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Warren Buffets Advice for Young People Who Want to Be Rich

By - Research Team    |    Updated On 24 July 2019 |    Financial Planning

Warren Buffets Advice for Young People Who Want to Be Rich

Warren Buffett, the CEO of Berkshire Hathaway, is one of the richest and most trusted investors around the world. Buffett became a millionaire at the age of 30 and enjoys a net worth of US$82 billion as of July 18th, 2019.

He has been giving advice to people over the years, on how to become rich and successful. Many tips given by him have really helped a lot of people. In this blog, we will discuss inspiring advice given by Warren Buffet to young people.

Warren Buffets Advice for Young People Who Want to Be Rich

1. Be Fearful When Others are Greedy

This is one of the famous pieces of advice given by Warren Buffet. He tells you to be fearful when others are greedy and be greedy when others are fearful. He advises young people to be different from the crowd and not follow the herd.

This means you should never listen or follow the crowd when investing money. Normally, people invest their money in stocks when prices are going up, but smart people do just the opposite.  So, if you want to be successful in life, you should think differently from the herd.

2. No Matter How Great the Talent or Efforts, Some Things Just Take Time

Warren Buffet says, "No matter how great the talent or effort, some things just take time. You can't produce a baby in one month by getting nine women pregnant."

What does this mean? This means nothing can happen overnight even when it comes to investments. Great things take time and you will have to wait patiently to get the right results. Most people are unsuccessful in life, just because they are impatient. There is no shortcut to riches. 

3. It is Better to Hang Out with People Who are Better Than You

Warren Buffet says, it's better to hang out with people who are better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction."

This means that you should always hang out with positive, motivated and successful people. If you hang out with negative and demotivated people, you would become just like them. So, you have to be very careful when choosing your friends.

4. Risks Come from Not Knowing What You are Doing

Many people believe investing to be risky. But, this is not always true. Risk comes from not knowing what you are doing. The same thing is applicable to a business. When you are starting a business make sure you know the in and out of it. If you feel it is a risky venture, seek more knowledge. Never jump into something without having adequate knowledge. 

5. Enjoy Your Work and Work for Whom You Admire

According to a study, more than 80% of people all over the world hate their jobs. But, this is not the right attitude. You should always love your job, as you are going to spend more than 50% of your life working. You have to choose the business and the kind of work you like. If you enjoy your work, you will be successful in life.

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