You don’t get to be one of the richest people in the world without knowing something the rest of us don’t. Often referred to as the Oracle of Omaha, Warren Buffett has a net worth of $102.2 billion, according to Forbes.
1. Decide That You’re Going To Be Rich
In order to be rich, you have to believe that one day you will be. According to the Huffington Post, Buffett once reportedly said, “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
For best results, set high expectations for yourself and work toward your goals and aspirations.
“Then, make it clear to yourself, your family and friends that you have a commitment to become financially independent,” said Randall “Dolph” Janis, an insurance agent at Clear Income Strategies Group. “Create your future with a plan, knowing when to get aggressive against knowing when to be conservative.”
2. Start Saving at a Young Age
By age 15, Warren Buffett had earned $2,000 delivering papers and selling magazine subscriptions, according to CNBC. He used $1,200 of his earnings to invest in a farm, forming a profit-sharing agreement with the farmer.
The lesson? “Start saving money as early as possible, so that you get into the habit,” said Brittney Castro, founder and CEO of Financially Wise Women.
This is important whether you’re saving to invest in a business or buy your first house.
3. Reinvest Your Profits
When Buffett was in high school, he and a friend bought a pinball machine. According to Biography, the pair put it in a barbershop and quickly earned enough to buy more machines and install them in other shops. The friends eventually sold all the machines for a profit of $1,200.
If you want your fortune to grow, the best thing you can do is keep reinvesting it in your business. Of course, you can enjoy the fruits of your labor, but don’t spend it all in one place.
4. Graduate College Early
Because of Buffett’s sharp mind for business, it’s no surprise that he managed to finish college in three years — two at the Wharton School of Business and one at the University of Nebraska, according to the book “Icons of Business.” Although college costs weren’t nearly as high in Buffett’s day as they are today, it’s likely that he saved money by completing his education in three years instead of four.
Today’s college students can save by following his lead.
For the 2016-2017 school year, the College Board estimated that the average cost of tuition at a private college was $33,480. If you attended a state school as a resident, you spent $9,650 per year. However, graduating early could save you even more when you factor in the cost of student loan interest paid out over the next 25 years.
5. Bounce Back From Rejection
Ironically, Harvard Business School rejected Buffett after his interview. But instead of sulking, he headed to Columbia and met Benjamin Graham. Graham is a legend in the investment industry, and he became Buffett’s mentor. Much of Buffett’s incredible investing success could arguably be credited to Graham and the lessons he taught him.
“Turned down? Who cares, keep going, it happens all the time,” said Tom Scuccimarra, national sales manager at M&O Marketing. “You can’t take it personally, and you can’t let it push you off course of your dreams.”
Even if you get rejected from a school or job opportunity, it’s important to keep moving forward. If Buffett had quit after Harvard dismissed him, he wouldn’t be where he is today.
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Article by Ashley Redmond for GOBankingRates