Warren Buffett’s 10 Tips for Getting Rich | DO 19

Warren Buffett’s, the world’s most lovable billionaire, 10 Tips for Getting Rich worked for him… why wouldn’t they work for you?

Regardless of your experience, family origins, age or intelligence, the laws of creating wealth show no favoritism. Creating wealth is a state of mind, and anyone can acquire a wealthy state of mind by doing things in a certain way and thinking rich thoughts. By doing things in a certain way and thinking rich thoughts, you will create wealth. Anyone can get rich… but not everyone will. Perhaps with Warren Buffett’s 10 tips, the odds will tip in your favor?

Warren Buffett's 10 Tips for Getting RichWarren Buffett’s, the world’s most lovable billionaire, 10 Tips for Getting Rich worked for him… why wouldn’t they work for you?

Regardless of your experience, family origins, age or intelligence, the laws of creating wealth show no favoritism. Creating wealth is a state of mind, and anyone can acquire a wealthy state of mind by doing things in a certain way and thinking rich thoughts. By doing things in a certain way and thinking rich thoughts, you will create wealth. Anyone can get rich… but not everyone will. Perhaps with Warren Buffett’s 10 tips, the odds will tip in your favor?

Your Do Over | Discover a Better Life | Get Lasting Results | Inspiration | Motivation | Success (mp3)

Resources mentioned in this episode:

Podcast Transcript:

Matt: Hey, this is Matt, “The Do Over Guy,” and this is Your Do Over: Episode 19.

Announcer: During an era where countless people, businesses, and organizations are feeling the pinch, running out of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance and unless something is done, life is going to pass them by. Life is going to pass them by.

Fortunately, in the nick of time, there is now a place where the ignored, underestimated and unknown steps to producing results and making life work are revealed. Save your career. Save your business. Save your health. Save your relationships. Save your life. Get from where you are to where you want to be, faster and with greater ease than you ever thought possible.  Say, “Hello!” to Your Do Over.

Matt: Welcome to Your Do Over, coming to you live from downtown Los Angeles. This is the place where, once a week, you will hear, learn, and take action on the ignored, underestimated and unknown steps to producing results.

This is the show where I show people dissatisfied with their current situation how to start over and begin a new life, setting goals and objectives so they can create wealth and live life to the fullest easier, faster, smart.

To get a head start and lay a solid foundation for a better life – your better life – I invite you to download the Three Pillars of Creating the Ultimate Do Over for free at FreeDoOver.com. It’s a 55-minute mp3 audio program that I made just for you with three specific steps on how to get success as you start over.

And it doesn’t matter what you’re starting over. They will lay the foundation for you to achieve. Think of it as your traveling success coach. It’s yours for free at FreeDoOver.com.

Before I get into today’s episode, I’ve got a few announcements. If you’ve been listening to this podcast for a while, you know that during the day I am a full-time real estate investor. That’s very much been at the center of my own personal Do Over.

I get a good amount of questions through email about real estate investing. I’ve been answering the emails one by one, but it seems there’s enough demand – a good enough demand – for that type of information.

So in another week or so, I’ve made a decision that I’m going to be launching an additional podcast just on real estate investing. Every once in a while, I’ll still reference the subject here and what the practice has done for me and how great it’s made everything, and it’s enabled me to get my life, but I’d like to keep the Do Over theme and real estate investing subject separate.

So if that’s of interest to you, look for “Epic Real Estate Investing” on iTunes in the next week or so. Let’s say two weeks, just to be safe, and we’ll talk about real estate investing. I’ll give you everything that I know and all of my experience and my trials and tribulations, my challenges and my successes. I’ll share all that with you completely unfiltered, very authentically, giving you everything I got. Epic Real Estate Investing will be on iTunes in a couple of weeks.

This podcast, the Do Over podcast, we just hit the New and Noteworthy section of iTunes. I owe that all to you. I’m so humbled. You can’t get on there unless you’re actually making some noise, and we’re obviously making some noise. The monitor that noise through the amount of downloads. Our downloads are just going through the roof. Thank you outside much for that.

There are a few people that just recently gave their comments. They actually logged into iTunes, went and searched the “Your Do Over” podcast and went and left a comment. I’m so grateful. It helps out a lot and it lets me know that I’m on the right track and you’re enjoying what you’re hearing.

The first one here is from Meggalie. “Keep em’ Coming,” she says. Five stars. “I am a self-help junkie constantly trying to improve myself and expanding my thinking. I am also a dreamer. I have different passions, ideas and thoughts that I want to share, but can’t seem to make my dreams a reality. Your podcast makes sense to me. That excites me and they encourage action. I’m so grateful that I found them. It gives me hope that I, too, one day can break free and become the person that exists in my dreams.”

