My husband was recently traveling and saw this on the wall of a restaurant. It spoke “Monday Morning Coffee” to me!
As we start to think about goals for 2023, think about these!
No. 1: Reinvest Your Profits
When you first make money, you may be tempted to spend it. Don’t. Instead, reinvest the profits.
No. 2: Be Willing To Be Different
Don’t base your decision upon what everyone is saying or doing.
No. 3: Never Suck Your Thumb
Gather in advance any information you need to make a decision and ask a friend or relative to make sure you stick to a deadline.
No. 4: Spell Out The Deal Before You Start
Your bargaining leverage is always greatest before you begin a job – that’s when you have something to offer that the other guy wants.
No. 5: Watch Small Expenses
Buffett invests in businesses run by managers who obsess over the tiniest costs.
No. 6: Limit The Way You Borrow
Buffett has never borrowed a significant amount – not to invest, not for a mortgage.
No. 7: Be Persistent
With tenacity and ingenuity, you can win against a more established competitor.
No. 8: Know When To Quit
Once, when Buffett was a teen, he went to a racetrack. He bet on a race and lost. To recoup his funds, he bet on another race. He lost again, leaving him close to nothing. He felt sick – he had squandered nearly a week’s earnings. He never repeated that mistake.
No. 9: Assess The Risks
In 1995 the employer of Buffett’s son, Howie, was accused by the FBI of price-fixing. Buffett advised Howie to imagine the worst- and best-case scenarios if he stayed with the company. His son quickly realized the risk of staying far outweighed any potential gains, and he quit the next day.
No 10: Know What Success Really Means
Despite his wealth, Buffett does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities. “When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.”
Pick a few and see how they work for you!
Make it a great day!