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Vince Keegan
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« on: January 14, 2015, 04:24:21 AM » |
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Warren Buffet is considered among the top 5 richest men in the world. His fortune is estimated at around 50 billion dollars, 99% of which he intends to give to charity after his death. With such a record from a self made billionaire, who often gives advice to the top leaders of the world, it's well worth your time to read some of his advice. On Reputation
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.On his most basic rulesRule No.1: Never lose money. Rule No.2: Never forget rule No.1.On sources of income
Never count on a single income. Make investments to create additional sources of revenue.On spendingIf you buy things you don't need, you'll soon have to sell things you do need.On savingDon't save what you have left after spending, but spend what you have left after saving.On taking risksNever measure the depth of a river with both legs.On honestyHonesty is a very expensive thing, don't expect it from cheap people.On inheritanceA rich man must leave his children enough to do anything, but not enough to do nothing.On ideasYou do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.On the trickle theoryThe rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.On investing in the futureSomeone's sitting in the shade today because someone planted a tree a long time ago.On Habits
Chains of habit are too light to be felt until they are too heavy to be broken.
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