This is how to make your first million the Warren Buffett way. via CNBCMakeIt
As a young adult, Buffett had a knack for thinking outside the box and finding creative ways to earn a buck. He had a job delivering newspapers and a pinball machine business. So, learn from Buffett: If you want to become a millionaire, don't put off business until you're older. Look forBill Gates follows this part of Warren Buffett’s investing philosophy
Once the business partners went their separate ways and sold the pinball machine business, Buffett used some of his proceeds to start another business. "If you're smart, you're going to make a lot of money without borrowing," Buffett continued. "I've never borrowed a significant amount of money in my life."Even though Buffett prefers buying companies with no debt, he does use leverage when it can raise the return on equity. In a 2010 shareholder letter, Buffett mentioned a benefit of borrowing, as well as a danger.
The more you spend, the longer it will take to earn your first $1 million. If you live simply and minimize expenses, there are more opportunities to save, invest and earn from compounding interest. Follow Buffett's way of life, and you could potentially have a higher net worth than people who keep up with the Joneses., but according to Daniel Nyiri, founder and CEO of the personal training company 4U Fitness, you do need to feed your mind.
The point is simple: To make more money, choose your associates wisely. You don't have to shun your broke friends. But as Nyiri explained, you're not going to become a millionaire if you hang out with people who make excuses, or tell you that you can't do something.Making your first million might involve risks and stepping outside your comfort zone, which takes confidence.
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