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By Michael Yardney

One of the best pieces of advice I’ve heard from Warren Buffett

key takeaways

Key takeaways

Warren Buffett reigns supreme as the greatest investor in history, with a personal fortune of around US$132 billion.

Many years ago I learned that if you want to succeed in business or investing and get rich, it pays to study Buffett

Buffet warns: “If you hang around with people who behave worse than you, pretty soon you’ll start being pulled in that direction.”

He also explains: "Alone you are vulnerable - Connected we are strong!"

Many investors think they have to do it all themselves or learn it all themselves. But we cannot be our best selves in isolation from the world.

Warren Buffett reigns supreme as the greatest investor in history, with a personal fortune of around US$132 billion.

Many years ago I learned that if you want to succeed in business or investing and get rich, it pays to study Buffett.

And the great news is Buffett is happy to share his knowledge.

Over the years, Buffett has spoken eloquently about how much we’re influenced — both for better and worse — by the people around us.

Warren Buffet2

One of the memorable pieces of wisdom that Buffett shared was this:

“Hang out with people better than you, and you cannot help but improve.”

Buffett warns:

“If you hang around with people who behave worse than you, pretty soon you’ll start being pulled in that direction.”

Buffett also speaks about the importance of choosing the right role models, saying that he often tells students:

“Just pick out the person you admire the most in the class, and sit down and write the reasons why you admire him…
Nothing could be more simple than to try and figure out what you find admirable and then decide that the person you really would like to admire is yourself.
And the only way you’re going to do it is to take on the qualities of other people you admire.”

Just as a way of background…

I gained a similar insight from our premier property event - our 5-day Wealth Retreat, which we’re holding on the Gold Coast at the end of April.

One of the lessons I’ve learned is:

Alone you are vulnerable - Connected we are strong

It really struck me how easy it is to fall back into old habits and let negative outside influences dramatically impact our mindset and financial results when we are on our own.

As I’ve been chatting with the investors who are coming to Wealth Retreat this year (I speak with all attendees to make sure the investment of 5 days will be appropriate for them and to ensure they’ll be able to use the new tools, insights and ideas we give them) several people candidly shared how they had pulled back and isolated themselves after suffering some investment problems and financing issues over the last few years, and how that isolation cost them so much more.

I can relate to this.

Social Connections Community Interactions

Many investors think they have to do it all themselves or learn it all themselves

Partly because they think they know better than others or maybe it’s because they are not hanging around the right people – supportive, encouraging people.

And these get harder to find, the more successful you are.

But we cannot be our best selves in isolation from the world.

We need other people.

The key is making sure we’re spending time with people who inspire, empower, and encourage us.

Another insight many past delegates at Wealth Retreat learned was:

Your peer group is contagious

One of the things that struck me on the first night at our previous Wealth Retreats, when we all got together for a special surprise event (the details of which I can’t reveal here, otherwise it would spoil the surprise for the attendees) was how quickly people connected.

Have you ever had that experience?

Where do you meet a group of people and feel like you’ve known each other for years?

May I ask you a direct question?

It’s going to be a bit blunt, but I’m not sure how to “finesse” it so here goes:

  • Will your current peer group empower you to reach your deepest dreams goals and your life’s purpose?
  • Will they hold you accountable to a high enough standard or will they let you slip back into your old comfort zone?
  • Will they feed your ideas and give you input to help you overcome the challenges you face along the way?
  • Will they support you when you’re having a tough moment?
  • Do they inspire you to keep performing at your highest and best capabilities?

If not, what are you doing about changing that?

It’s ultimately up to you to find and create the peer group that will help you live the life you want to live.

Here’s another interesting quote:

“Nothing of me is original. I am the combined effort of everyone I’ve ever known.” – Chuck Palahniuk

My friend Louise Bedford recently wrote on a similar topic.

Here’s what she said:

I’m a firm believer in the power of association. 

Success is contagious and it does rub off.

So, if you hang out with successful people, you’re more likely to become one.

I’m a product of those who supported me, and those who were unreasonable friends – the type of person who is always challenging you to create and achieve more.

For my own life, without that support, there’s no way I’d be where I am today.

I would have surrendered my ambitions, submitted, and hung my head, not believing I was worthy.

I often challenge people who are starting out to find a mentor.

Now for many reading this message…

This is a critical time

Holding Time

A time to grow.

A time to push yourself.

But also, a time to reflect upon the fact you do not know it all, there is always more to learn, and you can learn every day in the most unlikely places.

That’s why I urge you to find out a bit more about Wealth Retreat 2024 where you’ll meet an instant new peer group of movers and shakers - a group of already very successful investors, business people and entrepreneurs, and a number of others who are on the way to achieving the success they’re looking for.

This is very different from other seminars – and it is NOT a motivational seminar – and yes there’s follow-up afterwards to ensure you take action afterwards.

Please get all the details by clicking here and express your interest.

As I said, I chat with everyone who would is keen to attend to make sure it is suitable for you.

So who will my new peer group be? 

When you choose to join us at Wealth Retreat this year who else will be there – who will your new peer group be?

Firstly about 25% of the attendees have been before. 

Some are coming for the second, third or fourth time.

You may ask why they come back if they are successful.

I could say they are successful because they come back.

The second group of attendees is high net, worth individuals.

They come to grow and nurture their property portfolios, business, or professional practice.

Then the bulk of attendees are business people, entrepreneurs, and experienced property investors with between 2 and 10 properties, who are looking to expand their network and super-size their investing and learn skills and techniques that they would not find elsewhere to enable them to build a property investment business.

Wealth Retreat works so well because each of these groups of people adds something essential to the mix.

But...don't count yourself out!

Every year a small group of aspiring, but well-read beginning investors, or those just starting in business, join us and get the kick start I wish I would have had years ago.

This year we will be having special sessions at Wealth Retreat to assist investors with their biggest challenges including finance and empowering them with proven techniques for our changing markets.

Many of the attendees want to learn how to step out of the world of being paid by the hour and into the world of building their own property investment business.

In fact, I can think of many past graduates of Wealth Retreat who left their jobs to pursue their passions.

If this interests you register your interest online by clicking here and we'll chat  find out more to make sure Wealth Retreat is right for you.

By the way…

When I observe the most successful participants from Wealth Retreat over time I notice that those people who have “made it” financially all have moved to a place where the money isn’t what motivates them.

Sure they enjoy the money, but it is not their main driver.

Let me explain… money is a sufficient need.

Once you have enough of it, it ceases to be important.

So what is it beyond the money that pushes and prods and sparks and motivates you to perform at your best and to build and dream and dare?

Maybe you’ll need to come to Wealth Retreat and find out how to pursue your passion.

About Michael Yardney Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.

Michael, I most certainly agree with your advice/ comments concerning associating, and surrounding yourself. with other successful people. I have been doing so, since going your Mentorship program 2 years ago and I haven't looked back. I also w ...Read full version

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There was not much more here about the investing habits of Warren Buffett. One of the best books I have read is the "Warren Buffet Way" by Robert Hagstrom. I have had some excellent insights into Warren Buffett investing, mostly about truly understan ...Read full version

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Thanks for pushing me Michael. Kate

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