Warren Buffet's 10 Rules For Getting Rich!

I was sitting in a Jimmy John's sandwich shop this afternoon, which by the way was excellent! They boast to have the "World's Greatest Gourmet Sandwiches". I don't know if it was the greatest sandwich I have ever had, but I have to admit, it was pretty darned good! Anyway, I looked up on the wall and posted there, for all to see, were Warren Buffet's 10 Rules. I read through them, as my choices were read or talk to Tom (my husband), and was amazed at how true they rung for me! So, having just started this blog, I thought that I would share them with you as well.

Rule number 1- Reinvest your Profits! This makes sense. As a business owner, you may be tempted to "splurge" when you finally move from the red into that heavenly black, but you are really cheating yourself out of the opportunity to grow your business into the powerhouse you once dreamed it could be!

Rule number 2- Be willing to be different. Warren Buffet didn't make his fortune by "following the crowd".

Rule number 3- Never suck your thumb! :) This makes me smile. What this means is that once you have made a decision... move on it!

Rule number 4- Spell out the deal in advance. Your bargaining power is never stronger than it is before you are committed.

Rule number 5- Watch Small Expenses. For me this is huge! In both my professional and personal lives! I can nickle and dime myself to death!

Rule number 6- Limit what you borrow! Remain debt free at all costs!

Rule number 7- Be persistent! This is the advantage that the small entrepreneur has over it's larger and more established competitors. Persistence and ingenuity can, and often does, win against even the largest of odds! There are about 4 different accounts that I would love to (for fun) have as my own. I need to close them! I can and will by just doing all of the right things and doing them often!

Rule number 8- Know when to quit! Don't throw good money after bad! Resist the temptation to salvage a last minute bad deal with a "home run".

Rule number 9- Assess the Risk! Look at both the best and worst case scenario carefully! Move forward from there.

Rule number 10- This is my favorite.... Know what success means! For me, and many others, success isn't only measured in dollars! There are many factors that go into the term success. Am I making a living... sure! But am I respected? Am I liked? Am I loved by those who matter?

OK... this is it for now. I hope you enjoy these "rules" as much as I did!