Mary Buffett is a best-selling author, international speaker, entrepreneur, political and environmental activist. Her first book Buffettology, co-written with David Clark in 1997, was an immediate New York Times and Business Week best-seller. Since that time, all seven of her books have been best-sellers. She was also Warren Buffett’s former daughter-in-law.
On 11 July 2015, during the World Value Investing Fest held in Singapore, she has revealed some of Warren Buffett’s Best Kept Investing Secrets and how anyone (even with no investing knowledge) can get started to invest and build multiple passive income streams like Warren Buffett. Her sharing was first of its kind in Singapore and Mind Kinesis Value Investing Academy was honoured to host the event in Singapore.
During her visit, Mary also shared with Her World Plus magazine, four investment tips specially for women.
Decide on the products you want to invest in.
“For the average 35-year-old woman with a career and family, index funds and mutual funds are the best choice. At this age, you have a long-term horizon, so your investments should be geared more towards growth (stocks), rather than fixed income (bonds) and savings accounts.
“Also, consider how much time you have to invest. If you’re time-pressed, it’s better to invest in index or mutual funds – where professionals make the investment decisions for you – rather than individual stocks.”
Understand what you are investing in.
“If someone offers you an investment that sounds too good to be true, it probably is! It’s therefore important to educate yourself. You work hard for your money, so make sure you make educated decisions about what you do with that money. There are plenty of resources available online and in bookstores, including my bestselling book, Buffettology.”
Set aside a portion of your monthly salary to invest.
“Generally speaking, you should be investing 10 to 15 per cent of your monthly gross income to ensure that you have enough savings for your retirement. Budget this into your monthly expenditure, and make it a priority. Also, avoid credit card debt, which can eat into your investment fund.”
“Don’t expect instant returns when it comes to investing. Have patience and understand that time is on your side with your investments. You should invest for the long term and let the power of compounding returns work to your advantage.”
If you want to apply what Mary Buffett has advised, check out our free Value Investing Masterclass here!