Warren Buffet's Advice for Young People Who Want to Be Rich

ten advice from Warren Buffett 

for young people who want to be rich arguably the richest investor to ever leave Warren Buffett became a millionaire in 1960 at the age of thirty and ever since then Buffett has been one of the richest people in the world Warren Buffett over the years has given various advice to young people about how they can be rich and successful in this video we'll share with you ten of the most inspiring advice from Warren Buffett advice number five is very important so you need to watch this video till the end if you're new here consider subscribing advice number one. 

I will tell you how to become rich close the doors but fearful when others are greedy the greedy when others are fearful as a young person if there is any single advice you should take very serious from anyone the advice is be different go against the tide figure out what everyone is doing and do just opposite but why is this important well it's important to do the opposite of what everyone else is doing because most people in the world aren't thinking most people in the world finally hard to use their brains so most of times what they do are determined by social proof which in turn makes that decision wrong take for instance most people will only invest in stocks when stock prices are crazily going high unfortunately that's when smart individuals are selling if you are normal you can't succeed don't be normal figure out what everyone is doing and do just the opposite advice number two no matter how great the talent or efforts some things just take time you can't produce a baby in one month by getting nine women pregnant what do you think is the number one reason why most people in the world a poor and unsuccessful well it takes time crazy dedication and unusual persistence to create wealth and success you must patiently endure to tough times or you will be able to go through the rough road that leads to success great things take time you can't have a baby next month by impregnating nine women today advice number three it's better to hang out with people better than you pick out associates whose behavior is better than yours and you drift in that direction one thing young people do more than anybody of other age demographic is that young people associate a whole lot unfortunately most people are not conscious of who they hang out with we have an important exercise for you pause this video and make a list of five people you spend most of your time with close your eyes and imagine where these people unlikely to be in the next five years sorry that's where you're going to it's pretty simple if your associates and not ambitious or positive about life you can't be if your friends don't know more than you you are never going to grow and become a better person so what should you do cut yourself off from negative and unmotivated people choose your friends carefully.

 because you can't be better than who you associate with advice number four you won't keep control of your time unless you can say no you can't let other people set your agenda in life look around you what do you see distractions distractions distractions everywhere the social media TV parties and movies all these are interesting stuff that bring little or no value to who we are the more know we can say to distractions the more time we'll have to be productive at things that we matter advice number five you don't have to be smarter than the rest you have to be more disciplined than the rest forget everything you've been told about talents and IQ talents are as common in the world as table salt hundreds of people with 200 IQ score a broke discipline practice dedication and persistence are what you need to be successful number six risk comes from not knowing what you are doing take for instance more than 90 percent of people who are planning to start your own businesses will never take time to study or read even ten books about business not to talk of 100 yet we all believe that business and investing are risky why one day the real risk is in your ignorance the more you know about your field the less risky it becomes to reduce risk seek knowledge advice number seven the change of habits are too light to be felt until they are too heavy to be broken have you ever seen a drug addict looking helpless and wish in some pars rescue him from his addiction the best thing you can do with your life is to avoid bad habit altogether experimenting with them is like playing with fire because when your bad habits grow you become their slaves advice number eight enjoy your work and work for whom you admire according to a Gallup poll study eighty-five percent of people all over the world hate their jobs since you're going to spend more than 50 percent of your entire adult life working and planning to work you better do all you can to do what you enjoy it may not be easy but if you'll be willing to pay the price and go through the necessary pains you can create for yourself the kind of job or business you enjoy advice number 9 you can't buy what is popular and do well this is very similar to our first point you see whenever anything becomes popular here the game is over be it a business idea on investment opportunity when you read about it in the news it's too late to call it an opportunity don't leave by the noise the real thing is in the cigarette so how do you get the heating opportunities no one is seen read the books no one is reading search for knowledge when others search for entertainment if you know what others don't know you see opportunities long before they see them advice number 10 never invest in a business you cannot understand don't be a generalist be a specialist choose one of few fields you are interested in study every day to know what nobody knows about such field and say no to any other thing you don't understand if you can take time to study any business don't ever invest in it because everyone is doing so for instance don't invest in cryptocurrency because everyone is doing so if you can't take time to study cryptocurrency don't invest in stock market if you can't take time to read ten good books about stocks don't invest in real estate if you can't take time to read at least five good books about real estate send your money to only where your knowledge lies in summary if you want to be rich do the opposite of what everyone else is doing say no to unproductive activities avoid bad habits select your friends carefully the disciplined and patient because it takes time to achieve anything worthwhile you enjoyed this video danger we'd like to give you another interesting video for you to enjoy next but before then our team will be very happy if you can't like this video and share to your friends on social media if you're new here don't forget to subscribe so you will miss other dressed in videos like this look at your screen now to see two other videos we unpicked for you to enjoy next