From Joshua Kennon,
Your Guide to Investing for Beginners.
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6. Be Financially Independent

Buffett talked about his and Charlie’s desire to keep Berkshire Hathaway financially independent from third parties. They don’t like laying off risk because they don’t want to have their survival, or a big part of the firm’s net worth, dependent on the financial resources of another entity.

This advice can be applied to individuals with comparable temperaments. Have diversified cash generators so you don’t rely on your paycheck to service your debt payments and bills. Keep your liabilities low or non-existent. Keep plenty of cash on hand. Generate excess profits and invest them intelligently. Over time, you’re likely to have much better financial results because if and when you find yourself in financial need, you can look to your own balance sheet and income statement to solve the problem.

7. Communication is Vital

When asked what one of the most important skills for executives, managers, and people in general was, Buffett responded that communication – both oral and written – is essential. He told the story of how he overcame an overwhelming fear of public speaking using a Dale Carnegie course; a fact that may surprise the generations of students that have learned from his shareholder letters and attended the annual meeting in Omaha to listen to him hold forth in front of roughly 31,000 people.

His best advice for those suffering from the same affliction is to just get out there and do it. Find a way to speak, or write, and improve that skill until you’re comfortable with it. This one change can dramatically improve the financial and social rankings of a man or woman.

8. International Earnings are Good

Buffett mentioned that the idea of generating profits overseas indirectly through Coca-Cola, Procter & Gamble, et cetera was appealing to Berkshire. He said that if he were from Mars and visiting this planet with a pile of capital, he probably wouldn’t park it all in the United States dollar so the idea of that the conglomerate is generating international earnings is good.

For the average investor, there are several ways to invest globally. There are, of course, international mutual funds and ETF’s, as well as global trading accounts at major brokerage firms that will allow you to transfer (and hedge, if you like) dollars to other currencies to make investments through stock exchanges all over the world, there are American Depository Receipts (ADRs), and last but not least, multi-national corporations that have sales and profits throughout the entire planet and are international by their very nature – firms such as Johnson & Johnson and General Electric.