From the Buffet Table: 10 Ways to Get Rich

Came across this interesting article from PARADE Magazine. It lists 10 snippets of advice from the world's richest man, Warren Buffet. The article uses examples from Mr. Buffet's life to emphasize points, providing insightful glimpses into the life of one of the world's greatest investors.

The 10 points listed are:

1. Reinvest your profits
2. Be willing to be different
3. Never suck your thumb
4. Spell out the deal before your start
5. Watch small expenses
6. Limit what you borrow
7. Be persistent
8. Know when to quit
9. Assess the risks
10. Know what success really means

Plenty of food for thought. For me, I think #4 would be something to really keep in mind. I have a tendency to get really excited and jump head first into things before really thinking about what I'm really doing or hoping to accomplish. It probably comes from my very bad habit of figuring things out as I go along, as opposed to figuring it all out and planning properly before I start.

A couple of the points also contradict each other, e.g., being persistent vs. knowing when to quit. It's hard to tell when to quit sometimes, since it's human nature to hope that things will get better. On the flip side, when things are going badly, fighting the urge to throw in the towel is pretty hard too. The most pertinent piece of advice, in my humble opinion, would be to assess the risks. This is applicable to just about every serious decision from picking a college major to accepting/making a marriage proposal.