Got this in my mailbox today and thought of sharing it with you…Warren Buffet, one of the most brilliant investor of all time, also known as ‘The Oracle Of Omaha’ has these few words of advise.
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Every new year, I adopt a couple of old maxims as my beacons to guide my future. This self-prescribed therapy has ensured that with each passing year, I grow wiser and not older.
This year, I invite you to tap into the financial wisdom of our elders along with me, and become financially wiser.
Spending: If you buy things you don’t need, you’ll soon sell things you need.
Savings: Don’t save what is left after spending; spend what is left after saving.
Hard work: All hard work brings profit; but mere talk leads only to poverty.Laziness: A sleeping lobster is carried away by the water current.
Earnings: Never depend on a single source of income.
Borrowings: The borrower becomes the lender’s slave.
Accounting: It’s no use carrying an umbrella, if your shoes are leaking.
Auditing: Beware of little expenses; a small leak can sink a large ship.
Risk-taking: Never test the depth of the river with both feet.
Investment: Don’t put all your eggs in one basket.
Very apt and timely advice considering the economic uncertainty that we are facing today. In fact, regardless of the situation, we should be practicing these principles as a way of life and the next time another financial disaster comes along, we’ll be better equipped to deal with it.
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