Be your own Buffett!

Known as the "Oracle of Omaha," Warren Edward Buffett is the investment guru and one of the richest and most respected businessmen in the world. He has spearheaded a conglomerate with holdings in the media, insurance, energy and food and beverage industries and is a noted philanthropist.

Here are a few tips to follow in his footsteps:

• The dangers of timing

Buffett has noted continually, it’s terribly dangerous to attempt to time the market:

“With a wonderful business, you can figure out what will happen; you can’t figure out when it will happen. You don’t want to focus on when, you want to focus on what. If you’re right about what, you don’t have to worry about when.”

Forget about when to buy shares, focus on what shares to buy. And when you find the right company, buy it immediately. The right time to buy a great company is always today.

• Investing for the long term

Investing is not like placing a bet on number 32 on the roulette wheel. Instead it’s buying a tangible piece of a business.

It is absolutely important to understand the relative price you are paying for that business, but what isn’t important is attempting to understand whether you’re buying in at the “right time,” as that is so often just an arbitrary imagination.

In Buffett’s own words, “if you’re right about the business, you’ll make a lot of money,” so don’t bother about attempting to buy stocks based on how their stock charts have looked over the past 200 days. Instead always remember that “it’s far better to buy a wonderful company at a fair price.”

These are just a few tips, you can tell us your ideas and also read more at http://www.financeandmortgage.com.au/blogs/