By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
New Page 25.
Warren Buffett’s advice for 2009
We begin this New
Year with dampened enthusiasm and dented optimism. Our happiness is diluted and
our peace is threatened by the financial illness that has infected our families,
organisation and nations. Everyone is desperate to fine remedy that will cure
their financial illness and help them recover their financial health. They
expect the financial experts to provide them with remedies, forgetting the fact
that it is these experts who created this financial mess. Every new year, I
adopt a couple of old maxims as my beacons to guide my future. This
self-prescribed therapy has ensured that with each passing year, I grow wiser
and not older.
This year, I invite
you to tap into the financial wisdom of our elders along with me, and become
financially wiser.
Hard work
: All hard work
brings a profit, But mere talk leads only to poverty.
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Laziness
|
:
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A sleeping lobster is carried away by
the water current.
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Earning
|
:
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Never depend on a single source of
income.(At
least make your investment get you second earning.)
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Spending
|
:
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If you buy things you don’t need,
you’ll soon sell things you need.
|
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Savings
|
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Don’t save what is left after spending. Spend what is
left after saving.
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Borrowings
|
:
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The borrower becomes the lender’s slave.
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Accounting
|
:
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It’s no use carrying an umbrella, if your shoes are leaking.
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Auditing
|
:
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Beware of little expenses. A small leak can sink a large ship.
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Risk-taking
|
:
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Never test the depth of the river with both feet. (Have an alternate plan ready)
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