Well, Meggalie, you absolutely are going to break through. You’ve got the dreams. That’s awesome. Believe in the dreams and take action behind those dreams. That has to happen. You will break free. You will become the person that exists in those dreams. I promise you that. But you’ve got to do it. No one is going to do it for you. I’ve got faith in you.

I also got a great feedback from Cristina1184. Her comment says, “Helpful.” Five stars. “Highly recommended podcast. I look forward to every new episode and listen to each multiple times.” Wow. “Thanks for doing what you do.”

Well, Cristina, you’re so welcome. Thank you for listening.

“This stuff is free?? Awesome!!” It comes from brion519. Brion, thank you so much.

He writes, “Incredible material for a podcast. Simple and straightforward.”

I’m glad that you recognize that, because that’s what I like to be. I don’t like to be the rah-rah guy. I don’t like to be all the fluff. I like to give you step-by-step stuff. I like to give you practical stuff, stuff that you can actually use, stuff that’s going to make a difference in your life. I’m just grateful that you’ve stopped by and left your comments and I’m grateful that you recognize what you recognize, because that’s absolutely my intention and it lets me know I’m doing the right thing.

Thank you once again. I’m just so grateful for that support. So grateful, in fact, if you haven’t downloaded your copy of The Three Pillars of Creating the Ultimate Do Over, now would be an awesome time to go do that because I’ve just posted a special promotion for my book.

I’m not promoting this anywhere else. This is just for my podcast listeners and my podcast listeners only.

If you go to FreeDoOver.com to download the free Three Pillars of Creating the Ultimate Do Over, you’ll receive an email to confirm that you requested the download. Just to confirm, go ahead and click on that. You’ll be taken to a page where you can purchase the e-book version of Do Over and the mp3 audio version of Do Over for the price of one.

There are a lot of you that have taken me up on that offer in the last week. I really appreciate that. That’s two for one.

By the way, all of these proceeds are going to charity. It’s going to a nonprofit organization, “Rebuild the Bayou,” where we are contributing a house to a family displaced by Hurricane Katrina.

Again, I’m not making this offer anywhere else. You’ll only hear about it right here on this podcast. This is only for you.

If you’re one of the hundreds that have already downloaded The Three Pillars of Creating the Ultimate Do Over, don’t go download it again. Just send me an email to [email protected] with “Podcast Promo” in the subject line and I’ll reply with a link to this offer where you can just do a straight download. You don’t have to submit all your information again.

Again, I’m so grateful for your support. Thank you, thank you, thank you.

As I did forget to mention this in the last episode, I guess I might as well mention it twice, 100% of the proceeds from my book are going to my nonprofit organization, Rebuild the Bayou. We’re giving this house away to a family that was displaced by Hurricane Katrina. It’s a very near and dear cause to my heart. I think it’s one of America’s forgotten causes – one of the many.

In the day of the fast media, it’s easy to just move right onto the next story and forget about those that are still in need.

I was in New Orleans about a year ago. Quite honestly, it looks like the hurricane just hit last year. Very little has been done. The people are in need. So when you go purchase your copy of Do Over to get started on your Do Over, you’ll be helping someone else much less fortunate as you to start over as well. Thank you for that.

Announcement number two: It has been confirmed – I will be changing podcast hosts. The downloads has overwhelmed my hosts and they can’t keep up. I’ve got to move to something bigger, a little more professional.

I talked a little bit about that change and what it might mean to you in our last episode and I’ve been able to get a little more information since, and it’s not looking good.

You see, my current host does not provide a forwarding feature, which means I’m going to have to delete my entire podcast from iTunes and resubmit it, which breaks my heart because I’ve worked pretty hard to get it to where it is today, but I’m going to do everything I can to bounce right back. Hopefully, you guys are going to follow me.

What that means if you do want to follow me is you’re going to have to log back into iTunes, do a search for “Do Over” and then re-subscribe. Not yet. This is episode 19. Episode 20 will be my last episode at this host.

What I’m going to do is see if I can get them to overlap for a minute so that there’s no time lost, but there might be some time where we’re separated for a minute. Don’t panic. I’m coming back. It’d just a necessary evil, I guess, when you get too big.

Then again, I’m very grateful for growing in the way that we’ve grown. I owe it all to you. I’m not sure that iTunes is going to let me do that, to let them overlap. They haven’t been the most helpful in the past.

All that being said, it is my problem. It’s a great problem to have. Just four weeks ago, I was averaging only about 75 downloads a day and I thought that was pretty cool. “Wow, there are 75 people out there every single day that want to hear what I’ve got to say.” That felt really good.

Here we are four weeks later. Just today, I’m over 2,000 downloads in one day and it’s showing no signs of slowing down. Each time I click “refresh,” it gets bigger and bigger. My current host just can’t handle the volume.

