5 Tips From Warren Buffet That’ll Help Your Real Estate Business
Warren Buffet is one of the most well-known business successes around. The multi-billionaire has gained quite the reputation for wealth, and has a lot of wisdom to share. If you’re seeking to build a successful real estate investing business, following Buffet’s wisdom nuggets can help you get there.
Today, let’s look at 5 tips from Warren Buffet that can help you real estate business grow:
1. Keep Doing What You Love
Assuming you got into the real estate investing business because you like the career choice, Buffet says stick with it. He is a firm believer that you should work a job that you actually like, because then it doesn’t feel much like work. Whether you’re involved in REI part or full-time, enjoy the process of growing your business. Look at the positives and don’t focus so much on the negatives (if you have any). When you can get up each morning passionate about what you’re doing, you’ll feel happier, and feeling happy is a great way to approach each day’s workload.
2. Embrace Frugality
With his billions of dollars, Buffet is still frugal. He’s never been a lavish spender because he believes in frugality. He just doesn’t believe in wasting money because you have it. As a real estate investor, you certainly want to grow your business so that you can earn money to become financially free. You’ll get there faster by being frugal, which essentially means you think through your decisions about money. You don’t buy things you can’t really afford. You make wise financial decisions, keeping in mind that you’re working on freeing up yourself financially, so you can retire early if you choose.
3. Pay Yourself First
Most people get paid and go ahead and pay all their bills before they do anything else. If they have any money left, they’ll either waste it or maybe they’ll put it into savings. Buffet encourages people to pay themselves first, before paying the bills. Decide on a certain percentage to put right into your savings account and actually do it every time you receive a check. This helps you continue to grow your wealth, as you’ll have a steady stream of income coming in each month to your savings account.
4. Be A Great Communicator
Warren Buffet wasn’t always comfortable speaking with others. In fact, he was quite shy as a youngster. However, he decided to learn to be a better communicator, taking a Dale Carnegie communication class. This helped increase his self-esteem immensely, and he’s used his communication skills to connect with all sorts of people throughout his life. He’s a firm advocate of mastering your communication skills.
5. Know The Value of Things
Buffet teaches that you should do your research to know the value of something before you purchase it. Some people just go out and throw money down on something that catches their eye, oftentimes paying well over what that item is really valued at. He encourages you to learn the value of something before you buy it, whether that’s real estate or a pair of shoes. Find out what the quality is like. Does the cost match the quality? If not, do some negotiating.
Growing your real estate business and your wealth takes time and effort, and also some time-tested wisdom from financial successes like Warren Buffet. Take these tips to heart as you continue building your business and your life of freedom.