Warren buffets advice for 2009

[Warren Edward Buffett (born August 30, 1930) is an Americaninvestor, businessman and philanthropist. He is one of the world's most successful investors and the largest shareholder and CEO of Berkshire was ranked by Forbes as the richest person in the world during the first half of 2008, with an estimated networth of $62.0 billion.
Often called the "Oracle of Omaha," "the Sage of Omaha", Buffett is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth His 2006 annual salary was about $100,000, which is vanishingly small compared to senior executive remuneration in comparable companies. When Buffett spent $9.7 million of Berkshire's funds on a private jet in 1989, he jokingly named it "The Indefensible" because of his past criticisms of such purchases by other CEOs. lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500 and today, it is valued at around $700,000. Buffett also is a notable philanthropist. In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill& Melinda Gates Foundation. In 2007, he was listed among Time's 100 Most Influential People in The World. He also serves as a member of the board of trustees at Grinnel College.]

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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.
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.








* Expectations: Honesty is a very expensive gift. Don't expect it from cheap people

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.
(An email forward)
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