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Warren Buffett’s Best Life Tips
by Fusion 360 Studios Digital Marketing SpecialistsIn the financial world, Warren Buffett is a legend. There’s something mythical about someone who seems to so easily embody the American dream as a self-made billionaire. Today Buffet’s estimated worth stands at over $70 billion. And while it’s unlikely that any in Idaho (or anywhere else) will ever be able to achieve his financial status, many a financial advisor would agree that Buffett has taught some very sound principles over the years.
The “Avoid At All Cost” List
One of Buffett’s more interesting pieces of advice applies to all walks of life—not just those interested in building a sound investment portfolio with their financial advisor. Buffett’s theory is that it is impossible for an individual to become truly amazing if he or she is trying to focus on all their interests at once. Buffett’s advice: Make a list of the top 25 things one would like to accomplish in upcoming years. Narrow that list down to the five most important items. Everything else goes onto the “avoid at all cost” list. It may seem extreme, but avoiding these other interests and goals will allow one to devote more attention to the things that matter most. Even farmers in rural Idaho with little interest in investing can benefit from this strategy.
Be Patient
There’s a reason Buffett makes headlines from Idaho to the East Coast whenever he makes a major investment—and that’s because he rarely makes any. Buffett’s main investments include companies whose products are considered “everyday needs” by many (such as insurance company GEICO, or his recent investment in Kraft). Buffett doesn’t simply go with a gut reaction to the most recent headline. His strategy is to think about economic trends and look at the big picture to ensure that when an investment is made, it is the right decision. Many a financial advisor would agree that following Buffett’s strategies, while not necessarily guaranteeing billionaire status, can definitely help individuals build their wealth.
Kevin Johnson is a finance writer. Information provided by Sanctuary Wealth Management. Kevin writes for Fusion 360, an advertising agency in Utah.
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