Warren Buffett is considered to be a good example of an investor worth billions, therefore if you want to be successful like Warren Buffett, then you need to have a full understanding of his market beliefs as well as his investment strategies. If you are able to learn them, memorize them and follow them strictly and at the end of the day, you will see how beneficial they are to you and your business. He is a shrewd and calculating investor, looking up to him as a role model or mentor is advisable.
Firstly, it is very important to have the right mentor for your life. You do not have to meet your mentor before you emulate him, but you can read more about him through books or listen to his tapes. It is very important to choose the right author/mentor because every great student has great teacher behind his or her success. Make sure you pattern your life around your mentor’s life, read your mentor’s book and do consistently what it takes to get into their minds. Make sure your mentor is somebody that you can respect and look on to.
Secondly, follow their passion. Whenever you discover that the daily work you are doing is not motivating, then you need to think of plan B which will motivate and inspire you. Unless you are able to turn your passion to gain, you can never detect your potential. Always know that each and every individual is packaged with a particular and unique potential, which must be realized in order to make profit in life.
Try to invest in yourself. Come to think of it, nearly all investors are advising the beginners and those to come in future to invest in themselves this step is very important to those that are able to stop and think of the fulfilment, joy and sense of accomplishment in investing in themselves. You can invest in yourself by having formal education, and choose a profession where you can learn from and enhance you to attain your goal. Read the right books that can give you innovations. Warren Buffet did not learn his trade by luck, like any successful investor he put the hours into educating himself.
The other reason is that when investing, you need to invest in great companies. This can be done through diversification so that whenever there is any problem with a particular company, you will still have 100% assurance on the other companies you invested with. Warren Buffett believes that diversification is very good for the people who lack a full understanding of what they are doing. He said if you truly want to shine in the investment market, then you need to identify great companies and concentrate your investments on them.
Finally, try to follow a set of strict criteria for you to know when to buy and sell your investments, the criteria of investments are said to be the rules which help you to decide the type of stock to buy, when to purchase them and also when to sell them. Therefore, when you follow these fundamental steps set out by Warren Buffet, success is at your door step and could eventually happen to you in no time.