Warren Buffett says these 4 habits are key to becoming wealthy and successful

I’ve always been fascinated by Warren Buffett. He’s not just one of the richest people in the world, he’s also surprisingly down-to-earth for a billionaire. 

When he talks, I tend to listen—and it’s not just about investing in stocks. Much of his wisdom revolves around personal habits and perspectives that help people reach long-term success, whether that’s measured in financial gain, personal fulfillment, or both.

Today, I’m breaking down four of his habits that seem to be essential for building wealth and living a fulfilling life. 

Let’s take a closer look.

1. Investing in yourself

“The most important investment you can make is in yourself,” Warren Buffett has famously said. 

The guy is known for his sharp eye in picking winners on the stock market, but he insists the greatest return on investment comes from improving your own mind, skills, and health.

I relate to that. In my 20s, I launched a couple of startups. Early on, I thought success meant chasing down the next big idea or perfecting my pitch deck. What I eventually learned was that my ventures thrived—or flopped—largely because of my own personal growth. If I wasn’t learning new strategies, developing emotional resilience, or staying healthy, my business suffered.

Whether you’re aiming to grow a tech startup or simply cultivate better habits, dedicating time to acquire new skills pays off in a big way. Think of skill acquisition as building an arsenal that will serve you in countless situations. 

Investing in yourself doesn’t just mean formal education either. It could be learning to code in your spare time, taking a public speaking course, or even working on your mental and physical health. Good health is a cornerstone. After all, if you’re too burnt out to perform, no strategy in the world will salvage your productivity.

2. Master your communication skills

Buffett has mentioned how a Dale Carnegie course on public speaking transformed his confidence early in his career. 

That ability to speak clearly and persuasively isn’t just for giving a killer TED Talk; it’s crucial for building relationships, leading teams, and influencing others. As Buffet himself has said:

“A relatively modest improvement [in your communication skills] can make a major difference in your future earning power, as well as in many other aspects of your life.”

We live in a digital age where messages can be sent instantly, but the capacity to convey ideas effectively remains a rare asset. I’ve seen startups with revolutionary ideas fail, simply because they couldn’t articulate their vision to investors or customers. On the flip side, I’ve seen fairly average concepts take off because the founders knew how to make people care.

If you’re looking for a quick win, start with clarity. Before sending an email or stepping into a meeting, ask yourself: What’s the key takeaway I want my audience to have? 

Stick to that point and avoid burying it under jargon. A clear message builds trust and gets you closer to the outcome you’re after.

3. Cultivate patience and long-term thinking

Here’s one you probably expected. 

Buffett once commented, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” 

That’s classic Warren Buffett—always hammering home that real success isn’t instant. Whether it’s investing, personal growth, or even building meaningful relationships, patience is the name of the game.

Charlie Munger, Buffett’s longtime business partner, also famously noted, “The big money is not in the buying and selling… but in the waiting.” And that “waiting” isn’t just about letting stock dividends roll in; it’s about carefully building a foundation that can sustain growth. 

Rushing through decisions because you want results right now often leads to mistakes, whether you’re managing your personal finances or running a company.

I know it’s tempting to look for shortcuts. For me, I used to chase immediate wins—trying out the latest productivity hack or growth strategy. Sometimes, I’d see short-term boosts, but they rarely evolved into sustainable success. 

The times I played the long game—building quality connections with like-minded entrepreneurs, reading widely to expand my worldview, or taking the time to truly understand my customer base—those are the times I saw lasting results.

4. Practice frugality and mindful spending

Last but not least, Buffett is notoriously frugal despite his massive fortune—living in the same house he bought decades ago, driving modest cars, and opting for cheap meals when he can. 

A lavish lifestyle might look good on social media, but in the long run, it can erode financial stability. This is especially relevant to entrepreneurs and small business owners. If you’re burning through cash just to look successful, you might be undermining your ability to actually be successful.

Now, I’m not suggesting you give up all life’s pleasures and adopt a monk-like existence. 

Rather, it’s about spending thoughtfully. Ask yourself, Do I really need this fancy software tool, or is there a free alternative that serves the same function? Will that pricey office space add genuine value to my business? Is that high-end car payment overshadowing your ability to invest in more important areas?

This is where budgeting and mindful choices come into play. I’ve known entrepreneurs who scaled quickly after they started putting their income into marketing campaigns, staff training, or product development—basically funneling resources toward true growth drivers. 

Meanwhile, entrepreneurs who maxed out their credit cards to buy brand-new office furniture or sponsor flashy events ended up struggling to meet payroll.

The goal isn’t to be cheap. It’s to allocate resources toward your priorities. 

Money you don’t waste can be put into something that actually propels you forward, whether that’s a new piece of equipment, an educational course, or even a well-deserved vacation that recharges your mental battery.

Wrapping things up

It’s easy to get swept up in the hustle culture that demands instant results, but the wisdom from Buffett (and others) urges patience, investing in yourself, strong communication, and intentional spending. 

I’ve seen these habits pay dividends in my own life—both in business and in my personal sense of accomplishment. They push me to stay curious, keep learning, surround myself with driven people, and avoid frivolous financial decisions.

Adopting them might just do the same for you. 

Until next time, friends.