There is no time like your 60s to review what is really important in life. Warren Buffett is one of the most successful people on Earth – in addition to amassing billions, he has also accumulated a great deal of sage advice. Just as it is very helpful when you are starting out in life, it is also a very good idea for you to keep an eye on what he has been saying in your 60s.
Our golden years can be wonderful ones if we follow his advice for enjoying and embracing our 60s — staying interested, remaining physically active, investing in yourself and having a bit of fun along the way. Here are 10 life lessons from Warren Buffett for your 60s.
Featured Image Credit: Wikimedia Commons.
Invest in Yourself
As Buffett has been known to say — ‘The most important investment you can make is in yourself’.
This lesson is about continuous improvement – even in your 60s. Perhaps that’s about learning how to play a musical instrument or picking up a hobby or focusing on your fitness. You’re always a work in progress. At this stage of life, ensuring that your health remains in the best possible condition can be a huge boon in life quality. It will keep you on top of your game for decades to come.
Avoid Debt
Buffett has always been a fan of being Debt-Free, once saying — ‘If you’re smart, you’re going to make a lot of money without borrowing.’
Never is that more true than at 60, when it will help you feel as secure as possible heading into retirement. If you can retire debt-free, do it. Eliminating loans and focusing on savings can be a huge relief, putting you in a stronger position to make the most of the rest of your life.
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Stay Humble
He is one of the richest men in the world. Yet, Buffett’s approach to life is remarkably sensible and simple. This is the man who once remarked – ‘You don’t need to own a lot of things to be happy.’
If anything, staying the same would help you to understand that maintaining the status quo is still far better than being sucked into the material oblivion of a life full of excesses.
Choose Your Circle Wisely
‘It’s better to hang out with people better than you.’
This sentiment could be particularly relevant in your 60s, as relationships become a key consideration. Staying in touch with supportive & successful peers can not only maintain your sense of self, but can also inspire and motivate you to constantly grow and share your knowledge.
Think Long-Term
Buffett himself, a long-term value investor, calls it making an investment in your kitchen table. Viewed that way, you can apply it to something beyond securities or money. ‘The keystone habit at the top of the pyramid,’ he said, ‘is to make a deposit every day in the far reaches of the future.’
For those in your 60s, it might be a call to think about what you want your actual legacy to be. What kind of tree you might want to plant – the sowing, the seeds, as well as the harvest. Thinking about legacy can be as simple as teaching, mentoring or making donations to whatever you care about.
Live Below Your Means
With his fortune, Buffett could live in a palace, but he still resides in the tiny three-bedroom house he bought after his marriage ages ago. ‘Do not save what is left after spending,’ he teaches, ‘but spend what is left after saving.’
At 60, living within one’s means is paramount, even crucial, as you plan for the day when your income streams abate and, insured or not, you must rely on past savings to continue your enjoyment of life. If you’ve spent wisely, you will continue to enjoy life.
Keep Learning
Buffett reads most days for a few hours and preaches the gospel of lifelong learning. For what it’s worth, the man does have the most vowels in his name. ‘The more you learn, the more you earn,’ he says.
This isn’t news – learning could significantly influence your earning potential at any age. Stay engaged with the world and reinforce your sense of purpose by remaining curious and open to new information. Start reading a book. Take a class. Try an online course.
Give Back
Buffett will be leaving the vast bulk of his wealth to charity: ‘If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.’
This is true regardless of your personal situation — you don’t need to be a plutocrat to make a difference. Giving back in your 60s doesn’t just have to be about money – it can be about time, wisdom and experience – and about volunteering, mentoring or otherwise supporting a cause.
Be Patient
Buffett didn’t get that way overnight, and he’s fond of quoting the saying, ‘No matter how great the talent or efforts, some things just take time. They don’t just take time, they take a long time.’
At 60, you can afford to be patient. Slow down in pursuit of health goals, in planning your finances, and in personal relationships. If you try to rush them, the results might not be very good – and don’t forget the ensuing stress.
Stay True to Your Values
Buffett also has strong ethics and principles. He once remarked: ‘It takes 20 years to build a reputation and five minutes to ruin it.’
To which I’d add that, in your 60s, this instruction is more important than it ever was before. Not only does it preserve your reputation, it also calms your conscience. Never forget the values of your life. When times get difficult, it’s always the integrity in those values that will get you through.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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