Holla Techies!!! Today we are not going to explore any technical stuff regarding blogging or anything. Today we will discuss the words of wisdom by Warren Buffet. Now I know there is no need to introduce this great man still let’s have a glance to his achievements.
Warren Buffet is the most successful investor in the world and he had been the wealthiest person of the world in 2008. He was born in Omaha. So, he is also referred as ‘Wizard of Omaha’, ‘Oracle of Omaha’ and ‘Sage of Omaha’. He is an interesting personality and if you are interested then you can know more about him and his books on Google or Wikipedia. What we are interested in is his tips. He has given many tips for investing your money in any business and all those tips are key for getting revenue on your investment. If you want, you can do a great research on his tips and strategies. Here I have selected six of his tips and I will discuss how these tips are applicable to our field of blogging.
Here Are Those Golden Words Of Wisdom by Warren Buffet
1. Never depend on a single income. Make investment to create a second source.
Depending on a single income is purely risk. If you are relying on a single source of income then be ready to face a time when you won’t have any source of income. It doesn’t matter how strong and trustworthy your income source is. Business is all about uncertainty. If you are making thousands of dollar today from your powerful source, it may happen that tomorrow you can’t make a single penny from that source. So, think!!! If in this condition, you are having another source then you can improve your first source without having any tension of your bread.
So now onwards never work only on your one blog which is generating high revenue. Though it is generating high revenue, it may happen that on some bad day it will stop giving you sweet fruits. It’s better to work on other blogs or projects as well so you don’t have to sit frustrated when that bad day come.
So, what is the best option when your powerful source is degraded??? Being frustrated for your basic income or getting income from your another source and working on your powerful source to make it powerful again!!!???
2. If you buy things you don’t need, soon you will have to sell things you need.
This tip is especially for females though males are not out of the list of people who buys the things on their temporary feelings. Sometimes we like something in a market or on shopping site and we buy it without thinking whether it is necessary or not! whether this will add any value or not!
What we bloggers do….especially newbies – We think to invest money on the things which won’t affect our revenue. If in the beginning you can earn with free sources then you should not spend much on those sources. You can spend once you start earning. But though you are earning it doesn’t mean you should waste it as you want. I mean yeah it’s your money, revenue of your hard work, splurge it as you want. But wisely invested money will lead to greater profit.
3. Never test the depth of the river with both feet.
It’s obviously not a wise movement to check the depth of the river by getting both of your feet in it. Here by both of your feet mean all of your investment amount. If any business plan is new for you then invest a little amount of money in it as an experiment. If it gets successful then invest some more and keep increasing. It is totally risky if you invest all your money on an experimental strategy. So, be a wise investor and first check the depth with one of your feet and then if it is not risky, jump into it. If you find it too deep then don’t make a mistake to get your second foot inside.
If you own more than one blog then try any new experiment on one blog which is giving you less income and if it succeeds then go for the second one also. whatever beneficial move you find, don’t apply it to all of your blogs, because if it will be proved harmful then that will harm all of your blogs.
4. Do not save what is left after spending, but spend what is left after saving.
Present saving can be invested in future for earning more. If you start spending your money, there won’t be the end because that is the basic nature of human beings that we never have enough things to get satisfaction. So, if you think after getting this XYZ thing, I will save money then your money will never be saved. So it’s better to save and then spend. Keep a fix amount from your income for your savings which you can utilize whenever needed in future.
One should have some saving amount as their protection. Protection from the future problems. If you will spend when you are earning then you will have to beg when you won’t. So reverse you order of spending and then saving. First save, and then spend whatever is remaining.
5. Do not put all your eggs in one basket.
Putting all your eggs in one basket means risking your all investments simultaneously. If that basket will slip from your hand you will end up with all broken eggs. So, what a wise man do is keeps them separately in various container. If one basket is in risk, it will damage eggs contained in that basket only not all your eggs.
If you are having multiple blogs then don’t put all your efforts in one blog or one direction only. Put necessary efforts on every aspect of blogging. Let’s have an example. If you are writing good content then don’t focus only on writing. Put some efforts on other aspects as well like graphics designing, SEO of your articles and many other things.
6. Honesty is a very expensive gift. Do not expect it from cheap people.
If you are working in a team then you have to trust people. When it comes to trusting people, honesty comes into the picture. Before expecting honesty from anyone, you should have to be honest then only people will be honest with you. If you will cheat other people, they won’t feel guilty cheating you. If you are honest then keep this thing in your mind – everybody will not be honest to you, because it takes courage to be honest and everyone around you won’t be courageous.
If you are hiring the content writer, graphics designer or any other supportive role for your team don’t expect everyone to be honest as it is not cheap folk’s cup of tea. Be smart enough to know that who is honest and who is making you fool.
These are not the only things you should keep in your mind while investing but these are the must applicable things while investing your valuable money. Good Luck for your future investments.
It might happen that you have some investment tips as valuable as tips of Warren Buffet. So, don’t hesitate to comment your wise tips in the comment box. All your thoughts regarding investments and blogging are welcomed. Feel free to interact with us via comment and feel more free to share this post which can add some value to your and your friend’s future investments.