to be money that is borrowed to make traction towards future goals. On the other hand, “bad debt” is that which has no positive impact on your life, such as a maxed out credit card from too much unnecessary spending. Do your best to minimize and eliminate good debt while staying as far away as possible from bad debt.
Develop Good Financial Habits – We see parents do it all the time. They go to great lengths in order to instill good habits in their kids. The same applies for your everyday investor. One thing to remember is that you won’t notice good habits until you’ve seen the significant impact which they have. Take a retirement plan as an example. We may put $150 per week into that retirement plan, which doesn’t seem like much, but over the span of several years that money really adds up.
Any tips the great Warren Buffet has to share should be read and considered by just about anyone from the small time investor, all the way up to day traders. Look at some of his tips above and try applying them to your own life in order to better prepare for the future!