Warren Buffett is smarter than me. Much smarter. But, outside of his complete mastery of all things related to investment, is the earthly wisdom Buffett imparts on us mind-boggling?
Probably not. It’s the fact Warren Buffett is saying it. He is articulating, in the simplest of terms, things our eighth-grade teacher could have told us, but their coming from Buffett is what makes all the difference.
Nearing the age of 90, the Oracle of Omaha is a success juggernaut whose common sense resonates deep within our souls.
Some of his advice just might transform you, but you need to apply it. Here are three inspiring Buffett lessons to move you from dreamer to high achiever.
1. Don’t risk what you have to get something you don’t need.
Buffett once advised graduating students at the University of Florida that he has witnessed both businesses and individuals put themselves at risk to chase after bigger things, usually out of greed when they should have held back.
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Buffett said, “If you risk something that is important to you for something that is unimportant to you, it just doesn’t make sense. I don’t care if the odds you succeed are 99 to 1 or 1,000 to 1.”
2. Invest in relationships with honest and ethical people.
He also asked University of Florida students to think of a classmate they felt had the makings of success long term, such that they would want to get 10 percent of that person’s earnings for the rest of their lives.
“You would probably pick the one you responded the best to, the one who has the leadership qualities, the one who is able to get other people to carry out their interests,” said Buffett. “That would be the person who is generous, honest, and who gave credit to other people for their own ideas.”
3. Measure your life’s success through one word: love.
In the Buffett biography, The Snowball: Warren Buffett and the Business of Life, Buffett explains that the highest measure of success in life comes “by how many of the people you want to have love you actually do love you.”
Some people die filthy rich and get buildings named after them but “the truth is that nobody in the world loves them,” says Buffett. In the end, the ultimate test of how you’ve lived your life comes down to love.
“The trouble with love is that you can’t buy it. You can buy sex. You can buy testimonial dinners. But the only way to get love is to be lovable. You’d like to think you could write a check: I’ll buy a million dollars’ worth of love. But it doesn’t work that way. The more you give love away, the more you get,” asserts Buffett.
Originally published on Inc.
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