If you were looking
for a formula to get rich fast,
this might just be it.
In a recent video for Inc. magazine, journalist and
speaker Minda Zetlin revealed the four key habits that made Warren Buffett
a multi-billionaire. And they’re so easy, you can start right this second!
Even if you aren’t following these personal finance tips already,
adopting them right now could help you become one of the richest people in the
world.
1.
Think like an entrepreneur
Got an inventor’s brain? You’re in luck. Zetlin says that Warren
Buffett’s entrepreneurial spirit helps him find new opportunities to make
a few extra bucks. 'No matter what your job is, no matter what you’re making,
if you need to make a little more, there’s always opportunities to do that,'
Zetlin said. You can even make extra money
while on vacation—and here’s how.
2.
Invest
Almost all of Buffett’s wealth has come from his investments,
according to Zetlin. And here’s the good news: Investing is something anyone
can do, regardless of age or income. As for the perks? It’s just one
of the ways you can retire with $1 million by age 50.
3.
Borrow as little as you can
Borrowing money again and again can turn into a downward
spiral, fast. In fact, it’s one of the worst money mistakes you can make. 'Yes, there will be
times when borrowing is necessary to achieve an end goal' like education or a
home purchase, Zetlin says. But like Warren Buffett, you should do so sparingly
and only when you absolutely have to. Accumulated debt is tough to pay off
down the road; plus, it puts less money in your pocket from paycheck to
paycheck.
4.
Spend less than you make
This last tip is often easier said
than done. To get started, Zetlin recommends pouring over your expenses
and identifying what you need and what you can cut from your budget. Not
only will your wallet smile, but living below your means can reap huge
rewards for your overall well-being. According to Zetlin, 'you’ll certainly be
happier, able to sleep at night, able to deal with financial emergencies when
they arise, and who knows? Maybe someday, a multi-billionaire.'
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