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Warren Buffett: How to Increase Your Salary by 50 Percent

How to Increase your salary

By Pedro Perez Published 2 years ago 4 min read
Warren Buffett: How to Increase Your Salary by 50 Percent
Photo by Sharon McCutcheon on Unsplash

Warren Buffett is one of the most famous billionaires in the world. In 2021, he ranked 6th on the Forbes 2021 list. The 91-year-old magnate and investor is still working at his company Berkshire Hathaway and has no plans to retire yet.

No doubt, when it comes to financial literacy, Warren Buffett is a top expert. More and more people are carefully studying his strategies to follow his stunning business success. And Buffett willingly shares his advice! «Will it work for me?» any applicant might think.

We hope the tips below will be full of insights and will set you in the mood to reach new career goals. Surely, it is easier to move forward by learning from professionals. And if you're wondering, "Is there anyone who can help writing my resume for me?" the answer is yes. Many talented authors know how to highlight your experiences, accomplishments, and key skills. As a result, you will catch the recruiter’s attention and increase the chances to land an interview. Thanks to the writer’s amazing tricks, your applications will truly shine.


Invest In Yourself

Warren Buffett often says that the best investment is in yourself. What does it mean? The more you study, the more you earn. For example, it is known that Buffett devotes 80% of his time to reading and exploring some issues, and 20% of his time is spent on communication. Of course, everyone chooses their own way to study - these can be courses, books, career resources, conferences, meetings with people who inspire you, etc.

Buffett starts his morning with newspapers: The Wall Street Journal, USA Today, and Forbes. Billionaire advises everyone to read 500 pages every day. The more a person reads and thinks, the less they make impulsive decisions, the investor believes. If you don’t constantly learn, your knowledge and approaches will become outdated, and you are unlikely to become a leader and earn more.

Communicate As Much As You Can

"Improve your communication skills - it will increase your value by 50%", says Buffett.

In his interviews, the investor says that long ago, he was an introvert. So, he took Dale Carnegie courses to overcome his shyness, and this helped him a lot. He has learned how to persuade people and bring them into his partnerships.

“Without good communication skills, you can't convince people to follow you, even if you see a mountain and they don't,” Buffett once told a Stanford MBA student.

Think about it: you can have a lot of brilliant ideas, but what is the use of them if you cannot convey them to others?

The first thing to focus on is the accuracy and clarity of your statements. No doubt, this is crucial in written communication as well (be it a salary increase letter or an email to other employees). Second, be mindful of non-verbal communication. Facial expressions, eye contact, appropriate tone of voice - all this is of great importance.

Surround Yourself With The Best People

The environment in which we find ourselves every day plays a fundamental role in forming our personalities.

That is why, to achieve something, it is better to be around people who inspire you to work harder. And any career advice expert would agree with that. Their qualifications and work experience will help you quickly understand valuable issues, and their character traits can serve as excellent motivation for change and action.

Be Thrifty

One of the richest people in the world is known for his modest lifestyle. Despite Buffet’s impressive fortune, he lives in the same house he bought in 1958. Manage money wisely - that's the key law.

It doesn’t matter if you are a simple laborer or a millionaire; you don’t need to hand the money out left and right.

Warren Buffett has always driven a budget car. He considers luxury goods a thoughtless waste that will not pay dividends and will only lower your long-term success.

Understand The Difference Between Price And Value

It is necessary to save, focusing not on the price but the value of the goods, Buffett believes. As the billionaire admits, this idea was given to him by Ben Graham, a famous author. He said the following: "Price is what you pay, and value is what you get." In other words, you shouldn’t buy cheap goods just because of their low price or go for unreasonably expensive things. Price and value must match.

Pay Yourself First

It is impossible to become rich without making savings. Buffett advises sticking to this pattern. When you receive your next payment, set aside a sum for paying bills and primary needs. Next, allocate the money you need for savings, and deposit it in a bank. Then, proceed with the rest of the expenses.

Remember that the sum you set aside every month must correspond to your income. Start with 10% of it - after a few months, you will start doing it automatically. Plan your expenses: of course, the writing business will take some time, but you’ll be grateful to yourself in the end.

Do What You Love

Buffett once said: “When a person lives to my age and there are loving people around them, this is a success. It's important to do what you love and do it well. I have never met successful people who would do what they do not like. The life of such people looks miserable.”

All this leads to a simple conclusion. We achieve success in areas that we are enthusiastic about.

To Wrap It Up

Eras have changed, the market has managed to survive several major crises, but Warren Buffett not only keeps afloat but offers us rules that genuinely work. His recommendations to increase salary are more relevant than ever, especially with all the drastic changes the world is facing right now.

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About the Creator

Pedro Perez

Professional writer at . I came here to share my knowledge. I hope that with my help you'll craft your perfect essay much easier.

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