It's been a wild past week in the U.S. stock market, and heading into trading on April 9, it doesn't seem like it's going to let up. Beginning just after midnight on April 9, the U.S. put into effect a cumulative tariff of 104% on China, and then China retaliated with an 84% tariff on U.S. goods.
Billionaire Warren Buffett often has good advice for times like these. He has lived through the biggest financial moments of the past decades, including the "Great Recession" of 2008.
When venturing into the world of business, one of the biggest things Buffett urges is to not be "afraid of making mistakes." That advice was in response to being asked for advice on becoming a self-made millionaire.
For full context, Buffett told told CBS News, "Figure out what your strengths are and then pick the right people and don't be afraid of making mistakes."
Buffett also has three strong words of advice for anyone looking to become rich: "Invest in yourself."
In a 2017 piece for Forbes, he stated, "Invest in yourself. Address whatever you feel your weaknesses are, and do it now."
Buffett has given that advice to invest in yourself numerous times. "Investing in yourself is the best thing you can do. Anything that improves your own talents," Buffett told Good Morning America back in 2009. "And I always advise students to do that, high school students, college students, and obviously investing in your children is, in some ways, investing in yourself."
Buffett has also previously talked about the importance of working with the right people on your way to the top.
"Marrying someone to change them is crazy, and hiring somebody to change them is just as crazy," he said in an interview with Fortune back in 2014. "And becoming partners with them to change them is crazy."
On April 8, the Dow Jones Industrial Average ended down 320.01 points and closed at 37,645.59, the S&P 500 was down 1.57% and ended at 4,982.77 and the Nasdaq Composite closed down 2.15% and ended the day at 15,267.91.
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