Warren Buffett says this characterizes truly successful people

Close-up of Warren Buffett.

Image source: Motley Fool

Should you listen to this advice from Warren Buffett?

the main points

  • Warren Buffett is one of the best investors of all time.
  • He believes that truly successful people set themselves apart by saying no to almost everything (such as hot new investments) and staying within their circles of competence

If you hope to be very successful professionally or financially, it can help to heed the advice of others who have made that dream come true.

Warren Buffett is one of those people whose advice you might want to listen to. The self-made billionaire is one of the greatest investors of all time and has managed to build a vast business empire that has given him untold wealth.

Buffett offered one simple explanation for what “truly” sets successful people apart, and this tip in particular is worth keeping in mind when making your own life choices.

Could this be the real key to success?

So, what does Buffett believe sets successful people apart from others?

“The difference between successful people and really successful people is that really successful people say no to almost everything,” Buffett said.

Buffett has implemented this strategy himself, choosing not to participate in certain types of hot investments even when others have jumped in. One The example is cryptocurrencywhich the famous investor has made clear time and time again that he has no interest in investing in them, even as more and more Americans have been embracing this asset class.

Buffett was also slow to jump into technology stocks in the early 1990s and 2000s, but years later, he indicated that he had no regrets about the fact that he stayed out despite having some missed opportunities.

“I don’t worry about things I’m missing out on that are outside my valuation remit,” Buffett said. “It’s not a bug because I miss Netscape or something.”

Should you take this advice?

Buffett’s advice can be helpful when making decisions about what to do with the money in your account brokerage account. There are a lot of people out there who might try to convince you to invest in something either because they get a fee or commission for doing so or because they really think it’s the right course of action (even if they don’t necessarily know if it’s the right thing to do). for you).

You shouldn’t necessarily jump on many or most of these ideas, but instead, you should develop and stick to your own solid investment plans while saying no to everything outside of your comfort zone.

But Buffett’s advice can go further than just saying no to investments that don’t fit your exact plans. It can also apply to other financial and life decisions that you make as well. For example, you don’t want to over-dedicate yourself to activities you don’t enjoy, and you don’t want to say yes to spending money on things you don’t value just because you’re keeping up with the neighbors or because you feel it’s a common thing to do.

If you define what you want your personal and financial life to look like, you can set clear boundaries and reject anything that doesn’t fit within them. It may be uncomfortable not to do what other people say or ask of you, but you are in the best position to prepare yourself for the future you want. You should avoid saying yes to anything that might lead you off this path.

Alert: The highest cashback card we’ve seen right now has a 0% intro APR through 2024

If you use the wrong credit or debit card, it can cost you big money. Our expert loves This is the best choicewhich features a 0% intro APR through 2024, an insane 5% cashback rate, and all in a way, with no annual fee.

In fact, this card is so good that our expert personally uses it. Click here to read our full review Free and apply in just 2 minutes.

Read our free review

Leave a Reply

Your email address will not be published. Required fields are marked *