Most people try to invest and make money but they often end up suffering losses as they make the same mistakes over and over again. Wannabe investors should try to learn and emulate the mind sets of rich people such as Bill Gates, Mark Zuckerberg, Michael Dell and Warren Buffet. Let us focus on Warren Buffet, who has been described as the best investor on the planet. These are some of the investment tips he sticks to:1. Developer your investment mindsetNot all people are business oriented but we can improve our business minds by reading business related books. Warren Buffet invests a lot of his time studying business-related books.2. Practicing patience in your investmentsWhenever Buffett buys a stock, he buys into the company. This means he doesn’t sell the stock at every market boom or bust. He believes in the companies that he invests in for the long term and holds on to stocks until he longer believes or sees value in these companies. One of Buffett’s celebrated quotes, which illustrates his inclination for long-haul investments is, “Regardless of how awesome the ability or endeavors, a few things simply require significant investment. You can’t create a child in one month by getting nine ladies pregnant.”3. Prioritize valueSometimes, the amount we spend on something and the value we get from our purchase don’t relate. Buffett believes that investors need to understand that markets are driven by supply and demand and that buying into a company with solid growth during market down-turns are great opportunities to gain value. Buy a good stock at a great price.4. Check your emotions when investingHuman emotions influence the market considerably more than any monetary model. Emotions can make people hopeful for something that has never happened or rarely occur. Buffett has recommended that controlling your emotions is considerably more imperative than your IQ. According to him, “Accomplishment in investing doesn’t associate with IQ. What you require is the demeanor to control the urges that cause other individuals harm in investing”.5. Invest in what you are knowledgeable and passionate aboutBuffett exhorts that you “never put resources into a business you don’t get.” Don’t put money into companies whose business you don’t understand.If you don’t have adequate information about a company, it is much more difficult to understand how a company will perform in the long run and foresee what the company will become a couple of years down the line.6. Live below your meansDespite a net worth of $87 billion dollars, Buffett lives in a shockingly unassuming home. He purchased his current home in Omaha, Nebraska for $31,500 in 1958 and, today, he calls it the 3rd best investment he’s ever made. Rather than wasting money to live lavishly, Buffett lives frugally and has reaped the benefits.7. Save first then spend the restPeople tend to pay bills first, spend the rest, and save for last. According to Buffett, this is the wrong approach. Buffet prescribes that you should put aside a set amount of money each month as savings first, then pay your bills, then spend whatever is left over after paying bills.8. Remember your rootsWhen he was in middle school, Buffett found a job as a paperboy delivering The Washington Post. He expanded that early activity into a deep-rooted association with the daily paper. Years later, his company, Berkshire Hathaway, became The Washington Posts’ biggest investor. Remember where you came from, your values, and you may discover unique opportunities for great investments.
The recent slowdown in economic activity has made everyone weary of spending. Everyone everywhere is trying to save as much money as possible. One of the ways in which people can save money is through achieving discounts during financial transactions. Real estate activity is no exception to this rule. Whether you are buying a house or a property for investment purpose, you want to obtain as much discount from the seller as possible. The seller, on the other hand, tries to collect as much cash from you as possible. If you find yourself in such a situation, there are some steps that you can take in order to maximize the amount of discount from the seller and save as much money as possible in a real estate deal.Some of those steps are as under:Be boldIt’s a common formula that one shouldn’t haggle too much over the price of a desired item. Like most of the formula, it simply not true. It’s perfectly normal to bargain over the price of a property. You should be bold enough to let the seller know how much you can afford for a certain house or a piece of land.Be practicalThe whole point of bargaining is that the final price must be acceptable to both parties; the buyer and the seller. You simply cannot strip the seller of a reasonable margin of profit on the transaction. Keeping this in mind, your offer or counter offer must be rational. You must not offer an amount that is far below the initial price of the property. This will irritate the seller and your chances of getting a discount will, altogether, vanish.Find out and bargain with the right personThis is the key to a successful discount negotiation. Not everyone, in any deal, real estate or otherwise, is authorized to make a discount. The right person to talk to, in a real estate, deal is the owner of the property since an agent or a broker only has a benchmark within which he must cut the deal. The owner is the person who can actually decide at what price he will finally settle. Bargaining with an agent or a broker will not get you anywhere. Seek the owner and talk to him. This can get you a great margin of discount.Don’t insist upon an amountNaturally, the owner will also quote certain amount at which he will let go of the property while you are negotiating with him. Look out for such an amount and if it seems fair enough, and within your reach, accept it. Do not insist upon a number that you want. The amount quoted by the owner may be his last offer. If you are being stubborn, you may lose a the chance of getting a property at a reasonable priceBe prepared to let goIf it seems to you that the owner has stuck to a price which is not within your reach, pull out at once. There is no point in wasting your time on a property that you cannot afford. You can always buy another property at a reasonable price from someone else.