Thursday, February 12, 2009
TIMELY FINANCIAL ADVICE FROM A BILLIONAIRE
On top of everything else, the financial scenario is not getting any better. Many more are been laid off from their only source of income and the time to tighten one's belt is, perhaps, the only way to survive ...and although 77-year old Warren Edward Buffet will never need to heed his own advice, we appreciate what he has to share with us all during these hard times. So, spare a minute or more for this self-made billionaire, ranked as the world's No: 1 richest man, and to what he has to say:
We begin this New Year with dampened enthusiasm and dented optimism. Our happiness is diluted and our peace is threatened by the financial illness that has infected our families, organizations and nations. Everyone is desperate to find a remedy that will cure their financial illness and help them recover their financial health.
They expect the financial experts to provide them with remedies, forgetting
the fact that it is these experts who created this financial mess. Every new year, I adopt a couple of old maxims as my beacons to guide my future. This self-prescribed therapy has ensured that with each passing year, I grow wiser and not older. This year, I invite you to tap into the financial wisdom of our elders along with me, and become financially wiser.
**HARD WORK : All hard work bring a profit, but mere talk leads only to poverty.
**LAZINESS : A sleeping lobster is carried away by the water current.
**EARNINGS : Never depend on a single source of income. (At least make your
investments get you second earnings)
**SPENDING : If you buy things you don't need, you'll soon sell things you need.
**SAVINGS : Don't save what is left after spending; spend what is left after
**BORROWINGS : The borrower becomes the lender's slave.
**ACCOUNTING : It's no use carrying an umbrella, if your shoes are leaking.
**AUDITING : Beware of little expenses; A small leak can sink a large ship.
**RISK TAKING : Never test the depth of the river with both feet. [Have an
alternate plan ready)
**INVESTMENT : Don't put all your eggs in one basket.
I'm certain that those who have already been practicing these principles remain financially healthy. I'm equally confident that those who resolve to start practicing these principles will quickly regain their financial health.
Let us become wiser and lead a happy,
healthy, prosperous and peaceful life.
- WARREN EDWARD BUFFET -
(Check out the following link for his biography: http://www.forbes.com/lists/2008/10/billionaires08_Warren-Buffett_C0R3.html)