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Warren Buffett's Tips For Getting Rich

10 Tips For Getting Rich From Warren Buffett

The wealthiest man in the world is self-made billionaire Warren Buffett, and the $62 billion dollar man was gracious enough to sit down with Parade and discuss his 10 best tips for getting rich. I'm inspired by Buffett's entrepreneurial spirit and tenacity for success; here are his five tips I like best.

  1. Reinvest your profits. In high school, Buffett and a friend bought a pin-ball machine for a barbershop. They took their profits from that first investment and bought more machines for different shops, and Buffett took his proceeds to invest in stocks and a small business. By the time he was 26 he'd amassed $174,000, the equivalent of $1.4 million today.
  2. Watch small expenses. Be aware and cautious with your spending, and your paycheck will go much further.
  3. Limit what you borrow. Buffett's advice: Negotiate with creditors to pay what you can. Then, when you’re debt-free, work on saving some money that you can use to invest.

See two more of Warren Buffett's tips when you read more.

  1. Be persistent.We've talked about this before, and it's a point that Buffett includes in his top ten tips: With tenacity and ingenuity, you can win against a more established competitor.
  2. Assess the risks. Consider the worst and best case scenarios when making a difficult choice; seeing the consequences clearly will lead you to the smartest decision.


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