Success the Warren Buffett Way

The Success Margin

Tuesday, January 16, 2007

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I've previously written in The Success
Margin about my definition of success.

I see success as a balance between health,
career, relationships and money, with
health by far being the most important.

However, I'm always interested in other
successful people's take on success.

** A famous man's ideas **

One person I admire and respect is
Warren Buffett. His tips over the years
have helped me earn a lot money on my
passive investments in shares of public
companies.

I happened to catch a T.V. interview of
Mr. Buffett recently. Buffett defines
success this way:

"Success is finding a career you love and
adore, and becoming really good at it."

Buffett passionately loves looking for and
studying companies, which is no surprise.

Mr. Buffett loves financial investigations
of businesses so much, he'd do it even if
he just earned a modest living. Clearly,
earning more money is not his main
motivation. Isn't this surprising coming
from the most successful investor in the
world?

** A great business lesson **

He also talked a lot about investing only
in businesses you understand and simply
forgetting the rest. He readily confesses
there are many things about which he
knows little or nothing. So no matter how
good a deal may sound at first, he just
doesn't invest in it. I see this as great
business advice for the entrepreneur as
well.

When listening to Warren Buffett, I was
reminded of commonly asked questions
from readers, subscribers, and seminar
attendees.

One of the questions most frequently
asked is this. "Ted, what is the best, most
ideal business you recommend?" The answer --
there is no single business that is best
for everyone.

It's up to you to search for a product in an
industry you love, which interests you,
and for which you have great passion. The
result will include enormous personal
satisfaction regardless of the level of
financial success.

If you attempt a business or career in a
field for which you do not feel great
interest or passion, you will be making a
huge mistake.

Why?

You will not be financially successful.
Nor will you be very happy either.

** Fall in love with your business **

Find something that you love to do. A
business that brings you such joy you
would do it for free. This is the only
certain path to personal happiness and a
real chance at mega-success.

Warren Buffett also discussed his personal
choices and lifestyle. His approach is
similar to nearly all multi-millionaires
I've known or influenced in their careers.

Most people in first-world countries,
especially the U.S., accept a dangerous
myth. They believe you can spend your
way to wealth. They do not save at least
15% of their income. Nor do they exercise
self-discipline. It's not surprising they are
always broke, living paycheck to
paycheck.

But Buffett, as discussed in Tom Stanley's
book, "The Millionaire Next Door," has
been a saver, not a spender all his life. He
owns no yachts. Nor does he have bodyguards.
Or a large staff. He lives in the same house
he bought 49 years ago for $31,500. He drives
a 10-year-old car. Clearly, he'd rather invest
his money than spend it.

Warren Buffett's idea of relaxing is not to
go to a fancy restaurant or exotic vacation.
He'd rather go home, put on his sweat
suit, have a coke and hamburger, and
watch a football game!

** Are there any exceptions to finding
the ideal business? **

The closest thing to an exception to finding
the ideal business for yourself is to
become an Information Marketer.

When you are marketing information
products, you can choose products on
topics which excite and motivate you.
You can then gain tremendous satisfaction
actually appealing to the special niche you
enjoy and understand.

I wish you an always improving Success
Margin.

Your correspondent,

Ted Nicholas

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© Copyright 2007 Ted Nicholas