Cashing in on Financial Advice From Warren Buffett | Richard Banks & Associates, P.C.

Surely you’re familiar with the name Warren Buffett, he’s only one of the world’s wealthiest men! He didn’t reach that status with just good luck though and has some valuable financial advice that we would all be wise to cash in on!

Not only is Mr. Buffett a savvy investor, but he has also passed along some insightful thoughts that are worth sharing! Here are some of our favorite Warren Buffett tips and quotes!

1. “Someone’s sitting in the shade today because someone planted a tree a long time ago.” We’ve talked about the value of putting away money in savings and having some for a rainy day, which is something that Buffett would surely get behind. Whether you’re investing, saving or spending, it’s always good to make sure that you have the end goal in mind, aka that tree to enjoy the shade under!

2. “Chains of habit are too light to be felt until they are too heavy to be broken…you can have any habits, any patterns of behavior that you wish. It’s a matter of what you decide.” This quote stems from a lecture Buffett gave at the University of Florida School of Business. It’s important to remember that healthy financial habits can only help us in the long run!

You may not see their significance until later on, but it’s better to have solid financial habits than to be struggling through a seemingly unbreakable chain of bad financial habits. Setting aside 10 percent of your income in savings is one excellent habit to pick up, as is making your own cup of Joe at home instead of splurging on Starbucks daily!

3. Being a wise borrower. While Buffett isn’t totally against borrowing money, he does warn to not borrow excessively. As we all know, credit card debt and unnecessary loans can add up to trouble quickly.

4. “When you go out in the world, look for the job you would take if you didn’t need the money.” Buffett urges young people to think about life and what will make them feel good once they’re older. Too often people take a job that they aren’t passionate about, which can only lead to unhappiness later. According to Buffett, if you think about what makes you feel good about your life as you get older, you’re going in the right direction!

We hope you’ve found some inspiration in the words and wisdom of Warren Buffett. The “Oracle of Omaha” is certainly someone we can all look up to in the financial world and someone who gives advice that can help you become more financially sound.

If you find yourself stuck in chains of habit that are too heavy to be broken Richard Banks and Associates is here to discuss bankruptcy options and fresh starts with you. Contact us today!