Warren Buffett's Secret to Getting Rich Is Simpler Than You Think

Warren Buffett is an investing legend. The CEO of Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) is a self-made man who was born in the teeth of the Great Depression, and his fortune is the product of brilliance, patience, and time. And although it's hard to live up to Buffett's investing prowess, patience and time are certainly easier to come by.

Buffett's most famous quote is probably the one telling investors to "be fearful when others are greedy, and greedy when others are fearful." It's a timeless lesson that certainly applies to the euphoric bull market in 2021 and the sell-off we are in now. Yet it's hard to relate to someone who is one of the richest people in the world and can afford to lose tens of billions of dollars and still be fabulously wealthy.

That's why I would argue that a different Buffett quote is far more applicable to the average investor. That quote is: "time is your friend; impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market."

Source Fool.com