Learn from Warren Buffett and increase your chances of financial success: never lose money, go for high value at a low price, and form healthy money habits.
Never work from a loss. Do not lose your money. “If you’re working from a loss, it’s that much harder to get back from where you started, let alone to earn gains.According to a Berkshire Hathaway shareholder letter, Buffet once wrote, “Price is what you pay, value is what you get.”
Losing money happens when you pay a price that doesn’t match the value you get. He said living modestly would enable people to get more value at a lower price. Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down,” wrote Buffet.Always have healthy money habits is a mantra that he advocates.
He especially warns against credit cards. “Interest rates are very high on credit cards. Sometimes they are 18%. Sometimes they are 20 percent. If I borrowed money at 18% or 20%, I’d be broke, he said.“Cash, though, is to business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent. When the bills come due, only cash is legal tender. Don’t leave home without it.”“Invest in as much of yourself as you can.
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