War­ren Buf­fett, the guru of invest­ing, knows a thing or two about cre­at­ing income streams.

Here are his 10 tips on get­ting rich that you can apply to your resid­ual income streams.  Who knows, you could be the next War­ren Buffett.

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“10 Ways To Get Rich

War­ren Buffett’s Secrets That Can Work For You

With an esti­mated for­tune of $62 bil­lion, War­ren Buf­fett is the rich­est man in the entire world. In 1962, when he began buy­ing stock in Berk­shire Hath­away, a share cost $7.50. Today, War­ren Buf­fett, 78, is Berkshire’s chair­man and CEO, and one share of the company’s class A stock worth close to $119,000. He cred­its his aston­ish­ing suc­cess to sev­eral key strate­gies, which he has shared with writer Alice Schroeder. She spend hun­dreds of hours inter­view­ing the Sage of Omaha for the new autho­rized biog­ra­phy The Snow­ball. Here are some of War­ren Buffett’s money-making secrets — and how they could work for you.

1. Rein­vest Your Prof­its: When you first make money, you may be tempted to spend it. Don’t. Instead, rein­vest the prof­its. War­ren Buf­fett learned this early on. In high school, he and a pal bought a pin­ball machine to pun in a bar­ber­shop. With the money they earned, they bought more machines until they had eight in dif­fer­ent shops. When the friends sold the ven­ture, War­ren Buf­fett used the pro­ceeds to buy stocks and to start another small busi­ness. By age 26, he’d amassed $174,000 — or $1.4 mil­lion in today’s money. Even a small sum can turn into great wealth.

2. Be Will­ing To Be Dif­fer­ent: Don’t base your deci­sions upon what every­one is say­ing or doing. When War­ren Buf­fett began man­ag­ing money in 1956 with $100,000 cob­bled together from a hand­ful of investors, he was dubbed an odd­ball. He worked in Omaha, not Wall Street, and he refused to tell his par­ents where he was putting their money. Peo­ple pre­dicted that he’d fail, but when he closed his part­ner­ship 14 years later, it was worth more than $100 mil­lion. Instead of fol­low­ing the crowd, he looked for under­val­ued invest­ments and ended up vastly beat­ing the mar­ket aver­age every sin­gle year. To War­ren Buf­fett, the aver­age is just that — what every­body else is doing. to be above aver­age, you need to mea­sure your­self by what he calls the Inner Score­card, judg­ing your­self by your own stan­dards and not the world’s.

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