When you're aiming to reach the top of the mountain, it's usually wise to closely follow the footprints of those who have successfully made the climb before you.One of the most popular pieces of Buffett advice is as follows: "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1." If you're working from a loss, it's that much harder to get back to where you started, let alone to earn gains.
Businesses and individuals alike might get an itch to put liquid cash to work through investments. "Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent," Buffett said. "When bills come due, only cash is legal tender. Don't leave home without it."According to Inc.com, Buffett said, "Invest in as much of yourself as you can. You are your own biggest asset by far.
The lesson from this Buffett quote is to actively educate yourself about personal finance. As Charlie Munger -- Buffett's partner -- put it, "Go to bed smarter than when you woke up."While much of Buffett's wisdom and advice borders on the philosophical, he has also provided some actionable tips that nearly anyone can apply. For instance, Buffett urges the average investor to purchase index funds.
Buffett has given this advice for years. "If you invested in a very low-cost index fund -- where you don't put the money in at one time, but average in over 10 years -- you'll do better than 90% of people who start investing at the same time," Buffett said at the 2004 Berkshire Hathaway annual meeting.According to Forbes, Buffett once said, "If you're in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.
Source: Entertainment Trends (entertainmenttrends.net)
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