8 Smart Things Warren Buffett Said That Will Help You Succeed

Warren Buffett is one of the savviest financial experts you can find. His net worth is just over $73.3 billion and he is the second wealthiest person in the United States. Many follow and admire his financial and business advice, as he is a wise and knowledgeable businessman. He is also a very practical and down-to-earth person. Known for his generosity, Buffet is a philanthropist and founded what is known as The Giving Pledge, where billionaires pledge to give a minimum of half of their wealth away to charity. Buffett himself pledged to give 99% of his wealth, clearly a sign that he is doing what he loves and not simply to keep earning more and more money.

Buffett has said many smart things. He actually holds a conference every year and one of the highlights is an opportunity to be given the chance to ask him questions about finance, business or just about anything. If you're one of the lucky chosen, you can ask him something and he will give a wise answer to what you seek. But for now, we'll focus on 8 things he's said that will help you reach your goals.

"Someone is sitting in the shade today because someone planted a tree a long time ago."

One of the things Buffett is known for his long-range planning and being a visionary. When you set goals, use the gift of time. What do you want to be your legacy? How do you want to help your children, family and others around you? How can your goals today make a difference to the next generation?

"Rule No. 1: Never lose money. Rule No.2: Never forget rule No. 1."

Whether you want to hold a tag sale or start a business with several office locations, this is very simple yet sound advice. Buffett has always been quite practical about risk taking when it comes to making money. If you have a goal where you might need to invest money to make it happen, do your "homework" and talk to people who have done similar things to what you'd like to do. When you feel confident, you can move ahead knowing you can keep to Buffett's Rule 1 and 2!

"Risk comes from not knowing what you're doing."

This is quite smart when thinking about risk taking. Everyone has a different attitude about how big and what type of thing a risk is. After all, that's why there are some who want to scale Mount Everest and others who want to watch it on the TV. Whether your goal is big or small, look into what it takes to make it happen.

"It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction."

While this may sound like something your Mom might have said when you were a teen, about hanging out with people who were a good influence, there is a real ring of truth to this. If you spend time with people who are positive and goal oriented, then you're simply going to find it easier to focus on achieving your own goals too.

"Price is what you pay. Value is what you get."

No matter if you're buying something small or little related to achieving your goal, focus on the value that you will receive. For example, are you going back to get your college degree, so you can obtain a better job? Choose the degree and program that provides you the best value (opportunity) for the future.

"Chains of habit are too light to be felt until they are too heavy to be broken."

Here's Buffett's wisdom speaking to us once more. Do you check social media all the time? Or can't seem to give up smoking? Or you like to gossip? Most likely there was a time when this was a new behavior. Now it has become a long term habit and is a bit harder to break. Yes, you can still do it - and can set this goal. But Buffett's great quote here cautions you to be on guard if you notice yourself developing negative habits, so you can remove them before they become habits that are tough to break.

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

Remember that part of Buffett's visionary style is to think long term, and this is reflected in his quote. He's reminding us to think about our long term success even with our short term actions, something that can be easy to lose sight of sometimes for most of us.

"I always knew I was going to be rich. I don't think I ever doubted it for a minute."

With this quote we see Buffett's positive attitude and determination to succeed. We do not know if he saw himself as one of the richest Americans or simply wealthy, but he certainly achieved his goal by far! When you believe you can obtain your goal, then you are going to focus and help do all you can to make it happen with your daily actions.

Related Articles