Power Players

Warren Buffett: This is how to be successful

David A. Grogan | CNBC

At 88, billionaire investing guru Warren Buffett is often considered the Yoda of the investing world. He's the chairman of Berkshire Hathaway and is currently worth $86 billion, according to Forbes.

But his best wisdom on how to achieve success in business has nothing to do with profit and loss statements or stock portfolios.

"By far the best investment you can make is in yourself," Buffett recently told Yahoo Finance editor-in-chief Andy Serwer.

First, "learn to communicate better both in writing and in person, they increase their value at least 50 percent. If you can't communicate to somebody, it's like winking at a girl in the dark. Nothing happens," Buffett told Serwer. "You have to be able to get forth your ideas."

Second, start taking care of your body and your mind when you are still young, Buffett said.

"If I gave you a car, and it'd be the only car you get the rest of your life, you would take care of it like you can't believe. Any scratch, you'd fix that moment, you'd read the owner's manual, you'd keep a garage and do all these things," he said.

"You get exactly one mind and one body in this world, and you can't start taking care of it when you're 50. By that time, you'll rust it out, if you haven't done anything. So it's just hugely important. And if you invest in yourself, nobody can take it away from you."

Of course, Buffett is famous for his diet of Coke and McDonald's, so he admitted people should do what he says, not what he does: "I'll get a certain criticism for not living it," he said.

Finally, Buffett's definition of "true success" doesn't have anything to do with money.

"Well, I've said many times that If you get to be 65 or 70 and later and the people that you want to have love you actually do love you, you're a success," Buffett told Serwer.

See also:

Billionaire 'Shark Tank' star Mark Cuban: This is how to know if a business will be successful

Google execs reveal secrets to success they got from Silicon Valley's 'trillion dollar' business coach

Amazon's Jeff Bezos: Why success depends on not being efficient sometimes

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