Wealth of wise words from Warren
Buffett’s common sense is inspirational
WARREN Buffett is seen as one of the world’s most successful investors.
I listened to a recommended speech he made recently and surprisingly, unlike many in his position, he doesn’t seem full of himself or arrogant, other than having the confidence that comes from building a multi-billion dollar investment empire. His every public utterance is fawned over and he has a slavish following. His quotes and sayings, nevertheless are surprisingly simple and insightful. They are not a convoluted mush of jargon or financial fluff or touchy-feely stuff, but sane, sage advice from someone with common-sense, not that common. There are many quotes of note, but here are a few that stood out for me:
“Price is what you pay. Value is what you get”
Yes, for those who know the price of everything and the value of nothing, value is the importance or usefulness or worth of something. It is not always linked with the price, something which, as we age, most of us seem to get.
“If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster”
Not so much a money quote, but a quote about assholes.
“If you buy things you don’t need soon you will have to sell things you need”
Again, good advice about needs and wants, the tug of war for your money in this consumerist society.
“Do not save what is left after spending, spend what is left after saving”
I love this. The antidote to lifestyle creep, where your expenditure rises to meet your income. Ever need a blueprint or a rule to save or invest for something; this is it.
“Honesty is an expensive gift. Don’t expect it from cheap people” Err… be honest! “When a person with money meets a person with experience, the one with experience ends up with the money and the one with money leaves with experience”
One which I use a lot. Again, very much about minding your money and encouraging you to learn and master your finances. Be careful with it, don’t farm out money decisions to others too much, don’t be a lemming when it comes to your cash. You will need to deal with money every day for the rest of your life, so why not get good at it. The better you get at making sound money decisions yourself, the less hassle or stress it will be.
Got a question for Morgan? Email Morgan@ arrowcoach.ie