Warren Buffett: 11 Life Lessons Every Person in Their 60s Can Benefit From

As you age, your priorities shift. What’s important to you in your 20s or 30s is no longer relevant in your 60s.

There are a lot of life and financial lessons to learn as you grow older and nobody knows this better than financial guru Warren Buffett. He’s very generous with his knowledge and regularly offers tips on how people can leverage their experience and expertise to foster more success.

We’ve gone through many of his past interviews to pick out these knowledgeable tidbits he’s shared over the years.

1. Love Trumps All

One of the key markers that people use to measure success is, for obvious reasons, money. How fat your bank account is, however, has nothing to do with it, according to Buffett. Instead, he says, “The amount you are loved is the ultimate measure of success in life.”

Workaholics often lack a balance and there’s more to life than money. Make sure you’re experiencing and enjoying life with your loved ones, too.

2. Education Is Paramount

One of Buffett’s personal habits is to consistently read and he believes everyone else should, as well. He equates learning with earning, and will spend the majority of his day in his office reading books or newspapers.

Even in your 60s, it’s a good idea to keep learning. You’re never too old to pick up advice or new tips and tricks to succeed.

3. Invest, but Do It Wisely

Investing is how Buffett made his money, but he cautions when you get older, you don’t need to be as aggressive as you might’ve been in your earlier years. This is the time to make more conservative investments and focus on the quality of them, rather than the quantity.

The key is to research your investments and make sure they align with your financial goals. Being calculated may mean you invest less, but you’ll benefit more from doing so.

4. Follow Your Passion

Passion projects are a great way to boost your morale. If you’ve spent your entire life in the workforce and had little or no time to pursue your passions, now is the time.

In retirement, you’ll (hopefully) have the nest egg to do the things you want to do. If you want to start a business, he advises you to do so with something you have a passion for.

5. Live Below Your Means

Buffett is one of the richest men in the world. Yet, you’d never know it by the house he lives in and the car he drives.

One of the life lessons Buffett has always been loud about is living a life below your means. Not within your means, below it. That will give you more opportunity to save up. Where if you live within your means, you may not have much extra.

6. Be Patient

When you invest, it can be nerve-wracking watching your portfolio grow — or shrink. Investing is a long game and patience is key. Even if there’s a significant drop, the market will eventually right itself.

If you’re consistently pulling your investments out, you’ll never see them grow as much as they could. So, be patient. Don’t make any rash financial decisions, because that will hurt you more in the long run.

7. Maintain Your Reputation

Your reputation is one of the most important things about you, because it tells people who you are. Buffett is all about integrity and standing by the things you say you’ll do.

It takes a long time to build up your reputation and you could sully it in an instant. Additionally, you lead by example. So be sure your decisions reflect your core values.

8. Embrace Philanthropy

Despite Buffett’s wealth, he’s always thinking about those less fortunate. In fact, he’s said that being part of the 1% means you should be thinking about the other 99%.

You don’t have to give money, though it never hurts. You can give your time and help to make the lives of the less fortunate better through your endeavors. Whether you donate your time or goods to a local food kitchen or pantry or use your expertise to help others, there are many paths available.

9. Learn From Failures

Failure is a part of life. And for many of us, it’s abigone. But, that’s okay, because within every failure is the opportunity to learn. And learning from your failures will ensure you don’t make those same mistakes again. You’ll make others, but every bit of learning will push you closer to success.

So, the next time you fail — at anything — use it as an opportunity to grow. Pick apart what you could’ve done better and put that to work for you the next go-round.

10. Be Careful Who You Surround Yourself With

There’s an expression: “You are judged by the company you keep,” that rings equally true whether you’re a child growing up or in your 60s and looking to retire.

If you surround yourself with good people, you naturally tend to drift that way, and vice versa. And the best way to grow is to have good influences.

11. Put Your Expertise To Work

Over the past six decades, you’ve likely learned a lot. Now is your time to put that experience and expertise to work. You can use retirement, for example, to start a new endeavor by leveraging the knowledge you already have.

Or, you could use your expertise to guide others who may not be quite as skilled but want the opportunity to learn.