Warren Buffett’s 10 Ways to Get Rich

Reprinted from Parade Magazine: Warren Buffett’s ’10 Ways to Get Rich’, written by Alice Schroeder; the author of Buffett’s authorised biography, The Snowball.

  1. Reinvest Your Profits
  2. Be Willing To Be Different
  3. Never ‘Suck Your Thumb’
  4. Spell Out The Deal Before You Start
  5. Watch Small Expenses
  6. Limit What You Borrow
  7. Be Persistent
  8. Know When To Quit
  9. Assess The Risk
  10. Know What Success Really Means

This from No. 10:

Despite his wealth, Warren Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily the Bill and Melinda Gates Foundation. He’s adamant about not funding monuments to himself — no Warren Buffett buildings or halls. “I know people who have a lot of money,” he says, “and they get testimonial dinners and hospital wings named after them. But the truth is that nobody in the world loves them. When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.”