Success the Warren Buffett Way
The Success Margin
Tuesday, January 16, 2007
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.
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.
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