While not all the rich are the best when it comes to handling money, the richest man in the country knows a thing or two about how to save. Warren Buffett grew his wealth from almost nothing, becoming one of the most successful investors of our generation. How did he do it? By being very shrewd when it comes to money, and we can all learn from his knowledge. Here are five quotes from Warren Buffett that can help all of us be better when it comes to money:
Taking It One Step At a Time
“I don’t look to jump over 7-foot bars; I look around for 1-foot bars that I can step over.”
Becoming rich doesn’t happen overnight, unless you win the lottery. It takes many small steps to amass a small fortune, and Warren Buffett knows that. The best thing you can do for your finances is to look for the small fixes that can get you on the road to financial stability. Find ways to lower high interest rate loans and credit card debt. Cut any unnecessary spending. Look for ways to save on everyday items. Here is a good list of ways to plug unnecessary budget leaks.
You Don’t Have to Be a Genius to Be Rich
“If calculus or algebra were required to be a great investor, I’d have to go back to delivering newspapers.”
You don’t need to have a high IQ to be rich; you just need common sense. Many of the richest people in the world got to that point by working hard. The only difference between them and you is that they were meticulous about keeping an eagle eye on where their money was going. They educated themselves on investing and made sure they were making the most of their money. Interest from simple savings accounts will not make you rich; you need to make deeper investments if you want the best return on your money. These investing sites are the best for beginners; take a look at them and start making your money work harder for you.
Always Be on the Lookout for the Best Deals
“Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether were talking about socks or stocks, I like buying quality merchandise when it is marked down.”
Constantly keeping an eye out for the best deals is a great way to get the most out of your money. The key is to look for deals on things that you are already buying. Get a rewards credit card that gives you cash back on groceries or gas. And always check out Simple. Thrifty. Living.’s Daily Deals page to find deals on your everyday items.
Don’t Spend More Than You Can Afford
“We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.”
Don’t go into debt just to pay for the lifestyle you think you want. Going into debt even a little can almost guarantee that you will stay there. That’s the problem with debt; it comes with fees and interest that is designed to keep you paying for the long haul. And spending more than you make is the easiest way to land yourself in debt. Already in debt? Here are some key ways to help get yourself out.
Learn from Your Mistakes
“What we learn from history is that people don’t learn from history.”
One of the worst things you can do with your money is keep making the same mistakes over and over again. Don’t keep putting yourself in debt. Don’t keep paying the same fees and interest. Don’t keep paying for things you don’t need or paying for them than you need to be paying. Instead, learn from your mistakes. Learn to invest more. Learn how to cut corners. Keep educating yourself on how to best use your finances and you will find yourself in the black before you know it.