Keep Cash On Hand - Deepstash

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10 Best Money Tips From Warren Buffett of All Time

Keep Cash On Hand

To ensure security, always keep cash or cash equivalent reserves available.

Businesses and individuals may desire to put liquid cash to work through investments. When bills are due, only cash is legal tender. Be sure to have it on hand.

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Borrow Wisely
Borrow Wisely

Warren Buffett advises against excessive borrowing, such as credit card debt or unnecessary loans.

Some experts divide borrowing money into "good debt" and "bad debt."

  • Good debt is investing in your long-term future, such as a mortgage or student loan. Ideally, it should not have a negative impact on your finances.
  • Bad debt drains your finances with no prospect for future growth.
Pay Yourself First

Prioritise your savings, not saving what is left after spending.

When budgeting, consider what is necessary to cover your basic needs, then figure out how much you want to save. The leftover is spending money. If it helps, think of your savings and investments as a monthly expense.

Don't Underestimate Your Money Habits

Many people fall into bad money habits and don't realize it until their habits become hard to manage.

If you want to change your habit, start by breaking it down. Understand your cue, reward, and routine, then use it to break the cycle of your habit.

Pre-suasion
Pre-suasion

Optimal persuasion is achieved through optimal pre-suasion: arranging for people to agree with a message before they know what's in it.

Pre-suasion is about establishing your credibility and relationship. And you can do that by building trust, showing vulnerability and learning to make fun of yourself.

Build unity

When it comes to persuading people, the trust often matters more than the content of your ideas, and you get people to trust you by demonstrating that you're all on the same team.

Admit mistakes

Although counterintuitive, admitting your errors upfront shows that you're human and can actually be a brilliant move.

Circle of Competence

Each of us, through experience or study, has built up useful knowledge on certain areas of the world. Some areas are understood by most of us, while some areas require a lot more specialty to evaluate. 

It is important to honestly define what we know and stick to those areas. 

Our circle of competence can be widened, but only slowly and over time.