website on the book
Thre is an article which features Warren Buffett "10 ways to get rich":
article
It’s a good read with condensed wisdoms.
I try to "re-phrase" the main points using my own words (after reading the "10 ways to get rich").
1. Reinvest your profits
Power of compounding;
2. Be willing to be different
Beware of "herd mentality";
Own yardstick to judge yourself, not the world’s;
Live your own life, not others
3. Never suck your thumb
Gather info/database before hand to enable fast decision making;
Set a deadline for decision;
Don’t procrastinate on decision
4. Spell out the deal before you start
Get the specifics/details before start
5. Watch small expenses
Beware of any cost that can eat into profit;
6. Limit what you borrow
Be debt free, then work on savings, then only invest
7. Be persistent
Importance of cost reduction;
Importance of negotiation;
Persistance even when in "underdog" situation;
8. Know when to quit
Beware of "mental accounting";
Know when to quit;
Learn from mistakes;
Never repeat mistakes;
9. Assess the risks
Risk analysis by using scenario analysis: best case scenario, worst case scenario;
Decision making analysis : "and then what ?" (much like decision tree)
10. Know what success really means
Success is not measured by dollars nor monuments;
Success is charity, be loved
