{"id":82494,"date":"2019-12-09T09:00:08","date_gmt":"2019-12-09T16:00:08","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=82494"},"modified":"2021-03-16T12:14:06","modified_gmt":"2021-03-16T18:14:06","slug":"warren-buffett-quotes","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/warren-buffett-quotes","title":{"rendered":"What Would Warren Buffett Do? 12 Quotes for Smarter Investing"},"content":{"rendered":"

Regardless of your\u00a0age, there is one thing to keep in mind as you continue to navigate your life and try to figure out which direction you should go on different things (like investing!). This one thing you should keep in mind is the quote that has gotten me where I am today, that continues to help me decide who I should be listening to and who I should graciously tell to go jump off a cliff, and that\u00a0simplifies my own navigation.<\/p>\n

\u201cDon\u2019t take advice from someone you wouldn\u2019t trade shoes with.\u201d<\/em><\/p>\n

Most of us are\u00a0constantly fed people\u2019s opinions on what we should be doing with our lives. Every time this happens to me\u2014and even when it is people on BiggerPockets responding to my articles or my forum posts<\/a>\u2014I immediately ask myself if I would trade shoes with that person in terms of their lifestyle and success. If the answer is \u201cno,\u201d I thank them for their opinions and move on. If the answer is \u201cyes,\u201d I start listening very carefully.<\/p>\n

Now, who is one person we can all probably agree is someone we might all consider taking advice from? How about the billionaire legend Warren Buffett? I don\u2019t know about you, but if Mr. Buffett were sitting right in front of me dishing out real estate investing advice, I might be pretty keen to listen to it.<\/p>\n

\"middle-class\"<\/p>\n

Related: <\/strong>21 Quotes to Keep You Going\u2014Even When the Entrepreneurial Life Gets Tough<\/a><\/em><\/p>\n

Since it is unlikely Mr. Buffett himself will be sitting at your dinner table anytime soon offering you advice on your real estate investing career, I\u2019ve compiled a list of what I have deemed to be some of his best pieces of advice. Take them or leave them as you wish.<\/p>\n

Maybe they apply to your situation and maybe they don\u2019t, but I\u2019d venture to say they are certainly worth a quick consideration.<\/p>\n

12 Warren Buffett Quotes for Better Investing<\/h2>\n

In no particular order, here are some of my favorite tips from Mr. Warren Buffett himself!<\/p>\n

    \n
  1. \u201cBe fearful when others are greedy, and be greedy when others are fearful.\u201d (One of his most famous!)<\/li>\n
  2. \u201cA public opinion poll is no substitution for thought.\u201d (Don\u2019t just listen to everyone and their moms ranting off about stuff and take it for gold!)<\/li>\n
  3. \u201cThink in terms of income, not appreciation.\u201d (Always be cautious when speculating!)<\/li>\n
  4. \u201cYou ought to be able to explain why you\u2019re taking the job you\u2019re taking, why you\u2019re making the investment you\u2019re making, or whatever it may be. And if it can\u2019t stand applying pencil to paper, you\u2019d better think it through some more. And if you can\u2019t write an intelligent answer to those questions, don\u2019t do it.\u201d (Yes!)<\/li>\n
  5. \u201cUse partnerships to fill gaps in your expertise.\u201d (Be willing to admit your weaknesses and be willing to bring in team members to fill those!)<\/li>\n
  6. \u201cMinimize your mistakes and learn from those you make.\u201d (Literally the key to successful real estate investing in my opinion!)<\/li>\n
  7. \u201cI really like my life. I\u2019ve arranged my life so that I can do what I want.\u201d (The difference between investing and a job<\/em>!)<\/li>\n
  8. \u201cWhen you plan to buy, plan to hold.\u201d (Buffett is huge on the idea of holding! Remember the importance of long-term plays.)<\/li>\n
  9. \u201cThe macro view is more important than the micro view.\u201d (Look at the big picture!)<\/li>\n
  10. \u201cRisk comes from not knowing what you\u2019re doing.\u201d (Be educated!)<\/li>\n
  11. \u201cEmbrace the boring.\u201d (Sometimes the boring long-term plays are the most successful!)<\/li>\n
  12. \u201cI\u2019d buy up a couple thousand single-family homes if it were practical to do so. Houses are better than stocks.\u201d (Maybe a little biased on my part since this is what I do, but he has a point!)<\/li>\n<\/ol>\n

    \"choose-niche\"<\/p>\n

    Related:<\/strong> What Warren Buffett Just Told Me About Real Estate is Great News for Investors<\/a><\/em><\/p>\n

    I could probably keep going, as there is no shortage of advice and ideas from the man himself. But use the ones I gave you as motivation to think bigger. Look to the guys who have done what you are trying to do. Do you want to become rich, do you want to become financially free, do you want to be able to choose your lifestyle? Or maybe you are just looking for security for your family.<\/p>\n

    Whatever it is, find the guys who have done it and follow in their footsteps. Nothing personal to people chiming in on the BiggerPockets Forums, but they are no Warren Buffett!<\/p>\n

    Always, always take into consideration who is behind the advice being offered you. I can pretty much promise that if you listen to the majority of people around you, you aren\u2019t going to get where you really want to go.<\/p>\n

    \"\"<\/a><\/p>\n

    Who are your favorite REI legends, icons, or influencers? Who would you most want to trade shoes with?<\/em><\/p>\n

    Let me know with a comment!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you feel like you’re losing motivation in your real estate investing career, it may be time to turn to the timeless wisdom of the legendary Warren Buffett. Look to the guy who has done what you are trying to do, and follow in his footsteps.<\/p>\n","protected":false},"author":782,"featured_media":119816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5524],"tags":[],"class_list":["post-82494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-for-beginners"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/82494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/782"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=82494"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/82494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/119816"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=82494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=82494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=82494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}