He is the third wealthiest people in the world, who has been named as one of the most influential people in the world by countless publications. What are Buffett’s top rules for success in business and investing?
1. Read a lot
Buffett spends up to 80% of his time reading every day, which doesn’t make him unique amongst very wealthy people. Mark Cuban spends around 3 hours reading daily. Reading helps you gain a competitive advantage, find new ideas and adapt to changing times.
2. Don’t care about what others think
Buffett is known for being humble and open-minded to new ideas, but he doesn’t have a problem if somebody tells him he is wrong. He has claimed that in such situation, he merely sits back, and looks at the facts.
3. Focus on compounding
Einstein called compounding the 8th wonder of the world, and that was before the days of Buffett. He has accumulated most of his wealth after his mid 50s for this very reason:
4. Have a competitive advantage
If you succeed for a short period of time, there will be people that take notice, that want to eat your lunch. To maintain your position at the top of the castle, or even close to the top of the castle, you need to do two things; have a competitive advantage and adapt to changing times.
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