Editor’s note: This article was first published in May 2014. Warren Buffett’s age and the framing of the piece reflect 2014.
We’ve already talked about Warren Buffett as an investor, when we gathered his 16 best pieces of investing advice. We also published his best business advice in 10 quotes for business owners, noting that Buffett is probably an even better businessman than he is an investor. This time we bring together his 8 life lessons, because his philosophy of life, which underpins everything else, matters too.
Having heard from “Buffett the investor” and “Buffett the businessman”, let’s now see what Warren Buffett the 85-year-old man has to say. As the Spanish saying goes, “the devil knows more from being old than from being the devil”.
Warren Buffett’s life lessons
1. Good things come to those who are patient
Someone is sitting in the shade of a tree today because someone else planted that tree a long time ago. No matter how great the effort or the talent, some things simply take time. A pregnancy lasts nine months, so you can’t produce a baby in one month by having nine women pregnant.
2. Good people matter
You can’t do good business with a bad person. Honesty is a rare gift, a very expensive one. Don’t expect it from cheap people. Whether we’re talking about business or life in general, always surround yourself with people who are better than you.
3. Sometimes it just isn’t that complicated
You only need to do a few things right in your life, as long as you don’t do too many things wrong.
The most important thing to do if you find yourself in a hole is to stop digging.
4. Things can change very quickly
We know where we are today, but not where we’ll be tomorrow. A reputation built over 20 years can be ruined in just five minutes. Think about that and you’ll do things differently.
5. Look after what matters
I will never trade a single day’s sleep for higher profits. Money can change many things, but it doesn’t change your health or how many people truly love you.
6. Enjoy what you save
It’s good to have large amounts of money, but we should also use it to gain happiness. If we only save and save with retirement in mind, it would be like saving up sex for old age.
7. Don’t do what you don’t want to do
There comes a point in life when you should start doing exactly what you want to do. Choose a job you enjoy, or give shape to the ideas going round in your head. Only then will you jump happily out of bed every morning, day after day.
8. The secret of happiness
In the end, happiness is measured only by how many of the people you wanted to love you truly do. That is real happiness.
Further reading
