08/15/2012 06:35 pm ET Updated Oct 15, 2012

What Warren Buffett Can Teach Us About Personal Finances

Warren Buffet is one of the world's wealthiest men, but spends like a struggling middle class professional. Although we can't all be worth billions, we can all learn from his example of spending less than he earns.

So here's the thing about Warren Buffet. He's worth about $45 billion, but he came from a regular working class family and those values are part of what has made him one of the world's wealthiest individuals. In his biography, The Snowball, readers learn some of the rules he follows to this day that can teach everybody a thing or two about personal finances.

Find Opportunities
As a child, Buffet made money by selling snacks door-to-door from a little red wagon. As an adult, he researches and invents ways to make money. The next time you need some extra money, look for ways to make it happen.

Buy What You Need
And only what you need. Even now, Buffet still lives in the small suburban house he bought when he got married. He is known for being extremely frugal in all things, despite his wealth. Live not only within your means, but beneath them.

Take Calculated Risks
You can't get ahead in your finances without taking a few risks, but always research and assess those risks to make them as safe as possible. The few hours you'll spend checking out a purchase or investment will pay off far more than you would have earned spending those hours at work.

Play the Long Game
Buffet is said to never trade stocks, but only to invest. He rides out momentary dips in market prices and relies on the general upward trend of successful companies and economies. Your personal finances may suffer from occasional bumps and bruises, but that's never a reason to abandon your long-term goals.

You don't have to be an entrepreneur to consider Warren Buffet's advice. Applying just one of the above mentioned tips is guaranteed to further strengthen your financial foundation.