For anyone who feels like they don’t have enough money to start investing, or feels like they’re falling behind due to high inflation, investing legend Warren Buffett has some great advice that anyone can follow.
Buffett strongly advocates for people to invest in themselves, saying, “Investing in yourself is the best thing you can do. Anything that promotes your own talents; no one can tax it or take it away from you.”
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The idea is that regardless of whether the national debt spirals further out of control or the dollar weakens sharply, you can maintain strong earning power by being the best in your chosen field and telling people to give you some of that will give what they have produced in exchange for what you deliver.
For example, the best plumbers or programmers will always be able to get their piece of the economic pie, since someone will certainly need their services.
While anyone can follow Buffett’s advice, it might be difficult to emulate his success.
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From the establishment of his investment partnership called Buffett Partnership Ltd. by Buffett in 1956 until its eventual transformation into the Berkshire Hathaway (NYSE:BRK), now valued at nearly $900 billion, has amassed an impressive net worth of around $139 billion.
This achievement is even more impressive considering that he has donated over $51 billion to charities to date.
Of course, his earnings didn’t happen overnight, but were the product of patient compound interest, even if he once said that his “life was a product of compound interest.”
To reap the benefits of total return by investing in yourself, it makes sense to start as early as possible and keep doing so, following the advice of his late business partner Charlie Munger, who once said, “The first rule of compounding: never interrupt it unnecessarily.”
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This article, “Warren Buffett names the ‘best investment’ to beat stubborn inflation, and it’s an ‘untaxed’ bet anyone can make” originally appeared on Benzinga.com
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