Warren Buffet started his first business when he was 11. Became a millionaire around age 30. And now he is worth over $73 billion. Hot damn. But as crazy as his success sounds, it is still perfectly attainable for your normal average human being.
Yay for us.
But for that to happen, here are the 7 lessons you need to learn from Warren Buffet if you want to achieve an obnoxious amount of wealth in your life.
1. “If you don’t find a way to make money while you sleep, you will work until you die”
Ever since I was younger I was told one plan. Go to school get good grades, go get a job, and work really really hard until you die. Why did nobody ever tell me there was a better way? The answer: Entrepreneurship.
But so many people once they turn 18, they end up getting a job. They end up losing their drive in fighting for their dreams. And they end up waiting until they are 65 years old before they can retire and finally “live their life.”
Before the age of 18, you enjoy your life. After the age of 65 and finally retired, you enjoy your life. But what happens in the middle?
You end up working 9-5 every single day for over 40 years.
Do the math that is over one third of a person’s life wasted because they never found a way to separate their income from their time.
Your first and foremost goal is to figure out a way out of this trap. Don’t get stuck doing what everyone else in your life has told you to do. Because the biggest pain you will feel at the end of your life is not the pain of failure but the pain of regret.
The best way to learn how to make money while you sleep is by studying people that have attained a similar feat.
2. “The difference between successful people and really successful people is that really successful people say no to almost everything”
Once upon a time Warren Buffett had a personal airplane pilot who asked advice about his career opportunities that he had going on. Buffett had him write 25 of his top career goals and priorities. Once the list was made the pilot then had to circle the top 5 priorities from that list.
The pilot had a hard time because he wanted to accomplish everything that was on that list and it took him a while to finally choose 5 from the list that was created.
After choosing his 5, Warren Buffett explained that the other 20 that were not circled (even though they were almost as equally important to the pilot as the 5 that were circled) was his AVOID-AT-ALL-COST list. Whenever an opportunity came up for the pilot to accomplish anything on the 20 that were not circled, he was not allowed to go through with it because it didn’t relate to the 5 that were most important to him.
You see the thing about focus is that it is not infinite. Every single day we only have a certain amount of focus that we can utilize. But with so much going on in our lives, it easily gets spread way to thin.
The thing about successful people is they do not let anything distract them from their main goals.
What are the things in your life that you are spending time on that have no relation to what it is you actually want in life? Start saying no to those things and only focus on the ones that bring you the results you want.
3. “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
I had a mentor once that told me, “Mike, if you show me your 5 closest friends, then I can show you your future.”
Damn did that sting. I had such a hard time not hanging out with my negative friends while I was in college. Drinking, partying, playing video games, these were the habits that my friends did on a daily basis. So where did that leave me? No matter how hard I tried to focus on entrepreneurship and to build something for myself, I always ended up getting sucked back into doing what everyone else was doing.
Now I am not telling you to give up your friends. I am telling you to start spending more time around people that have the success, results, and life that you want.
That is why in the beginning, I started reading more books, attending live seminars, and getting on as many webinars about success and making more money as I could.
I knew that if I wanted to get more out of life, I needed to become more. And for that to happen I needed to surround myself around the people that had what I wanted.
4. “The most important investment you can make is in yourself.”
People always come up to me and ask me, “Mike, I have several thousand saved up, what do you recommend I invest in? Stocks? Facebook? Tesla? I have no idea?”
The most important investment you can ever make is not in Apple, its not Facebook, and its not even Tesla. It is yourself.
What blows my mind is so many people out there seem to refuse to spend money on themselves and their education. Most people would spend $20 on a haircut to look good, but they won’t even invest $10 on a book that could change their life.
All I got to say is always be learning guys. And whenever you make any money whatsoever, try to invest 10% of what you made back into self improvement and bettering yourself.
The reason why I will always have a winning edge over my competitors is that I am not afraid to reinvest what I have made back into myself. From live seminars, to information products, to spending thousands of dollars on one on one coaching.
5. “You know… you keep doing the same things and you keep getting the same result over and over again.”
The definition of insanity is doing something over and over again and expecting a different result. I was a victim of this mindset. I believed that if I work really really hard and put my mind into it that I could become successful. But if a square peg doesn’t fit in a round hole, you are wasting your time if you continue to try and make it happen.
What you need to do is embrace change. Entrepreneurship can be fun, but the hardest part is accepting the fact that anything and everything can change in an instant. That is why always having the right plan and the right mindset can help you through the changes.
This is my plan to make sure I don’t fall prey to an inflexible mindset.
- Repeat until you get results
Thats really it. Make a plan on what it is you exactly want and how you are going to get there. Go out and do all out massive action. Then find out what works and what doesn’t and recreate another plan of action for the next day.
6. “Someone’s sitting in the shade today because someone planted a tree a long time ago.”
Its impossible to get to where you want to go if you are too busy staying where you are. But I get it. It is hard man. Its hard starting a business, its hard going through failure, and it is hard being judged by your friends and family as they see you struggling to make something for yourself.
But guess what? Rome wasn’t built in a day. And the people that you see living their lives and seem like they were overnight success stories was actually because they were able to have the strength to go over years and years of failure and struggles.
- Michael Jordan got cut from his high school basketball team
- Steve Jobs was a college drop out
- Oprah Winfrey was told that she was not fit for television
Understand that before you can achieve success, you need to pay your dues. And that the failures you are going through right now are just learning points in your life that you were meant to go through to become the person that you were meant to be.
7. “Be fearful when others are greedy and greedy when others are fearful”
Before Sir John Templeton became a billionaire, he only had $10,400 to his name. So around the time of the Great Depression, when every one was afraid of losing money, losing their jobs, and losing their livelihood, many family began selling the stocks that they owned in order to play it safe.
So what Sir john Templeton did was that he ended up buying every single stock under $1. When the economy went back up and the stock market ended up rising once again, he sold all the stock that he bought for almost 4 times what he originally got it for.
It was this mindset that eventually propelled him to billionaire status.
How does that relate to right now? Well many people right now are fearful about becoming an entrepreneur. They are scared to actually go through some struggle and failure to learn. So where does that leave us entrepreneurs? This is exactly what we have: an abundance of opportunity to thrive.
While all my friends were worried about finding jobs and getting interviews, I became greedy with learning as much as I could about success, good habits, and finding strong mentors that were able to create freedom for themselves.
Don’t sit back and not learn what you know you need to learn. Because the opportunities out their right now are endless.
“Wow Mike, so now I read this and I am super motivated, what do you recommend I do?”
Well don’t just get motivated for no reason. The best time to take all out massive action is when you have a fire in your eyes and passion in your body. The next best thing is to learn exactly how to make passive income even if you have no money here.
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