Again, I owe that all to you. I’m definitely going to reward you for this, by the way. I know it’s a little bit of an inconvenience, but I’m going to reward you for this.

This is episode 19, and episode 20 will be the last episode submitted from this host. Episode 21 will be the first episode on my new host. Make sure you get to at least episode 20 and I’ll give you the details of how I’m going to essentially bribe you to follow me. I just call it like it is. I’m going to bribe you to follow me to my new location at iTunes.

I’m going to be giving away a lot of cool stuff to those of you that do. I’m going to be giving away a new HD flip cam, and I’m going to give away a slew of online gift cards to places like iTunes, and Macy’s, and Barnes & Noble, and Pottery Barn, and The Gap.

So make sure you get to the next episode: Episode 20. I should be uploading that in the next day or so. I’ll give you all the details on how you can win that HD flip cam, how you can win the gift cards. I’m going to make it very easy for you, by the way. I’m not going to make you jump through any extraordinary hoops.

I’m going to make it so that everybody that participates is going to win something. Everybody. And I refuse to give out lame gifts. There will be no promotions of discounts where you’ve got to put in some additional money. I won’t be using any affiliate programs. It’s just going to be straight love, straight giving. Just giving to you to show my gratitude for lending me your ears, lending me your minds – and your lives, for that matter – and allowing me to be a part of your Do Over. That is a privilege. Thank you.

Today’s episode is about the most popular subject here at the Your Do Over podcast. I’ve ascertained that as the most common questions I get are around money. It’s around creating wealth. It’s around getting rich. How do I get more of the green stuff?

In my episodes with the highest number of downloads all have money themes. I guess you guys really want to learn how to make money, particularly on episode 10 when I went over living life to the fullest and the 7 money rules of billionaires. You all loved that episode. You downloaded that one like crazy.

So I was thinking about: how could I possibly top that and give you what you want? I gave you the seven money rules of billionaires. What’s next? Do we want to go to the seven character traits of trillionaires? No. Let’s start with the billion first. Let’s aim low for a billion.

To add to that, what I did is I went to go get some billionaire advice straight from a billionaire. After all, doing over to become a billionaire, that ain’t so bad. I can relate. That wouldn’t suck, would it?

So from Mr. Billionaire himself, Mr. Warren Buffet, here we go with 10 Ways to Get Rich.

In case you’ve been living under a rock the last 20 years or so, I’ll give you a quick background on who Warren Buffet is. With an estimated fortune of $62 billion, Warren Buffet has teetered back and forth from being the richest man in the world. Some of the years, he’s number one; some years, he’s number two.

In 1962, when he began buying stock in Berkshire Hathaway, back then the share only cost $7.50. Today, Warren Buffet is Berkshire’s chairman and CEO and one share of that company’s class A stock is worth close to $119,000. That’s some significant growth right there. That’s some significant ROI.

He credits his astonishing success to several key strategies, which he is sharing with us today. Actually, this comes from his biography. He won’t be here in the studio, but it comes from his authorized biography, “The Snowball.”

Here are some of Warren Buffet’s money-making secrets and how they could work for you in your Do Over.

  1. Reinvest your profits – when you first make money, you may be tempted to spend it. Don’t, Warren says. Instead, reinvest those profits. He learned this very early on. In high school, he and a pal bought a pinball machine to put in a barber shop. With the money they earned, they bought more machines until they had eight in eight different shops.

When the friends sold the venture, Warren Buffet used the proceeds to buy stocks and to start another small business. By age 26, he had amassed $174,000. That would be like $1.4 million in today’s money. Even a small sum can turn into great, great wealth.

  1. Be willing to be different – don’t base your decisions upon what everyone else is saying or doing. He only began managing money in 1956 with $100,000 collected from a handful of investors. He was dubbed an oddball. Nobody was doing that. He worked in Omaha; not Wall Street and he refused to tell his parents where he was putting their money. People predicted that he’d fail. But when he closed his partnership 14 years later, it was worth more than $100 million.

Instead of following the crowd, he looked for under-valued investments and ended up vastly beating the market average every single year. So to Warren Buffet, the average is just that: what everybody else is doing. And to be above average, you need to measure yourself by what he calls the inner score card – judging yourself by your own standards and not the world’s. Wow. Isn’t that powerful? We’ve talked about that before, where we get our definition of success. Most people get their definition of success by comparing themselves to others. Warren Buffet. Judge yourself by your own standards; not the world’s.

  1. Never suck your thumb. Gather in advance any information you need to make a decision and ask a friend or a relative to make sure that you stick to a deadline. Accountability is a big deal to Warren Buffet. He prides himself on swiftly making up his mind and acting on it. That is so powerful – making up your mind, making a decision. We’ve talked about that, too, haven’t we?

