If you are ever going to listen to anyone, this might be the man.
Isn’t it amazing what he has accomplished from his little home in Omaha with no big handoff from his parents?
Wouldn’t it have been wonderful to put some money with him when he was getting started? Now, I would have to get a second TD to buy one share of his B. H. stock.
His Five Simple Tips:
- Invest For The Long Term
Don’t panic if the market drops 1,000 in one day and don’t chase the quick buck. Staying power, two important words. He also recommends index funds. Wish I would have learned about them so many years ago, or even in 2008.
- Have A Purpose
What gives meaning to your life? Studies show that retirees often lose their health shortly after quitting, when they don’t have something to look forward to each day. CalBRE, NMLS, and DBO give me something to do every day, and I am still healthful in my opinion.
- Learn From The Mistakes Of Others
For example, many people sold their homes at the bottom of the real estate market, and then stayed out until the prices had increased again. My mistake: getting out in time, but coming back too slow.
- Don’t Invest In The Exotic
Warren stays away from gold, currencies, bitcoins, etc. and he called the complicated credit default swaps, instruments of mass financial destruction.
- Don’t Worry Too Much About Leaving Wealth To Your Heirs
Don’t worry too much about leaving wealth to your heirs. A large portion of his wealth is going to charity as is Bill Gates. He has provided amply for his offspring, but he isn’t taking care of everything for them. I read a book by Steven Pollan called, “Die Broke”, and I like that idea. Someone said that he wants to run out of breath and money at the same moment, and I would add while working on several short sales with non-recourse funding.