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b'Buffett\\u2019s Top Tips for 2015
A website I came across \\u2013 GoBankingRates.com \\u2013 profiled 12 personal finance experts in December 2014 for their insights on growing your wealth in 2015. I plan to share their tips with you today and I\\u2019ll start with one of my favorites \\u2013 Warren Buffett\\u2019s advice on succeeding at investments in 2015.

Put Your Estate in Index Funds

In his 2014 letter to Berkshire Hathaway shareholders, Buffett revealed his estate plan, reminding readers to keep their investments safe, low-cost and long-term. Buffett plans on leaving all of his cash for his wife \\u2013 with 10% in short-term government bonds and 90% in a very low-cost S&P 500 index fund. He believes the trust\\u2019s long-term results from this policy will be superior to those attained by high-fee managers.

Stay Away From Bitcoin

Buffett\\u2019s problem with Bitcoin is that it\\u2019s not any kind of investment at all, because it doesn\\u2019t have value. He sees it more as no more than a method of transmitting money \\u2013 an electronic version of a check \\u2013 with which can be replicated and has no intrinsic value

Learn How to Read Financial Statements

Buffett wants you to take all the accounting courses you can find because accounting is the language of business and it\\u2019ll make you comfortable with reading financial statements. As he puts it \\u2013 a little study early on, but it pays off big later on.

Focus on Saving, Not Getting Rich Quick

He says the biggest mistake is not learning how to save and trying to get rich quick. Buffett believes it\\u2019s pretty easy to become well-to-do if you save and invest regularly but it\\u2019s no where as easy to get rich quick.

When Stock Prices Drop, Buy \\u2014 Don\\u2019t Sell

Buffett likes to buy when markets go down, and the more they go down, the more he likes to buy \\u2013 because he does his analysis thoroughly and buys businesses for their long-term growth potential.

Stop Pretending to Be an Expert

He says, if you invest in things you don\\u2019t know, you\\u2019re just gambling. He says you\\u2019ll do just fine if you recognize your limitations, stick to a plan and stop pretending to be an expert on the market. He likes to keep things simple, not swing for the fences or look for quick profits.
Tips from Other Experts
Okay \\u2013 that was the Sage from Omaha\\u2026 now here are some more pieces of advice from other noted experts in the field:



Stop seeing yourself as a victim \\u2014 of the job market, economic downturns, etc. \\u2013 and stop relying on someone else to \\u2018save\\u2019 you. Instead, shift your mindset from \\u2018victim\\u2019 to \\u2018champ\\u2019 and put your talents, your intelligence and your strengths to work - to take control of your life and your financial future.


Give yourself a raise in 2015. Do this by either mustering up the courage to ask your boss for a pay raise, or by starting a side business, or increasing your billing if you already have your own company. Then make sure you\\u2019re saving at least 5 percent of your total income!


Work towards setting specific financial goals and the steps needed to achieve them - with an accountability partner. Money management is a team sport, and in 2015, find someone who can help you build and nurture a meaningful financial plan where you prioritize your needs over wants and stick to the plan.

For example, if you want to buy a house - don\\u2019t give yourself the vague goal of saving up for a down payment. Instead, commit to saving, say, $250 each month, by cutting expenses and transfer this money every month to your savings account until you reach your desired down payment.

Put your goals in writing and track your progress to motivate you.

Go back to the basics \\u2013 spend less and save more. There are hundreds of ways you can do that and your challenge is finding the ways that work for you. It\\u2019s not just the big savings that matter. Change your mindset and realize that no savings are too small, they all add up. Educate yourself to really understand where you are spending your money.'