A decision is nothing without action. You’ve got to make up your mind and act on it. He calls any unnecessary sitting and thinking thumb sucking. How is that for an image? When people offer him a business or an investment, he says, “I won’t talk unless they bring me a price.” And when they give him a price, he gives them an answer on the spot.

  1. Spell out the deal before you start. You’re bargaining leverage is always greatest before you begin a job. That’s very much the essence of Donald Trump’s strategy in “The Art of the Deal.” If you haven’t read that, I highly recommend that one. Your bargaining leverage is always greatest before you begin a job. That’s when you have something to offer that the other party wants.

He learned this lesson the hard way as a kid when his grandfather hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterwards, his grandfather gave the pair less than 90 cents to split. Warren Buffet was horrified, the way he explains it. He was horrified that he performed such back-breaking work only to earn pennies an hour. So always nail down the specifics of a deal in advance, even with your friends and relatives. Actually, especially with your friends and relatives. Been there; done that.

  1. Watch small expenses. Warren Buffet invests in businesses run by managers who obsess over the tiniest costs. He’s a penny-pincher. The story goes he once acquired a company whose owner counted the sheets in the rolls of toilet paper. They were 500-sheet rolls and he wanted to see if he was being cheated. You know what? It turned out that he was. He also admired a friend who painted only the side of his office building that faced the road. Why waste the paint on the side that nobody is going to see, right? Exercising vigilance over every expense can make your profits and your paycheck go much, much further.
  2. Limit what you borrow. Living on credit cards and loans, that’s not going to make you rich. Warren Buffet has never borrowed a significant amount of money; not to invest, not for a mortgage. He’s got many heart-rendering letters from people who thought their borrowing was manageable, but they became overwhelmed by debt. His advice? Negotiate with creditors to pay what you can. Then when you’re debt free, you work on saving money that you can use to invest.
  3. Be persistent. With tenacity and ingenuity, you can win against a more established competitor. Warren Buffet acquired the Nebraska Furniture Mart in 1983 because he liked the way its founder – Rose Bumpkin – he liked the way that she did business. She was a Russian immigrant and built the mart from a pawnshop into the largest furniture store in North America. Her strategy was to undersell the big shots. And she was a merciless negotiator.  So to Warren Buffet, Rose embodied the unwavering courage that makes a winner out of an underdog. Be persistent.
  4. Know when to quit. There was a time when Warren Buffet was a teen. He went to the racetrack and he bet on a race and lost, so to recoup his funds, he bet on another race. He lost again, leaving him with close to nothing. He felt sick. That was the worst thing that could happen to him was lose money. He squandered nearly a week’s earnings. Warren Buffet never repeated that mistake. Know when to walk away from a loss and don’t get emotional about it. Don’t let anxiety fool you into trying it again.
  5. Assess the risk. Back in 1995, the employer of Warren Buffet’s son, Howie, was accused by the FBI of price fixing. So Mr. Buffet advised his son to imagine the worst and best-case scenarios if he stayed with the company. His soon quickly realized that the risks of staying far outweighed any potential gains and he quit the very next day. Asking yourself, “And then what?” can help you see all of the possible consequences when you’re struggling to make a decision and it can guide you to the smartest choice. See? Even Warren Buffet uses questions to solve his problems.
  6. Know what success really means. I like this one. This is one that we can all apply. This is one we can all pay attention to. Despite his wealth, Warren Buffet does not measure success by dollars. In 2006, he pledged to give away almost his entire fortune to charities, primarily to the Bill & Melinda Gates foundation. He’s adamant about not funding monuments to himself. No Warren Buffet Buildings or Halls. No Warren Buffet Colleges. Nothing like that.

“I know people who have a lot of money,” he says, “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.”

Words of wisdom by an amazing man and great advice for Your Do Over. Shoot, it’s great advice even if you’re not doing over.

That’s all I’ve got for you today. Don’t forget, if you haven’t already, go to FreeDoOver.com and take advantage of my special Do Over offer. Two for one. Get both the e-version of my book, plus the audio version for the price of one. And 100% of those proceeds go to charity.

Please be back in the next episode – episode 20. It will be available in just a couple days. I’ll give you all of the details of how you can participate in the giant giveaway that I’m putting on. Last episode, you had just moved me past 10,000 downloads and here we are on the very next episode, I’m going to break 20,000 by midnight tonight. Much appreciated. I love you guys. You guys rock.

I am Matt, the Do Over Guy, and I will see you next time on Your Do Over.

Announcer: Thank you for tuning in to Your Do Over, where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. And remember, knowledge is potential power. Take action on what you learned today. This is not your learn over. It’s Your Do Over.

To view the resources referenced in today’s show and to receive a complete show transcript, visit www.TheDoOverGuy.com. Stay connected with Matt, the Do Over Guy, Theriault on Twitter at TheDoOverGuy and on Facebook at www.facebook.com/dooverguru