Warren Buffett is one of the richest people in the world, so his advice on money should be worth heeding. Here, in his own words, are some of his tips and aphorisms on saving, investing, and spending:

• PLANNING. “Someone’s sitting in the shade today because someone planted a tree long ago.”
• SPENDING. “Price is what you pay; value is what you get.”
• PATIENCE. “No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
• MISTAKES. “The rearview mirror is always clearer than the windshield.”
• BORROWING. “I’ve seen more people fail because of liquor and leverage—leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.”
• RISK. “Risk comes from not knowing what you’re doing.”
• DEBT. “The most important thing to do when you find yourself in a hole is to stop digging.”
• VALUES. “Live your life by an inner scorecard.”
• HAPPINESS. “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and longstanding friends.”