The Strangest Thing Happened to Me at Jimmy John's
Warren Buffett's 10 Ways to Get Rich
There I was at Jimmy John's with
my granddaughter, and we invited her mother and my daughter to have lunch with
us. However, I don't usually frequent restaurants due to my hearing
problem. I fell off a ladder nearly a decade ago resulting in a subdural
hematoma or what is commonly called traumatic brain injury. My surgeon
told my family that I had a 50/50 chance of making it through the surgery and
said nothing about how I would be if I did make it through the operation.
Well, surprise! I did make it with only one problem; my hearing has been
adversely affected. I hear quite well one on one, but, out in public
places, my hearing is severely impaired.
We ordered and began chatting
until I finally said to my granddaughter and daughter that I'd let them discuss
things, since I could hear enough to add anything to the conversation other
than, "What did you say." As they chatted, I looked around. What
was the first thing that I saw on the wall across from me?
I noticed a life-size framed
poster entitled Warren Buffett's 10 Rules. Therefore, as my daughter and
granddaughter ate and talked about things important to them, I went over to
read Buffett's 10 Rules. He is often called the Oracle of Omaha, and the
name is a good description of him. He had some very interesting
guidelines if we wish to be rich or just well-informed people. Since
Buffett is arguably the richest person in the world, I thought that I could
learn something since I am not rich.
Besides, Buffett and I have
something in common. We both went through prostate cancer. We both went
through two months of daily radiation, which took place within a year of each
other. He has been cancer free for over four years and I have been cancer
free for over five years.
Here are Buffett's rules:
Reinvest Your Profits. Buffett started investing and reinvesting his profits in
high school. He started with buying a pinball machine and now has $
63.3 billion according to Forbes. That was done by reinvesting his
profits.
Be Willing to Be Different. Buffett was willing to run counter to what others thought
would be good investment. He has routinely beaten the market average,
since market averages were averages. He thought through investments and
picked stocks that were underrated. As a result, he won rather than
following others.
Never Suck Your Thumb.
Buffett's advice to investors and generally to people at large is to research
your investment opinions and establish a deadline. Then act. He
said that just sitting around mulling over things is like "thumb sucking,"
which he is against.
Spell Out the Deal Before You Start. Buffett supplied investors and all the rest of us a truism.
Decide on a deal before starting. He gave a humorous example about when
he was a young boy. There had been a blizzard and his grandfather told
Buffett and his friend to shovel out the family-owned grocery. Both the
young boys worked for five hours in the freezing weather doing what his
grandfather wanted. However, the grandfather gave them less than a
dollar, which they were to divide between them.
Watch Small Expenses.
Buffett also suggested not to waste money. If you do, the wasted money
will come out of the wasteful spender's checkbook.
Limit What You Borrow. Buffett
tells all people to avoid borrowing a lot of money no matter what reason for
the loan. Avoid the economic chaos created by overextending
oneself. If you do as he directs, people will have money to invest rather
than making interest payments.
Be Persistent. Buffet wants
investors to be persistent in all that they do. Don't give in or give
up. The only way to move from underdog to the top dog is to keep
pushing.
Know When to Quit. Buffett learned early in life to get out of any
investment situation that wasn't working. Basically, Buffett understood
Kenny Roger's The Gambler:
You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
Assess the Risk. Buffett
wants us to determine the best and worst case scenarios when investing on doing
anything. Determine the probable outcomes to your choices...then
decide. Essentially, think before you act.
Know What Success Really Means. Buffett, the richest man in the world, knows that money is not the
guarantor of being successful. "I know people who have a lot of money,
and they get testimonial dinners and hospital wings named after them. But
the truth is that nobody in the world loves them. When you get to my age,
you'll measure your success in life by how many of the people you want to have
love you, actually do love you. That's the ultimate test of how you've lived
your life."
What Buffett believes, especially
with his last rule, is something that Randy Pausch said having danced with
death. Live and enjoy life. Love your friends and family.
Take care of those who need you and can benefit from your help. Simply
amassing money doesn't put meaning in life. "The key question to keep
asking is, are you spending your time on the right things? Because time is all
you have." Buffett understands that.
