Beloved by many, and critiqued by others, billionaire Warren Buffett clearly knows how to succeed financially.

He is considered to be one of the greatest investors to ever live. One of the many reasons he is respected among those seeking to increase their net worth is by following what many consider to be "common sense" principles when it comes to investing in the stock market.

Author Bo Bennett compiled a few of the ideas that have contributed to Buffett's success:

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Patience is not only a virtue, it can help you be more successful.

Believe it or not, Buffett was only eleven years old when he bought his first shares of Cities Service Preferred. He bought only three, at $38 per share. Soon after those shares dropped to $27. Yikes. Obviously, he was stressed about this BUT he did not panic. He was patient enough to wait until the shares got back up to $40 each, and then sold them.

So he didn't lose money, true. However, Buffett reflects back now and wishes he had even more patience. Not long after, the stock had a boom and rose to $200 per share in price. He learned to really, really embrace patience after that.

If you want to be successful, don't be deterred by rejection.

Buffett was rejected from Harvard Business School for being "too young." Undeterred, he then applied to Columbia. During his education there, he was taught by two famed investors, Ben Graham and David Dodd, who would influence and change his life forever. Had he been accepted to Harvard, he'd never have received their instruction.

"Feel the fear, and do it anyway."

Although not a quote from Buffett, it certainly applies. Buffet used to be terrified of public speaking. Yet, he knew this would be a critical part of his future success. Rather than just sit marinating in the fear, he opted to take action and enroll in a course that would help him build confidence and alleviate that fear.

Obviously, there is much more wisdom to glean from masters like Warren Buffett. See the video below to watch an excellent discussion about some of the best first steps when it comes to creating wealth.

What else might you add to this list?

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