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Buffet's 10 Tips to Get Rich

By SiliconIndia   |   Thursday, March 29, 2012   |    4 Comments
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Bangalore: Warren Buffet is the richest man in the world, with an estimated wealth of $62 billion. He is eminently regarded as one of the most successful investors in the world and is called a ‘Legendary Investor’.

When he began buying stocks in Berkshire Hathaway in 1962, one share cost him around $7.50 dollar. But today the entire scenario is changed and at 81, Buffet is Berkshire’s Chairman and CEO and one share of the company’s class ‘A’ stock worth is close to $119,000. He credits his amazing success to several key strategies. Here are some of Buffett's money-making secrets and tips for you to get rich -

1. Reinvest Your Profits

When you first make profit in the stock market, you may be tempted to spend more in order to gain more. But he says, “Don't.” Instead, he suggests reinvesting the profits. Buffett learnt this lesson much early. In his high school, he and a mate bought a pinball machine to pun in a barbershop. With the money they earned, they bought more machines. When the friends sold the scheme, Buffett used the proceeds to buy stocks so that he could start another small business with the profit. By 26, he'd accumulated $174,000. Even a small sum can turn into great wealth, if it is wisely invested.


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