Warren Buffet, born on 30th August 1930 is commonly known as the Wizard of Omaha. He is self-made billionaire and his net worth as on date is more than USD 60 billion. More than the wealth he has created, Buffet has pledged to donate 99 % of his wealth after his demise to Bill & Melinda Gates foundation run by Bill Gates of Microsoft. These are some of the lessons we all could pick from his life.

Your life story is not dependent on your lifestyle

Buffet at the start of his meteoric career bought a 5-bedroom home in Omaha in 1957 and continues to stay there, in spite of being in the top 5 billionaires in the world for many years now. He sports a frugal lifestyle and still has McDonald’s burgers and Coke; he easily supports his modest standard of living with his salary of USD 100,000 a year, which has not increased for the last twenty-five years. In spite of leaving very modestly, Buffet believes in building a better world, till date Buffet has donated more than USD 20 billion to charity, making him one of the biggest philanthropists in the world. Buffet clearly differentiates between life and the lifestyle.

Time never comes back

Time is one commodity, which you cannot buy, no matter how rich you are, there are only 24 hours in everyone’s day. Buffet doesn’t let his calendar get filled up with useless meetings and on the other hand, he’s very generous with his time for the people he trusts. He values time over money as time makes him make more money. Be considerate as to where you are spending your time.

Do what you love & you will never be sad

Buffet says he always dreamt of having his company and not working for anyone else. He just took the steps to start his company and today with more than 50 top executives in the Berkshire stable, his mantra his not changed. He rates passion and integrity above intelligence while hiring his top executives. Buffet’s track record is impeccable and he has not lost a single executive to competition and a majority his executives meet him only a few times in a year because they are busy pursuing their passion and not “working on a 9 to 6 job.”

Rationality rules over emotions

Warren says “Don’t get caught up with what other people are doing. Being a contrarian isn’t the key, but being a crowd follower isn’t either. You need to detach yourself emotionally.” He advises people to write down the rationale for taking a key decision rather than flowing in emotions and repenting later on, forcing yourself to write down the reason for the decision clarifies your mind. He says that intelligence is not the gateway to being correct and 160 IQs can say stupid things that sound good, so don’t be blindfolded and charmed by the degrees and other accessories of intelligence.

Happiness is in your hands

Buffet says, “Success is getting what you want, happiness is wanting what you get. I won the ovarian lottery the day I was born and so did all of you. We’re all successful, intelligent, educated. To focus on what you don’t have is a terrible mistake. With the gifts all of us have, if you are unhappy, it’s your own fault.” He further advises that happiness can be achieved by adjusting your wants downwards, so what is making you fret and waste another day of your life?

Jappreet Sethi

 

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