Want Your New Year's Resolution to Stick
  
New study finds that immediately rewarding oneself is key to adhering to long-term goals. If you are one of the many vowing to exercise regularly and lose weight in the New Year, consider your approach before mindlessly jumping on the treadmill.
12 Warren Buffett Quotes for Better Investing
Since it is unlikely Mr. Buffett himself will be sitting at your dinner table anytime soon offering you advice on your real estate investing career, here is a compiled list of what I deem to be some of the best pieces of advice from him.
Take them or leave them as you wish. Maybe they apply to your situation and maybe they don't, but they are certainly worth a quick consideration.
Here you go:
1. Be fearful when others are greedy and be greedy when others are fearful.
2. A public opinion poll is no substitution for thought. (Don't just listen to everyone and their moms ranting off about stuff and take it for gold)
3. Think in terms of income, not appreciation. (Always be cautious when speculating)
4. You ought to be able to explain why you're taking the job you are taking, why you're making the investment you are making, or whatever it may be. And if it can't stand applying pencil to paper, you'd better think it through some more. And if you can't write an intelligent answer to those questions, don't do it.
5. Use partnerships to fill your gap in expertise. (Be willing to admit your weaknesses and be willing to bring in team members to fill those.)
6. Minimize your mistakes and learn from those you make. (Literally the key to real estate investing)
7. I really like my life. I have arranged my life so that I can do what I want. (The difference between investing and a job)
8. When you plan to buy, plan to hold. (Buffett is huge on the idea of holding. Remember the importance of long term plays)
9. The macro view is more important than the micro view. (Look at the big picture)
10. Risk comes from not knowing what you are doing. (Be educated)
11. Embrace the boring. (Sometimes the boring long-term plays are the most successful)
12. I'd buy up a couple thousand single-family homes if it were practical to do so. Houses are better than stocks. (Maybe a little biased on my part since I invest in real estate, but he has a point!)
|
