Warren Buffett, the folksy investor from Omaha, Nebraska, built his billionaire fortune through his investment company, Berkshire Hathaway, a once struggling textile company that is now a multinational conglomerate. Buffett is also the founder of the initiative The Giving Pledge, which encourages wealthy Americans to pledge at least 50% of their assets to charitable causes. Now in his ninth decade of life, Buffett has become a mentor and trusted sage. Continue reading to see which of the quotes on 24/7 Wall St.’s list of 10 Warren Buffett quotes every 70-year-old needs to hear resonate with you. 

Why It Matters

As one of the most successful American investors ever, Warren Buffett has a lot of knowledge and expertise to share. As such, we at 24/7 Wall St. have gathered some of his more inspirational quotes to motivate you to reach your goals, financial and otherwise!

1. Price vs. Value

• Price is what you pay. Value is what you get. -Warren Buffett

What’s the Difference?

The price of a commodity is influenced by extrinsic factors while the value of an item is determined intrinsically by the individual. One man’s trash is another man’s treasure, after all. Buffett was undoubtedly referencing potential stock purchases, but this advice can be applied to every facet of our lives. What’s the cost in our time, happiness, or comfort? Is the return worth that cost or do the costs outweigh the value? When the costs outweigh the value, consider moving on. 

2. Risky Business

• Risk comes from not knowing what you are doing. -Warren Buffett

Ignorisk Isn’t Bliss

Buffett was surely talking about investing, but my mind went straight to an uneducated person with a screwdriver near an electrical outlet. And we now understand that ignorance is not always bliss. Just as you wouldn’t dream of strapping on a pair of skis and heading down a black diamond slope without some lessons, it’s foolhardy to throw a bunch of money at the stock market. If you have discretionary funds you wish to invest, it would behoove you to use a professional. Ask a trusted friend or relative for recommendations. And don’t jump in over your head if you can’t swim. 

3. Patience, Grasshopper

•  The stock market is designed to transfer money from the active to the patient. -Warren Buffett

In It To Win It

Warren Buffett is a firm believer in the long game regarding stocks. And as we’re discovering, his pithy, plainspoken advice can be applied to many aspects of our lives. Patience allows one to ride out adversities – in life and in the market. And it’s one thing that we elders have an abundance of, but young folks have in short supply. So while the younger generation(s) may have their youth, we have our patience. Beyond the stock market, I’m not sure about the trade. 

4. Easy To Be Hard

• There seems to be some perverse human characteristic that makes easy things difficult. -Warren Buffett

Humans, Schumans

We’re our own worst enemies are we not? Entrusting your assets to an outside party might be the hardest thing you ever do that will make your life easy. Unless you’re a seasoned professional, attempting to handle the day-to-day tasks of portfolio management is draining. Releasing your funds to the care of a professional will free you up to make other areas of your life harder than they have to be. 

5. People

• What we learn from history is that people don’t learn from history. -Warren Buffett

When Will They Ever Learn?

As the saying goes, those who do not learn from history are doomed to repeat it. And as the sage he is, you can bet Warren Buffett is correct about people not learning from it. Sigh. Signs and symptoms abound in the 21st century. So, how can you use this information to your advantage?  Take stock of your life choices. Are there any you would change? Conventional wisdom suggests that changing one thing about your present circumstances can have a ripple effect on your life, resonating in ways you never dreamed possible. Be the exception. Learn from your personal history. 

6. Who Are Your Heroes? 

• Tell me who your heroes are and I’ll tell you who you’ll turn out to be. -Warren Buffett

Your Heroes Define You

This quote blew me away. I am a gardening hippie whose earliest heroes were Mr. Green Jeans and John Lennon. Who are/were your heroes? Do they reflect who you have become in your 7 decades on Earth? Buffett appears to be a well-rounded gent with an incredible ability to view the world with clarity and reason. This in and of itself is a fabulous reason to heed his financial advice. 

7. Break These Chains

• Chains of habit are too light to be felt until they are too heavy to be broken. -Warren Buffett

Habits or Vices? 

Of all of the advice on 24/7 Wall St.’s list of 10 quotes every 70-year-old needs to hear, this is one of the more difficult ones to keep. Bad habits. They sneak up on you, that’s for sure. Creating a routine of good habits takes time, repetition, and tenacity while breaking that routine is a slippery slope upon which one can slide down easily with little to no effort. Being aware of how quickly things can go south should be enough for the mature individual to avert disaster. Make it a habit to address/assess your habits. This should help you keep the bad ones in check.

8. You’re The Best Investment

• The most important investment you can make is in yourself.

Invest In Your Future

If you haven’t already, there’s no time like the present to invest in your future. Perhaps it’s a special trip or an adult education class that you’ve been considering. Whatever it is that you’ve been postponing until the time is ripe or the money’s not so tight, do it. Do it now. As mentioned earlier, making one change in your life has the potential to make your dreams your reality. There’s no telling how that island getaway might affect your outlook, or how the woodworking class could change your trajectory. 

9.  A Fine Balance

• A very rich person should leave his kids enough to do anything but not enough to do nothing. – Warren Buffet

A Good Problem To Have

What a splendid situation in which to find oneself. And though many of will never have to determine exactly how much is too much, the advice is spot on. As Roberto Benigni (Life Is Beautiful, 1997) said in his Academy Award acceptance speech, I’d like to thank my parents for the gift of poverty. It is very prescient of Buffett to understand that the idle rich are just that. and who would wish such an uninteresting life on their children? Not Warren Buffett, that’s for sure. 

10. What’s In A Name? 

•  Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic. -Warren Buffett

A Rose Is A Rose Is A Rose

Why are we including this quote on our list of 10 Warren Buffett quotes every 70-year-old needs to hear? To leave you laughing, of course! Laughter is the best medicine, after all, so we can all use a good chuckle, and Warren Buffett supplies it with his cheeky comparison. While it harkens back to his advice about patience, we’re just here for the laughs.  

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