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10 BEST WARREN BUFFETT QUOTES & THEIR LESSONS

Looking for the best Warren Buffett quotes? Of course you do. That’s why you’re here in the first place. But before we go into the top 10 quotes by Warren Buffett and what we can learn from them, let’s take a brief look at who he is.

Warren Buffett is the smartest investor of the 20th century, the greatest investor in the 21th century and even at 88 years old, he isn’t showing any sign of slowing down. He remains quite active in Berkshire’s operations, and he is growing even more experienced and wiser. His estimated personal net worth is nearly $77 billion, making him the fourth-richest person on this planet.

Even with all his wealth and wisdom; the most extraordinary thing about him is that he has his way with words and he happily shares his timeless wisdom at every opportunity to help people like you and me enjoy his over five decades' experience in investing.  That is why we’ve put this list of the 10 best Warren Buffett quotes and the lessons we can learn from them. We hope they inspire you greatly and make you wiser.

10 Best Warren Buffett Quotes


10. “Never depend on a single income. Make investments to create a second source.”

Lesson: When you depend on a single income source most times, which is your paycheck, your income is fixed and you can’t make a lot of money that way. When you have investments making you more money on the side, you’re the boss and you can determine how much you earn per day, per week, per month and annually.

It’s also important to have multiple income streams because when you lose one source of income, you have other sources to fall back on.

9. “Don’t save what is left after spending spend what is left after saving.”

Lesson: Always pay yourself first before paying your bills, your debts and every other thing and people. Because when you pay others first, there is little or nothing left most times for you to save.
The truth is no matter how much you earn, if you’re like most folks, then your expenses and bill will always be greater than your income so there is no point complaining that your income isn’t enough to pay for your living expenses.

If you earn less than you’re earning now, you will definitely survive and if you earn more than you’re earning now, it still won’t be enough so pay yourself first. You will soon adapt to this new lifestyle and trust us, it’s a lot better than the one you’re living now.

8. “If you buy the things you don’t need, you’ll soon have to sell the things you need.”

Lesson: the sooner you take control of your money, the faster you save yourself from financial troubles soon. Stop buying stuff you don’t need just because they are cheap. There will always be black Fridays, there will always be a great deal somewhere on some products, that’s the only way they can get you to buy what you don’t need with the money you don’t have so they can improve their profit. Don’t fall for it.

7. “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.”

Lesson: consciously or subconsciously, intentionally or non-intentional, the people you surround yourself with will influence your behavior and decisions. People can’t give what they don’t have;You can’t give me a Rolls Royce when you don’t have one, the same thing applies to financial advice, relationship advice and everything else.

Whether or not they know it; whether they want it or not; the people you hang out with influence your life positively or negatively. You should hang out with those who knowingly or unknowingly influence your life positively.

6. “The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they’re on the operating table.”

Lesson: when investing in the stock market, most people want to cut their loses and sell when things go wrong and the stock value is going down but that might be a grievous mistake. Because if the company is a great company with a great competitive advantage and good management, it’s a matter of time before you realize that though times never last but though companies do.

The wise investor will buy stocks in great companies when there is crisis and the stock value is going down at an alarming speed. Yes, the exact moment when everybody else is pulling out, right there when Warren Buffett refers to as when they are on the operating table, because the problem will be over and things will go back to normal and when they do, the wise investor cash out.

5. “The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”

Lesson: Great companies have what it takes to not just survive but also thrive in the long run. Some people call it unique selling point, some call it competitive advantage, other call it the ability to crush the competitors and gain the larger market share. It doesn’t matter what you call it, as long as you know it and how long it lasts, you have the key to investing.

The success or failure of a company isn’t out there in the market; It’s not determined by how the society behaves; it lies within the company. It’s been there all along and when you find it, you can safely invest your money and sleep knowing that your money is bonded to grow exponentially.
So the next time you want to invest in stocks, pay more attention to the company than the market.

4. “Someone’s sitting in the shade today because someone planted a tree a long time ago”

Lesson: Learn the power of compound interest and use it to your advantage. Learn to build multiple stream of passive income. The best books we recommend on this topic are Rich Dad Poor Dad by Robert Kiyosaki and The Cash-flow Quadrant also by the same author, Robert Kiyosaki.

3. “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be a more productive than energy devoted to patching leaks.”

Lesson: Some damage is beyond repair. Instead of wasting time and resources on temporary solutions, it’s best to direct all those resources on creating a long-term solution. Stop looking for temporary solutions to permanent problems.

2. “The most important thing to do if you find yourself in a hole is to stop digging.”

Lesson: When you find yourself in a dip (or shallow) hole like debts, you can’t get out until you figure out a way to stop acquiring more debts. That’s the only way you can be free to think about a lasting solution.

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

Lesson: this is a truth that has no hidden meaning. Reputation is one of those important assets that is incredibly difficult to build, but once you’re done building them, they pay off for the rest of your life. Your reputation is incredibly important and it should be guided jealously.

Bonus Quotes

Still reading? Thanks for staying with us till the very end. And for being so determined, you’ve got some bonus quotes by Warren Buffett:
“It is not necessary to do extraordinary things to get extraordinary results.”
“No matter how great the talent or efforts, some things take time. You can’t produce a baby in one month by getting nine women pregnant.”
“You can’t make a good deal with a bad person.”
So there you have it - the 10 best Warren Buffett quotes and the lessons we can learn from them. Which of these quotes by Warren Buffett do you like best? Let us know your thoughts in the comment section.

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