Reinvest your profits
When you first make money, you may be tempted to spend it. Don't. Instead, reinvest the profits.
Be willing to be different
Don't base your decisions upon what everyone is saying or doing.
Never suck your thumb
Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking "thumb-sucking.
Spell out the deal before you start
Your bargaining leverage is always greatest before you begin a job-that's when you have something to offer that the other party want
Watch small expenses
Buffett invests in businesses run by managers who obsess over the tiniest costs.
Limit what you borrow
Buffett has never borrowed a significant amount-not to invest, not for a mortgag
With tenacity and ingenuity, you can win against a more established competitor.
Know when to quit
Once, Buffett went to the racetrack. He bet on a race and lost. To recoup his funds, he bet on another race & lost again, leaving him with close to nothing.
Assess the risk
Buffett's son, Howie, was accused by the FBI. He advised Howie to imagine the worst- and best-case scenarios if he stayed with the company.
Know what success really means
When you get to my age, you'll measure your success in life by how many of the people you want love you actually do love you.
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