Where to start on the monumental achievements of one of the richest men in the world known as Warren Buffett. According to Investopedia, Buffett ranks as the sixth most wealthy person in the world with a net worth of $103.9 billion (according to Forbes).
Buffett started his journey of investing starting at the age of 11 when he bought his first stocks and by the time he was 13, he filed taxes for the first time according to Easy Trade. Buffett built his fortune investing in many lucrative companies while being the CEO and chairman of the multinational conglomerate company, Berkshire Hathaway, that owns more than 60 companies.
Berkshire Hathaway owns massive companies including Dairy Queen, Duracell, Fruit of the Loom, GEICO, Helzberg Diamonds, See’s Candies, and more. From a man who has so much ambition, his words of wisdom inspire many and spark innovation in the next generation of entrepreneurs.
“Price is what you pay. Value is what you get”
Many people don’t understand the correlation between price and value that are important concepts to know when it comes to financial success. The central idea is inspired by value investing by paying a low price relative to the value you receive.
“Risk comes from not knowing what you’re doing”
This might seem like a simple concept but when investing in stocks and investments with no guarantees, risk enters into the equation. Buffett advises investors not to see investments as “stocks” but have the mentality of buying a stock as buying an entire business. Buffett has acknowledged that not everyone should directly invest in stocks but if someone expresses a desire to invest, they can collect research but hardly anyone does.
“The most important investment you can make in yourself”
This quote applies to everyone because investing in yourself will help you invest into more business ventures and lead you to some great financial opportunities. Buffett credits a majority of his success due to his pursuit of retaining as much knowledge possible. Buffett has admitted, “I just sit in my office and read all day,” because he believed that your mind is the most important asset as an investor.
Warren Buffett is an extraordinary businessman due to his hard work and dedication investing in his most important asset, himself. Buffett is truly an inspiration that anyone can achieve his level of success with hard work, determination, and building yourself as an asset.