Warren Buffett is considered by many to be the most iconic individual investor of all time.
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The eighth-richest man in the world as of Jan. 14, per Forbes, the man dubbed the “Oracle of Omaha” bought his first stock at age 11 and first filed his taxes at age 13, exhibiting a keen financially aware mind even during childhood.
Now, as the person responsible for helming the massive multinational holding company Berkshire Hathaway, Buffett is regarded as an icon in the investing world, and his words are never to be taken lightly by those who wish to build wealth.
In a brief speech clipped from longer remarks made available on TikTok, Buffett gives the following sage advice:
“I didn’t become a billionaire until I was 56 years old, but at 93 I’m worth over $130 billion… That should be a testament that people do not decide their futures. They decide their habits, and their habits decide their futures within due time.”
Given that Buffett is currently 94 years old, the remarks were delivered quite recently. Further, they echo a continued philosophy that the famous investor has been espousing for many years now — one hinging around the power of habit.
According to a query detailed by Quote Investigator, Buffett is famous for one particular quote surrounding the raw power of destructive or undesirable habits.
“The chains of habit are too light to be felt until they are too heavy to be broken,” Buffett is quoted as repeatedly saying at various points during his career.
Various precedents are established for the quote, including one historical thread attributing the basis of the quote to philosopher Bertrand Russell — but in today’s business world, Buffett’s quote holds the most gravitas.
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As Inc. profiled, Buffett has delivered a plethora of wisdom to audiences and onlookers over the course of the past few decades. However, speaking to habit, Buffett appears to be a firm believer in the power of saying “no.”
“The difference between successful people and really successful people is that really successful people say no to almost everything,” Buffett is cited as saying.
Saying yes reflexively can be indicative of habitual behavior, and although the same is true of the reverse, it’s much less likely from a logical perspective. Inc. contributing editor Marcel Schwantes outlined his own position on the subject, speaking to the importance of saying no to all of the unimportant intrusions and distractions in our lives that inhibit the ability to really drill down into what matters.
Schwantes then pivoted to reinforce Buffett’s quote with one from the late Steve Jobs, famous for having co-founded Apple.
“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things,” Jobs said during an Apple Worldwide Developers Conference in 1997.
His words would prove prophetic: Apple adopted a phenomenally simple and streamlined product line, concerning both its user interfaces as well as physical design aesthetics, and became an iconic figure in the tech, media, and communications product market.
If Buffett and Jobs can agree to this philosophical centerpiece, it may be wise for investors to follow suit. Known for his simple, sage advice such as not investing in things you don’t understand (and saying no to speculation in the process), the Oracle of Omaha remains a leader in the investment community for a reason.
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This article originally appeared on GOBankingRates.com: Warren Buffett Credits His Billionaire Status With This One Philosophy Anyone Can Adopt