Warren Buffett says the key to avoiding big mistakes in life is to write your own obituary and live by it.
The billionaire addressed investors at the annual shareholder meeting of his company Berkshire Hathaway, where he was asked questions about, among other things, success in life and wealth.
Among the guests was a 15-year-old teenager who, apparently, is afraid of making mistakes in life.
“You have to write your own obituary and figure out how to do him justice,” the Berkshire Hathaway CEO responded. Buffett explained that he believes it’s important to avoid mistakes that “put you out of business or close to it.” The financial guru makes this clear in the context of finance.
Prudent investors "should never spend the night worrying about investments."
This was stated by Warren Buffett, whose fortune, according to Bloomberg estimates, is about $113 billion.
Buffett advises staying as far away from debt as possible, especially credit card debt. "The only exception is the mortgage on your house," he said.
Warren Buffett Shares Life Wisdom
The billionaire was talkative and had another piece of advice. Before insulting or attacking other people, you should stop and not react in the heat of the moment.
"Tell yourself that tomorrow this person could go to hell," he explained. It's best to swallow the disappointment first.
"You don't have to put someone down to make a point," Buffett added.
"I have never known anyone who was kind and died friendless. However, I have known many unfriendly people who were incredibly rich but died alone," the billionaire concluded. The "Oracle of Omaha," as he is often called, is probably right in this advice, too.
Earlier I told you how to get rich in one year.
