Warren Buffett’s Top 4 Tips for Getting Richer
Written by
Nicole Spector
Edited by
Molly Sullivan
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Warren Buffett crossed the threshold into billionaire status in 1985, at the age 54. At the time, there were only 12 other billionaires on the planet (in 2025 there are nearly 2,800). Buffett, now worth $158 billion, made his fortune on his own. He got to work building wealth as a kid and hasn’t taken a pause since. At 94 years old, Buffett is still the chairman and CEO of Berkshire Hathaway.
Buffett has been dubbed the Oracle of Omaha because he has an often-uncanny insight into what the stock market is going to do. Nobody really understands it, and Buffett never brags about it, but one thing he does do is share his wisdom for building wealth. And he doesn’t use fancy money jargon that can exclude the average investor. He tells it like it is, for better or worse. Let’s consider four of Buffett’s top tips for getting richer.
Your Attitude Matters More Than Your Smarts
Investing can be intimidating when you’re just starting out. Honestly, it can be intimidating when you’ve been doing it for years, too! You may feel this enormous pressure to be “smart” in a way you may not even be able to comprehend. You know, Buffett-level-smart. But don’t bother fretting over any of that. Be more concerned with your attitude and outlook.
“The most important quality for an investor is temperament, not intellect,” Buffett said. “You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”
In other, more cliché words, keep calm, carry on and don’t get caught in the doomed loop of obsessing over what other people are doing.
Practice Dollar-Cost Averaging by Buying the S&P 500
You can make investing simple and still make a ton of money off it. Just embrace dollar-cost averaging.
“If you like spending six to eight hours per week working on investments, do it,” Buffett said. “If you don’t, then dollar-cost average into index funds.”
With this practice you don’t buy individual stocks — which is a risky move, even if you do spend six to eight hours per week working on investments. Instead, you invest in the S&P 500, an index that tracks the performance of the 500 largest publicly traded companies in the U.S. Buffett has said that owning the S&P 500 is the “best thing to do.”
Invest in Great Companies — But Only at Fair Prices
Another Buffett nugget of wisdom: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
What he’s saying is, if you’re buying company shares, invest in high-quality companies with strong leadership and incredible potential — but only if you can nab the shares for a reasonable price. Don’t overpay just to get in. Be on the lookout for companies that aren’t all that impressive but are selling for top dollar.
Go All in for the Long Haul
Buffett has come to be a kind of mascot for long-haul investing strategies. He doesn’t believe in courting an investment for a short period of time and then cashing out. He believes in sticking with investments through thick and thin, so that you can reap the enrichening benefits of compound interest.
“Time is your friend; impulse is your enemy,” Buffett once said. “Take advantage of compound interest and don’t be captivated by the siren song of the market.”
Practicing patience and endurance is the core of Buffett’s wealth-building philosophy. It’s so very simple and yet, for so many, so very hard to do: Sit back, relax and let time do its thing.
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