9 Timeless Lessons from Warren Buffet

Warren Buffet the Oracle of Omaha is one of the greatest investors of all time will remain an inspiration for many centuries into the future. He is the epitome of integrity and a sage of wisdom while being a constant learner setting an example for all of us. The best book I enjoyed on Warren Buffett is Snowball by Alice Shroeder. Buffet's investment philosophy which is also called value investing was from his mentor Benjamin Graham who taught him to plan for the long term, so he doesn't care about the market fluctuations as he is in it for the ultimate victory. Here are the 9 lessons I gleaned from the life of Warren Buffet.

Focus– This word is important for all of us as we proceed at breathtaking speed through pandemics, technological upheaval, economic recessions, and AI, and our jobs are always in danger of being replaced by automation. Apparently, in one of the dinners where Warren Buffet, Bill Gates, and Bill Gates Sr. were present the reporters asked what is the single secret of success and all of them replied in unison it is the focus. In an era where distraction is the norm focus is the key to your success. Focus on the few areas you can make the greatest impact as a leader and delegate the rest.

Lesson:?Focus on the vital few versus the trivial many.

Prioritization–??The Warren Buffet method of setting priorities has been shared in multiple books like When by Daniel Pink. Basically, his advice is to write down your top 25 goals, then from there choose the ultimate five goals, and then throw the rest of the list away. So the key is to prioritize your life around your life mission. Decide what is truly important to you and only focus on that.

Lesson:?Prioritize your life by living your mission and ignore the rest.

Tap dance to work–?Warren Buffett is the epitome of what it means to be passionate. He tap dances to work every day and he has proven that age is just a number. So we can all tap dance to work and enjoy every day for the gift it brings to showcase our best. Bring your passion to your work. Love what you do and you will find that it gets better when you get better at what you do.

Lesson:?Tap dance to work with passion, and enthusiasm and to bring all your talent to the table.

Integrity– Warren Buffett always mentions in all his speeches that the most important quality needed for success is integrity. He has lived his message and has been true to himself. Be honest and don't take shortcuts then our lives will speak loudly. This also takes practice and that's why it does make sense to write your eulogy statement. Of course, we all have a long way to live up to that final ideal but it will start us on the journey toward greater meaning and life satisfaction.,

Lesson:?Stay true to yourself and eventually be an inner winner.

Continuous learning– I read somewhere that Warren Buffett reads eight hours per day and he is always up to date with everything in his industry. Of course, this is a never-ending journey as we always have to keep learning till our end. It is pretty obvious that books are his favorite mode of learning. To identify the experts, connect with them, read their blogs, read their books, document what you learn, and share what you learn. This will keep you in the game for decades to come.

Lesson:?Keep your curiosity levels high and keep learning like there is no tomorrow.

Longevity and Consistency?—What defines a legend is sustainability and he has sustained success at such a high level for such a long time. He is an incredible example that success takes time, hard work, consistency, and performance at a high level for a long period of time. He is also consistent in what he likes, what he eats, what he drives, and where he stays. So stay true to your mission and live it forever.?

Lesson:?Be consistent with your values and be in it for the long haul

Ambition—?Warren Buffett is an example that success requires a lot of ambition. Ambition is good its only greed that's the problem. He had a singular ambition of becoming a millionaire from his childhood. There was an early photograph of Buffett holding his favorite toy, a nickel-plated change maker, a small gizmo with four tubes that dispensed coins. As I mentioned earlier from the beginning he was a voracious reader which kept him so far ahead of the competition. So have an ambition that makes you get up without an alarm clock and there you will find the definition for your success.?

Lesson:?Be ambitious, set big hairy audacious goals, and combine them with a learning growth mindset.

Frugality and Hobbies—?Even as a toddler Warren Buffett loved numbers and collecting things. Most of his hobbies involved numbers. He did many things which included selling packs of gum, selling golf balls, sold popcorn and peanuts at local football games. The main key to learning is that he saved every penny he made. He read all the investment books even at a young age. This is one of the keys to his enormous success. Apparently, his favorite library book was One Thousand Ways to Make $1000. So find hobbies that make your heart soar and people might call you a genius.

Lesson:?Align your hobbies to your primary field of interest and try to learn something new every day.

Philanthropy?–Warren Buffett a decade and a half back promised to gift 99% of his wealth to philanthropy by the end of his life. This is a phenomenal gesture and deserves applause. Obviously the most prominent of his donation has been to the Bill Gates Foundation. It is creditable that he is living up to what he promised. As per a lot of estimates he has given half of his fortune already. The generosity he has displayed is commendable and is truly inspirational.

Lesson:?Get good at tithing and the feeling of contribution cannot be replaced.

There you have it the 9 lessons to learn from Warren Buffett. He is someone who has inspired millions and continues to be a legend in the field of business and investing. I am sure he will be revered by generations to follow. In these turbulent times, we can take a leaf out of his success playbook and win in our own unique way by adopting some of the success principles. Thanks for reading this post and hope to see your comments.

The views expressed here are my own and do not represent my organization.