“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” —Warren Buffett
When look at eminent personalities including Warren Buffett, Jeff Bezos, Bill Gates, Richard Branson, Mark Zuckerberg, Elon Musk, Mark Cuban, and Oprah Winfrey they are all millionaires who rose globally due to their vision and passion. Their main motto was to establish themselves and add value to others, not to strike it rich. Subsequently they grew as millionaires. Hence, it is obvious that you must have passion toward your area and vision to add value to others. It results in earning money. Steve Jobs rightly remarked, “I was worth about over a million dollars when I was twenty-three and over ten million dollars when I was twenty-four, and over a hundred million dollars when I was twenty-five and it wasn’t that important because I never did it for the money.”
When you want to become a millionaire you must work hard and smart to achieve your financial goals. You must understand the tools and techniques. You must have business acumen. You must explore and experiment. You must take risks and follow the road less travelled. You must have the ability to bounce back from failures by learning lessons. You must have a team of people to support you when you fail and fall. At the same time, you must support them during their distress and failures. Having great network from your educational institutions and long-term friendship and contacts helps you greatly to achieve an amazing success. It is those connections that hold you to sustain success during testing times. Rich Dad quotes, “The richest people in the world build networks; everyone else is trained to look for work.” Above all, acquire the habits of millionaires and stay connected with them to get updates and opportunities.
Investment Lessons from Warren Buffett
Warren Buffett is a world-renowned investor who started with a little capital and grew as one of the richest persons in the world. Most investors follow him and want to learn his tricks, tools and techniques to strike rich. Here are some lessons to learn from him:
- Invest in the business
that you understand well.
- Do homework before you
take risks. Calculate what best and worst scenario to enable you to
identify the appropriate answers.
- Be patient. Let the dust
settle down. Think cool and act. Invest wisely with a long-term vision.
- Don’t follow the crowd. Instead,
follow the road less travelled. When the market is panic, it is the right
time to invest.
- Don’t follow what others
are saying. Invest where you are comfortable and confident.
- Don’t expect spectacular
returns from all investments because practically all investments don’t offer
you the expected returns.
- Be frugal but don’t be
cheap. Minimize your expenses. Reinvest your earnings in potential
industries and sectors.
- Don’t invest based on
your emotions. Instead go by reason and logic. Your head must rule your
heart in financial investments.
- Learn when to hold and when
- Be simple and humble. Ensure
that success doesn’t go to your head.
- Be a philanthropist to
add value to the society and make a difference to the world.
To strike rich, you must build your online brand and add value regularly. You get opportunities to keynote conferences and make money. You grow your brand and money. You must do research to find out areas in which are you are strong. You must work hard and smart to create a niche for yourself. You must offer unique solutions to the challenges to stand out from others. Don’t shy to brand and market yourself. Be visible and make a right noise on social media to stand out. Avoid controversies. Work hard consistently to add value to others. To summarize, here is how you can strike it rich in your life safely without any risk. Earn income regularly by working somewhere if you don’t want to take any risk by venturing into business. Invest a part of it in lands rather than to deposit in banks because banks offer you a low rate of interest. Explore innovative methods to strike rich while sleeping such as buying a home and renting it to earn rental income. Of course, there are rental issues and challenges in rental income. Cutdown your unwanted expenses. Live on a shoestring budget. Read books on financial planning and prosperity. Above all, change your mindset to become rich in your life. When you shift your attitude toward money and prosperity positively, your approach will change and you can strike rich.
Note: It has been adapted from my upcoming book titled, “Secrets to Achieve Your Financial Freedom from Real Estate Investments” URL: http://professormsraovision2030.blogspot.com/2017/11/free-chapter-professor-msraos-upcoming.html
Life is great!
Professor M.S. Rao
Founder of MSR Leadership Consultants India
Vision 2030: https://professormsraovision2030.blogspot.com
Google Plus: https://plus.google.com/+ProfessorMSRao