Warren Buffett: This Is How You Measure Your Life

24/7 Wall St. Insights

• With over $135 billion to his name, Warren Buffett is one of the most prolific and thought-provoking investors of all time.
• Buffett advocates to not hold cash equivalents and to surround yourself (in business and life) with people that you trust and who have a good reputation.
• While his financial advice is sage, Buffett reminds those in their 60s that the best thing you can do, and have, in life is love.
• Also: Want to retire early? Start here.

When it comes to top investors, there is nobody as prolific as Warren Buffett. After his interest in investment and finances flourished in his youth, Buffett studied business and economics in college. He later became the chairman and CEO of Berkshire Hathaway (NYSE: BRK-B), a multinational conglomerate that owns a diverse range of businesses. His words and actions matter in the financial space. In fact, after selling approximately half of his shares in Apple Inc. (NYSE: APPL), many people panic-sold their own Apple stock. This highlights the profundity of Buffett’s voice in this space, and how much trust is placed in his financial outlooks and insight. (Not all is great with Apple, as Apple AI Play disappointed investors.)

However, as a philanthropist and mentor, Buffett has a lot more to talk about than just finances. He frequently discusses what it means to be a good human, how to be more confident in yourself, and why family and love are so important in the long run – even more so than finances. His quotes are far-reaching and resonant, inspiring others to live a better lives for themselves both financially and personally.

When you’re into your 60s, Buffett’s advice is especially touching. Your 60s come with a variety of life changes, and one of the biggest changes is possible retirement. But, if you’ve been saving for retirement, you know that the cost-of-living has steadily increased. You might be wondering if you can keep up, if you’ll have time and money for your grandchildren, and what your next steps are. Hopefully, these quotes can give you a sense of assurance that everything will be okay (and a possible gameplan moving forward).

Here, 24/7 put together the top 10 Warren Buffett quotes for people in their 60s. To do so, we performed rigorous research on Warren Buffett and dug through quote-site after quote-site, searching for the best quotes possible. Which one speaks to you?

Why It Matters

Warren Buffett is one of the most well-respected investors of the last half century with a record that speaks for itself. Buffett’s advice is straightforward and easy to understand for the seasoned trader as well as the novice investor. So, whether you’re looking to improve your game or you’re just getting started, Buffett’s solid advice will push you in the right direction to save and support yourself during changing times and retirement.

1. Don’t Hold Cash Equivalents

• “Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.” — Warren Buffett

The Times They Are A-Changin’

In the not-so-distant past (think mid-20th century), cash equivalents were considered sound investments. After the crash of 1929, investors were understandably leery of the stock market. Government-backed securities seemed a safer alternative. And while cash equivalents are historically less dicey, they offer lower returns compared to other assets. In today’s diversified world, with decidedly more options available to investors, cash equivalents are not as popular as they once were. From lower interest rates to inflation risk, the returns just aren’t that great.

2. Protect Your Reputation

• “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” —Warren Buffett

Don’t Ruin It

Building a good reputation requires tenacity, integrity, and time. Earning trust doesn’t happen overnight. Demonstrating one’s competence, credibility, and consistency in the long haul is how a good reputation is fashioned. However, it takes very little time to tarnish a stellar rep. At the first misstep, the scrutiny begins, with cancel culture nipping at its heels. Save the risky behavior for the market.

3. Don’t Delay

• “Predicting rain doesn’t count – building arks does.” — Warren Buffet

Don’t Just Make Predictions

Warren Buffett suggests that while it’s dandy to correctly predict market trends, going beyond passive speculation to active investing is the winning move. Digging deeper, he is also encouraging investors to anticipate challenges that they may encounter in the market (or in life!) and to plan ahead to mitigate any unforeseen issues. As you approach retirement, being prepared for what the future might bring is crucial for your success.

4. Better Yourself

• “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” — Warren Buffett

Who You Associate With Matters

Buffett’s words reflect other similar quotes like “You can’t soar with eagles if you’re hanging out with turkeys,” or “Show me your friends and I’ll show you my future.” Regardless of how many different ways there are to say if you lie down with dogs, you’ll wake up with fleas, it’s sound wisdom. Someone’s friends and business partners say a lot about them. As you enter or progress through your 60s, think about the company you keep. Are the people around you adding to, or detracting from, your life? You deserve to be happy in your eventual retirement, so think about who you want by your side in the process.

5. A Rose Is a Rose

• “Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.” — Warren Buffett

A Jerk Is a Jerk

Money can open doors and afford opportunities as it eases financial stress. But the one thing money doesn’t do is change the fundamental character of an individual. As such, Warren Buffett must have been a pretty decent fellow prior to making his fortune. But I’m guessing with very little effort, you can come up with a couple of billionaires who weren’t and aren’t.

6. Who Are Your Heroes?

• “The best thing I did was to choose the right heroes.” — Warren Buffett

If You Know, You Know

Warren Buffett also said, Tell me who your heroes are and I’ll tell you who you’ll turn out to be. I do have to wonder, though, if it’s choice or nature that informs who our heroes are. I suppose it could be a combination. The characteristics and qualities of the individuals who become our heroes (or mentors) are those that run deep in us and are the crux of the initial infatuation. If you’re unhappy with your station in life, look around. Are you associating with those who will lift you up or tear you down? Seek out the former and learn from them. If you need a new hero, find a mentor who can help you understand your financial or personal path forward.

7. Give Us More Librarians

• “If past history was all there was to the game, the richest people would be librarians.” — Warren Buffett

Learn From History, but Don’t Count on It.

There’s more to investing and preparing for retirement than history. While trends and patterns are undoubtedly important to understanding the stock market, you must also be aware of market dynamics, risk analysis/management, and diversification and valuation. Unless you’re a seasoned or savvy investor, you’re more likely to be successful in the market if you rely on a professional. Would you attempt to pull your own tooth, or set a broken bone? The answer is no.

8. Don’t Swim Naked

• “Only when the tide goes out do you discover who’s been swimming naked.” —Warren Buffett

Things Aren’t Always as They Seem

Don’t measure your success against your neighbor’s. Simply because your neighbors appear to be living a great or profitable life doesn’t mean that they are. Some people are comfortable accruing a lot of debt. But the losses that come with that mindset are staggering. From high-interest rates to lost retirement savings, the strain of living beyond one’s means will eventually take its toll. So, while those in your orbit are living large in the present, their futures might not be that bright.

9. Love Is All There Is

• “Basically, when you get to my age, you’ll really measure your success in life by how many of the people you want to have love you actually do love you.” — Warren Buffett
• “If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.” — Warren Buffett

Seek Out Love

By the time you reach your 60s, you understand what’s important in life – and what’s not. Since Warren Buffett is now in his 90s, we know he understands. And what he has discovered is that your best legacy is love. Whether it’s the love of family, friends, or community, the feelings that extend beyond the material world are the ones that matter most. As such, Buffett has inspired others to give the bulk of their estates to charitable causes through his Giving Pledge initiative. Even if you’re not in a place to be as philanthropic financially, remember to reach out to, and spend time with, the people that you love. It means a lot.

10. Choose What You Like

• “Why not invest your assets in the companies you really like? As Mae West said, ‘Too much of a good thing can be wonderful.” — Warren Buffett

Too Much of a Good Thing Can Be Fattening

This advice seems good on the surface. But considering the diversity of today’s market, you should ascertain if the companies you like are embraced by others as well. We all have our idiosyncratic interests, and some of them may be more investment-worthy than others. If your peculiarly specific niche enthusiasm is not the best long-term investment, consider giving to a Kickstarter (or similar) campaign or other forms of investment.

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