Feature photo source: CNBC YouTube Channel

Beloved by many, and critiqued by some, billionaire Warren Buffet 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 Buffet's success:

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Patience is not only a virtue, it can help you be more successful. Believe it or not, Buffet 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, Buffet 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. Buffet 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 Buffet, 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 Buffet. See the video above to watch an excellent discussion between him and Bill Gates, arguably someone else you may find compelling in your quest for success.

What else might you add to this list?

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