Warren Buffet's advice for 2009

[Atul Sharma]

Warren Buffet's advice for 2009

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. They expect the
financial experts to provide them with remedies, forgetting the fact
that it is these experts who created this financial mess.

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.

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.