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 Warren Buffett, who started from scratch to become the world’s richest person in his own life time without a great invention, starting a company, getting a ph.d, inherit a fortune, or any of the usual success ingredients, gave the following ten rules for success in the Parade Magazine Sunday September 7, 2008: (italicized and colored comments are my own)

1.      Reinvest your profit – Don’t be eager to spend it. Let exponential growth and compound interest do their job.

2.      Be willing to be different – You only get the “average” by following the crowd

3.      Never suck your thumb – Don’t idle aimlessly. Be decisive.

4.      Spell out the deal before your start – know thoroughly what you are getting into.

5.      Watch small expenses – Be frugal. Detail matters

6.      Limit what you borrow – Don’t owe too much money

7.      Be persistent – Buffet called it tenacity and ingenuity

8.      Know when to quit – Cut your losses and be able to say I was wrong.

9.      Assess the risks – fundamental decision analysis one should always do

10.            Know what success really means – It is not money which never buys happiness (absolutely true though hard to believe when you don’t have it). Also why he is given almost all of it away.

While he was mostly talking about financial success, these rules also apply to everyday life in my opinion. Rules 1,2,5,6, and 9 have been most useful to me. For details see http://www.parade.com/hot-topics/0809/10-ways-to-get-rich

Note added 9/8/08: Just so that you know no one is perfect. Do you know what is the biggest financial mistake Buffett ever made (it cost him over 3.5 billion dollars)? Do a little research on your own and find out.

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