CardinalsFan
Contributor
Sorry I haven't been on in a while, I figured I would post something useful.
The following is my outline and notes from an article I read in Parade Magazine
1) Reinvest your profits
-when you first make money, you may be tempted to spend it. Don't. Roll that money back into your projects or invest it into something else that will make you more money.
2) Be willing to be different
-don't make your decisions based on what everyone else is doing. Look for undervalued, investments. The average is what everybody else is doing, if you want to be average then go ahead and follow the crowd.
3) Never suck you thumb
-gather in advance all the info you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Buffett calls any unnecessary sitting and thinking 'thumb sucking'
4) Spell out the deal before you start
-your bargaining leverage is always greatest before you start a job because thats when you have something to offer that the other party wants
5) Watch small expenses
-exercising vigilance over every expense to make profits bigger, keeping track of small things also helps you know whos cheating you.
6) Limit what you borrow
-negotiate with creditors to pay what you can. then when you are debt free, work on saving money that you can invest.
7) Be persistant
-with tenacity and ingenuity, you can win against a more established competitor. Think outside the box to solve your problems
8) Know when to quit
-know when to walk away from a loss. dont let anxiety fool you into trying again unprepared.
9) Asses the Risks
-asking yourself "and then what?" in each situation can help you see all the possible consequences when you are trying to make a decision. this can help guide you to make smarter choices
10) Know what success really means
-dispite his wealth Buffet doesn't measure success in dollars but in his loved ones. "when you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you"
I know these are all basic fastlane principles, but I hope it was useful to somebody. Again this is from Parade Magazine
:banana:<--just for fun
The following is my outline and notes from an article I read in Parade Magazine
1) Reinvest your profits
-when you first make money, you may be tempted to spend it. Don't. Roll that money back into your projects or invest it into something else that will make you more money.
2) Be willing to be different
-don't make your decisions based on what everyone else is doing. Look for undervalued, investments. The average is what everybody else is doing, if you want to be average then go ahead and follow the crowd.
3) Never suck you thumb
-gather in advance all the info you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Buffett calls any unnecessary sitting and thinking 'thumb sucking'
4) Spell out the deal before you start
-your bargaining leverage is always greatest before you start a job because thats when you have something to offer that the other party wants
5) Watch small expenses
-exercising vigilance over every expense to make profits bigger, keeping track of small things also helps you know whos cheating you.
6) Limit what you borrow
-negotiate with creditors to pay what you can. then when you are debt free, work on saving money that you can invest.
7) Be persistant
-with tenacity and ingenuity, you can win against a more established competitor. Think outside the box to solve your problems
8) Know when to quit
-know when to walk away from a loss. dont let anxiety fool you into trying again unprepared.
9) Asses the Risks
-asking yourself "and then what?" in each situation can help you see all the possible consequences when you are trying to make a decision. this can help guide you to make smarter choices
10) Know what success really means
-dispite his wealth Buffet doesn't measure success in dollars but in his loved ones. "when you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you"
I know these are all basic fastlane principles, but I hope it was useful to somebody. Again this is from Parade Magazine
:banana:<--just for fun
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