When it comes to financial matters and investing, Warren Buffett is one of the greatest of our time. Besides his intellect and business achievements, Buffett is well known for his brilliant ideas, and unique advice. With those qualities, Buffett became a perfect match for the 2015 “Best Money Experts” competition, presented by GoBankingRates along with Ally Bank.
Mr. Buffett’s famous quotes are not just insightful, but are perfect examples on how money works and what needs to be done to grow wealth. This list of ten quotes explores the best ideas of personal financial expertise Warren Buffett has ever exposed.
1. Never lose money- Warren Buffett’s No.1 rule, a rule that he himself cautiously goes by: “Rule No.1: Never lose money. Rule No.2: Never forget about rule No.1. It’s extremely hard trying to make up for a loss and even harder to build on top of that loss. 2. Get high value at a low price- There’s always a price to pay, and equal value for what you paid. But the idea is to get greater value at a lesser price. 3. Form healthy money habits- Master the habit of saving money properly. “Saving money is a habit.” Strengthen habits that help your finances, and kill those habits that hurt your finances. 4. Avoid debt, credit card debt especially- Warren Buffett expanded his wealth by getting interest to work for him as opposed to working to pay interest. By using your brain you’ll make an abundance of money without borrowing. 5. Keep cash on hand- Majority of the time when bills are due, cash is the only tender that’s legal. Never leave home without it! 6. Invest in yourself- Anything you do to improve yourself will definitely pay off in the end. 7. Learn about money- Explore more about managing money. 9. Give back- Donate to charities. 10. View money as a long-term game- Focus should be set on consistent gains in purchasing power in their lifetime.
That was ten of Warren Buffett’s most powerful tips on personal finance. Through these elaborate expressions and killer ideas, you should be able to obtain and gain the powers of wealth!