The Simple Secrets to Warren Buffett's Incredible Wealth

Here are the basics on how Buffett achieved success -- and you can, too.

Laguna Niguel, CA, USA; October 8th, 2014; Warren Buffett, Chairman/CEO of Berkshire Hathaway speaks during the 2014 Most Powerful Women Summit. Krista Kennell / Shutterstock

Warren Buffett may be worth tens of billions, but he still lives simply, and his strategies for investing and amassing wealth aren't too complicated either.

But if it's so easy, you ask, why aren't more people as freaking rich as Buffett is? Because his approach takes the kind of discipline, patience and instinct that many either don't have or are unwilling to develop.

Here are 10 secrets to finding and sustaining success, from the "Oracle of Omaha."

1. It starts with good communication

Warren Buffett addresses a classroom of students.
Becoming Warren Buffett / HBO
Buffett says you need to develop good communication skills if you want to lead.

Buffett's first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.

"Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don't," Buffett once told a Stanford MBA student.

While this is sage advice for financial planners, it's good for helping anyone develop leadership skills and the ability to think in stressful situations.

2. Live frugally

Thrifty Shopper Using Coupons Isolated On White
Carolyn Franks / Shutterstock
For a billionaire, Buffett is known to live a surprisingly frugal life.

Buffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald's drive-thru almost every day.

Think of wealth as security, not a license to spend foolishly. Live modestly, and you'll be able to weather dips in the financial markets. If you invest to feed a lavish lifestyle, you'll soon find yourself making rash decisions based on greed.

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