"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years" - Warren Buffett

As we all have come to know, Warren Buffett is a rock star. He can out-invest you, out-donate you, and even out-school you any day of the week. But *why* is that?

Does he drink a fancy potion every morning at 5a.m.? Is he related to both Chuck Norris AND Jack Bauer? Unfortunately I don’t know the answers to these. But what I DO know is that he lives a simple life, with some pretty simple rules.

Following are some very interesting aspects of his life:

1. He bought his 1st share at age 11, and he regrets he started too late!
Things were very cheap that time…
Encourage your children to invest.

2. He bought a small farm at age 14 with savings from delivering newspapers.
One can buy many things with few savings.
Encourage your children to start some kind of business.

3. He still lives in the same small 3-bedroom house in mid-town Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.
Don't buy more than you "really need" and encourage your children to do and think the same.

4. He drives his own car everywhere and does not have a driver or security people around him.
You are what you are…

5. He initially resisted travels by private jet; although he owns the world’s largest private jet company.
Always think how you can accomplish things economically.

6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.
Assign the right people to the right jobs.

7. He has given the CEOs only two rules: #1 - Do not lose any of your shareholders’ money. #2 - Do not forget rule #1. (Rule #3: Fight Club is Awesome!)
Set goals and make sure people focus on them.

8. He does not socialize with the high society crowd. His past time after he gets home is to make himself some popcorn and watch TV.
Don't try to show off, just be your self and do what you enjoy doing

9. Warren Buffett does not carry a cell phone, nor does he have a computer on his desk. (WHAT? crazy!)

10. His advice to young people: “Live your life as simply as possible.” He also had the following to add:

a) Money doesn’t create man, but it is the man who created money.

b) Don’t do what others say - listen to them, but do what you feel good doing.

c) Don’t follow brand names; just wear those things in which you feel comfortable.

d) Don’t waste your money on unnecessary things; just spend on those things you really need.

Though some may wonder if all of this is applicable to everyone, what’s important is that if you follow some simple rules, you will certainly be ahead of the pack. Live below your means, invest early, don’t listen to everyone all the time, don’t go in debt, and don’t blow your money on fancy-pants stuff (or on fancy pants).

Thank you for reading this post

Leave me your comments; I’m sure you'll inspire all of us!

By Susith De Silva