Warren Buffet's advice for 2009

• We begin this New Year with dampened enthusiasm and dented optimism. Our
  happiness is diluted and our peace is threatened by the financial illness
  that has infected our families, organizations and nations. Everyone is
  desperate to find a remedy that will cure their financial illness and help
  them recover their financial health. They expect the financial experts to
  provide them with remedies, forgetting the fact that it is these experts who
  created this financial mess.

  Every new year, I adopt a couple of old maxims as my beacons to guide my
  future. This self-prescribed therapy has ensured that with each passing
  year, I grow wiser and not older. This year, I invite you to tap into the
  financial wisdom of our elders along with me, and become financially wiser.

    Hard work: *All hard work bring a profit, but mere talk leads only to   poverty.

    Laziness:* A sleeping lobster is carried away by the water current.

    Earnings:* Never depend on a single source of income.. [At least make   your Investments get you second earning]

    Spending:* If you buy things you don't need, you'll soon sell things   you need.

    Savings:* Don't save what is left after spending; Spend what is left   after saving.

    Borrowings:* The borrower becomes the lender's slave..**

    Accounting:* It's no use carrying an umbrella, if your shoes are  leaking.

    Auditing:* Beware of little expenses; A small leak can sink a large   ship.

    Risk-taking:* Never test the depth of the river with both feet. [Have an alternate plan ready]

    Investment:* Don't put all your eggs in one basket.

  
   I'm certain that those who have already been practicing these principles
  remain financially healthy. I'm equally confident that those who resolve to
  start practicing these principles will quickly regain their financial
  health.

  With Best Regards,
  Warren Buffet