I have just read this wonderful book called The Education of a Value Investor by Guy Spier and have found some really valuable lessons from this book especially to teach to our kids
The following is a brief summary of what I got from this book
- surround yourself by people who have the values you admire and you should model your heroes as do children learn from their parents who set an example for them in life- make friends with people who have the right ideas in life
- envy is crazy and is 100 percent destructive – if you get this out of your life early then – life works a lot better
- do not measure yourself by an “outer scorecard” ie what you have like fast cars, big house etc- Warren Buffett measures himself by his inner scorecard which are his values in life
- always write a thank you note to people who you have learnt from
- always be truthful and then you do not have to remember your lies
- take small actions that increase business which creates a virtuous cycle – so clone good ideas
- if you are an even slightly above average investor who spends less than he earns – over a lifetime you will get very wealthy – if you are patient
- it is good to have a checklist to help you to remember all the mistakes people have made when investing
- hang out with people that are better than you and you cannot help but improve – nothing at all matters more than bringing the right people into your life – they will teach you everything you need to know and to do this
- give do not take from people and by focusing on helping others you will help yourself – the more you give love the more you get it