Warren Buffett is retiring. The 95-year-old investor and philanthropist is closing one of the most extraordinary careers in business history, stepping down from his day-to-day duties at Berkshire Hathaway. For the past 60 years, Buffett has become one of the leading figures in the American economy, transforming a struggling textile company in Omaha into a trillion-dollar conglomerate. While Buffett is retiring as CEO, he will remain as chairman of the board, guiding Berkshire Hathaway’s culture and values. Longtime executive Greg Abel will be taking over his role.
Throughout his life, news outlets and people have looked to Buffett for advice and wisdom, which he’s extended on panel appearances, conversations with media outlets, and even an HBO documentary. His suggestions and tools extend beyond the world of investment and can be applied to many instances in your own journey. Below, we provide some of Warren Buffett’s most enduring lessons on money, success, and life.
Stay patient in the face of panic
Buffett has long advised people to remain cool in the face of change. When it comes to investing, he’s warned against reacting emotionally to market swings. His philosophy is rooted in patience: focus on long-term value, ignore short-term noise, and resist the urge to sell when fear takes over. Focus on time instead of timing.
Your life partner matters
Among his most personal pieces of advice, Buffett places value on your spouse and the people who are in direct contact with you in your private life. He believes these people are key in shaping your happiness, character, and success.
“I can’t overemphasize how important that is. You want to associate with people who are the kind of person you’d like to be. You’ll move in that direction. And the most important person by far in that respect is your spouse,” he said in his 2017 HBO documentary “Becoming Warren Buffett.”
Buffett has been married twice. First, he married Susan Thompson Buffett, a civil rights activist who died in 2004. In 2006, he married Astrid Menks Buffett, with whom he remains to this day.
Invest in yourself first
While Buffett is known for his wise business decisions, one of his key pieces of advice is a well-known one: “By far the best investment you can make is in yourself,” he said, as reported by Money Lion. Whether it’s improving your communication skills, continuing to learn about topics you didn’t know about, or taking care of your health, Buffett believes personal growth delivers lifelong returns that can’t be erased by any business or career changes.
He also recommends staying informed on the world and on business developments, which will prove to be key to any successful endeavor.
Protect your Reputation
Integrity has always been central to Buffett’s philosophy. He famously advised people to consider whether their actions would look good on the front page of a newspaper. He argues that trust, once lost, is difficult to regain and cannot be replaced with money.
Rule No. 1: Don’t lose money
One of Buffett’s most quoted investing rules is simple but serious. He believes preserving capital matters more than chasing quick gains. Smart investing starts with avoiding unnecessary risks and understanding what you own.
Be calm when others are greedy
Buffett’s contrarian mindset has guided him through decades of market cycles, Presidential administrations, and all manner of crises. When enthusiasm drives prices too high, he prefers to stay cautious. When fear appears to dominate, he looks for opportunity. He believes emotion to be the enemy of good judgment.