Wednesday, February 04, 2009

Warren Buffett's advice for 2009

We begin this New Year with dampened enthusiasm and dented optimism. Our  happiness is diluted and our peace is threatened by the financial illness  that has infected our families, organizations and nations. Everyone is  desperate to find a remedy that will cure their financial illness and help  them recover their financial health. They expect the financial experts to  provide them with remedies, forgetting the fact that it is these experts who created this financial mess.                                          
 Every new year, I adopt a couple of old maxims as my beacons to guide my  future. This self-prescribed therapy has ensured that with each passing year, I grow wiser and not older. This year, I invite you to tap into the  financial wisdom of our elders along with me, and become financially wiser.                                                                    
 * Hard work: All hard work bring a profit, but mere talk leads only to  poverty.                                                                  
 * Laziness: A sleeping lobster is carried away by the water current.      
 * Earnings: Never depend on a single source of income. [At least make your Investments get you second earning ]                                      
 * Spending: If you buy things you don't need, you'll soon sell things you  need.                                                                     
 * Savings: Don't save what is left after spending; Spend what is left after saving.                                                             
 * Borrowings: The borrower becomes the lender's slave.                    
 * Accounting: It's no use carrying an umbrella, if your shoes are leaking.
 * Auditing: Beware of little expenses; A small leak can sink a large ship.
 * Risk-taking: Never test the depth of the river with both feet. [ Have an alternate plan ready ]                                                    
 * Investment: Don't put all your eggs in one basket.                      
I'm certain that those who have already been practicing these principles remain financially healthy. I'm equally confident that those who resolve to start practicing these principles will quickly regain their financial health.                                                   
 Let us become wiser and lead a happy, healthy, prosperous and peaceful life.

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