warren buffett White House United State of Women Summit 2016_BLU_A73238034
Warren Buffett, also known as “the Oracle of Omaha,” has tens of billions of dollars to his name and is consistently ranked as one of the wealthiest people in the world. Buffett has amassed his fortune through successful investment strategies.
Check Out: Warren Buffett Sold His Apple Stock — Here’s Why
According to ModelThinkers, Buffett’s “two lists” model has been another key to his success. It allows him to prioritize and say no to tempting or important tasks that get in the way of his main goal.
Learn More: I’m a Financial Advisor — I’d Invest My First $5,000 in These 6 Stocks
Sponsored: Protect Your Wealth With A Gold IRA. Take advantage of the timeless appeal of gold in a Gold IRA recommended by Sean Hannity.
Warren Buffett’s Path to Success
Warren Buffett began building his wealth by investing in the stock market at the age of 11, according to Forbes, and first filed his taxes at age 13. As a teenager, he was bringing in about $175 per month by delivering The Washington Post, Business Insider reported. This was more than most adults made at the time. He also sold calendars, used golf balls and stamps. At 16, he built the equivalent of $53,000.
As a young adult, Buffett formed his own company and began investing in companies he viewed as undervalued. He reinvested all profits in more investments and his wealth grew.
Most of Buffett’s wealth was built after his 50th birthday. According to Benzinga, Buffett transformed Berkshire Hathaway from a textile company into a conglomerate using his value investing philosophy. Today, the vast majority of Buffett’s net worth is tied to his publicly traded holding and investment company.
According to the Bloomberg Billionaires Index, the Berkshire Hathaway chairman and CEO is now the eighth-richest person in the world, with an estimated net worth of $136 billion.
Building Wealth Through Two Lists
One story published by James Clear best illustrates Buffett’s approach to productivity and time management.
Mike Flint — Buffett’s personal pilot for a decade and former pilot for four U.S. presidents — had a discussion with Buffett about career priorities. Buffett presented a three-step exercise to help streamline his focus.
The first step was to write down his top 25 career goals. In the second step, Buffett told Flint to identify his top five goals from the list. In the final step, Flint had two lists: the top five goals (List A) and the remaining 20 (List B). Flint assumed List A was his primary focus, but he was wrong.
Buffett reportedly replied, “No. You’ve got it wrong, Mike. Everything you didn’t circle just became your Avoid-At-All-Cost list. No matter what, these things get no attention from you until you’ve succeeded with your top 5.”
Buffett stated that List B should be completely avoided until the top five in List A were achieved. According to Buffett, this “two list” strategy is essential for true success: focusing on a few critical goals rather than spreading yourself too thin, Benzinga reported.
When you achieve one goal from your top five, add a new goal from List B. ModelThinkers noted that the list is always a work in progress, and something on the “avoid at all cost” list might become a priority as you achieve your top five from List A.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Warren Buffett’s Key to Success: Building Wealth Through Two Lists
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »