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Tuesday, September 9, 2008

Warren Buffett's Secrets - 10 Ways to Get Rich!

There is so much publicity on her new book on Warren Buffett, to be released soon late September 2008. The Snowball by Alice Schroeder talks about Warren Buffett's Money Making Secrets - 10 Ways to Get Rich, summarised as follows:

  1. Reinvest your profits – when you make money, reinvest the profits
  2. Be willing to be different – make your own decision based on your own standards
  3. Never suck your thumb – Swiftly make up your mind and act on it
  4. Spell out the deal before you start – so you have bargaining power
  5. Watch small expenses – so your profits and paycheck can grow further
  6. Limit what you borrow – so you are debt-free and can focus on saving to invest
  7. Be persistent – with ingenuity you can win the competition
  8. Know when to quit – know when to walk away to avoid further loss
  9. Assess the risks – weigh the consequences/risks vs gains to help you make the right choice
  10. Know what success really means – not measured by dollars but by number of people who actually love you.

Are you on your way to being rich the Warren Buffett Way?

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