Warren Buffett's advice for avoiding major mistakes: 'Write your obituary and figure out how to live up to it'
. By spreading your bets across a widely diversified portfolio, you help mitigate the risk of a "game-changing" slide in any one particular investment.
Buffett's math may even be a little generous. Historically, the S&P 500 has offered an annual return in the ballpark of about 10%. And thanks to a series of interest rate hikes from the Federal Reserve, the average annual rate on credit card debt stands at more than 20%,When it comes to avoiding mistakes in life, Buffett shared advice he received from longtime friend and business partner Tom Murphy.
In other words, you may very much want to give people a piece of your mind, but there's a serious risk that you could do damage to your own reputation. You'd be wiser to let yourself cool off, or, in the case of the internet, avoid creating a permanent record of poor, impulsive behavior.
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