Many people, myself included, are intrigued by the latest business and investment trends. We google, and read ‘Warren Buffett investing advice’, Bill Gates words of wisdom, and what not.
We want to learn from the best and brightest and hack our finances to freedom. As we should.
The Warren Buffett investing advice. From His story!
During recent study, I was amazed to learn that Warren Buffett has only one predefined item on his itinerary. Getting a haircut. The bulk of his time, he spends reading and thinking (and taking action!).
Naturally, this shouldn’t pique any attention. But he is the third richest man in the world and widely acclaimed as the best investor alive, so it does!
Certainly, In reading ‘annual reports’ and other financial resource materials, Warren builds up a repository of information. He invests knowledge in himself.
And, it is this wealth of knowledge that provides the basis of his unique investment understanding.
So, the Warren Buffett investing advice is not so much an advice as it is an act:
Invest in yourself
Why is the greater part of the world’s wealth concentrated in the hands of a few select? Essentially, it is because within the boundaries of legality, they know what other’s don’t.
Similar to Warren, they have invested in themselves – knowledge – to grow and keep wealth. And, it would seem that the money gravitates towards them. Wouldn’t you want money to gravitate towards you?
You should. Because, money is in fact the answer to all of man’s material needs. And moreover, it’s value makes it a prerequisite for our daily lives.
Certainly, the everyday hither and yon of millions around the world is in pursuit of money. And so, have financial capabilities to cater for themselves and their families.
Get a decent job, spend less than you earn, and you’d be en route. But, invest in yourself – add financial literacy to the mix, and you should enter the realm of financial surplus.
What is financial literacy?
The National Financial Educators Council defines personal financial literacy as:
‘possessing the skills and knowledge on financial matters to confidently take effective action that best fulfils an individual’s personal goals’.
And, the Cambridge Business English Dictionary views financial literacy as:
‘the ability to understand basic principles of business and finance’.
Two things I want to point out in both definitions. In the former, ‘knowledge’ of financial matters. In the latter, ‘to understand’ basic principles of business and finance. Financial knowledge and understanding
This concept of money gravitating towards financial knowledge is consistent with the events described to us in George Clayson’s ‘Babylonian parables’.
Arkad, ‘the richest man in Babylon’ is portrayed as one who learnt and observed ‘the laws governing the building of wealth’. In our day, this will translate to understanding the principles of business and finance.
Antediluvian as the tales may be, he became ‘the richest man in Babylon’.
How do you financially invest in yourself?
There are several means through which you can obtain financial literacy. Old fashioned print-reading works perfectly fine. Moreover, the contemporary age, provides tools and resources to steer you towards sound financial knowledge.
Many applications and websites have been specially designed to make financial decisions easier. And, your fiscal erudition would no doubt benefit from these.
In truth, the unequal wealth distribution in the world is a consequence of an unequal financial literacy. Money, like we’ve established gravitates towards the financially literate.
For this reason, in your pursuit of money, follow the Warren Buffett investing advice, will you? Invest in yourself – enrich your mind! Then as sure as night precedes day, wealth will come along.
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