Billionaire Warren Buffett, the chairman and CEO of Berkshire Hathaway, is now 87 years old and still capturing the world's attention as the second richest person on the planet (as of this writing).

So how has he done it? Actually, it's not so much about what he has done as much as it is about what he hasn't done. With all the demands on him every day, Buffett learned a long time ago that the greatest commodity of all...is time. He simply mastered the art and practice of setting boundaries on himself.

That's why this Buffett quote remains a powerful life lesson. The mega-mogul said:

"The difference between successful people and really successful people is that really successful people say no to almost everything."

The powerful meaning behind Buffett's statement.

Whether he meant "saying no" in the investment sense is not as important; what is important is that his advice, in whatever context, can apply to anyone arriving at the crossroads of daily decision-making.

For most ambitious people, we want to accomplish things. We are driven for results, doing more, learning things, getting promoted, and starting new ventures. But we also have our personal lives we can't ignore for optimum balance and happiness. Ambition in this sense can mean taking care of family priorities, expanding our social circles, and pursuing hobbies and other interests. 

That's when Buffett's advice is a direct bullseye to our conscience. We have to know what to shoot for to simplify our lives. It means saying "no" over and over again to the unimportant things flying in our direction every day and remaining focused on saying "yes" to the few important things that truly matter.

Steve Jobs agreed. It's about focus.

Jobs prophetically supported this notion of saying "no" at an Apple Worldwide Developers' Conference in 1997. Here's what he said: 

"People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying no to 1,000 things."

Like Jobs and Buffett, it's hushing that loud voice in your head when it tempts you with yet another sexy proposition that may steer you off course. This is when you tell it a resounding NO! when it asks, "Should I take this opportunity? It may never come around again." Sometimes the best course of action is not taking any action.

7 things successful people say "no" to every day.

Jim Collins, famous author of the mega bestseller Good to Great, once suggested that instead of to do lists, we should make "stop doing" lists. Because in obsessing over to do lists full of things that don't really matter, we spend less time saying yes to the things that do. 

Here are seven things the most successful people say "no" to on a regular basis. Perhaps you should too?

1. They say "no" to opportunities and things that don't excite them, speak to their values, or further their mission in life.

2. They say "no" to superficial networking events where people swap business cards and never hear from each other. Why? Because successful people don't network. They build relationships.

3. They say "no" to spending time with uninspiring, critical, or negative people that drag them down. Time is precious -- choose a small circle of people that will energize you and challenge you to be better. 

4. They say "no" to overworking. While it's true some successful people and many entrepreneurs put in 60-80 hours per week, very successful people aren't workaholics whom neglect self-care and family. They recognize that if they can't take care of themselves, everything else suffers. 

5. They say "no" to doing all the work. This comes down to one word:

D-E-L-E-G-A-T-I-O-N.

6. They say "no" to giving the steering wheel of life to anyone else. Another Buffett quote affirms this: "You've gotta keep control of your time and you can't unless you say no. You can't let people set your agenda in life."

7. They say "no" to people-pleasing. Successful people don't neglect their deepest wishes and desires to accommodate and yield to others' wishes and desires. 

Buffett's 3-step rule of focus for success.

To set you on the right course, take a coaching lesson from Buffett himself. He once walked his personal pilot through a life-changing exercise in goal-setting that's since become popular in productivity and career circles. It's a simple 3-step process to set boundaries, say "no" to distractions, and hone in on success. It goes like this:

1. Write down a list of your top twenty-five career goals.

2. Circle the five most important goals that truly speak to you. These are your most urgent goals.

Now here's the real kicker. 

3. Completely eliminate the other twenty goals you have listed. Just cross them off, no matter if they hold weight or some level of importance. 

Buffett says that the remaining list of twenty goals are lower and not urgent priorities, therefore, any effort invested on them steals away dedicated focus and energy from your five highest priority goals. 

The point is to say "no" to everything on that list except for what you have declared, in your heart-of-hearts, to be the five most important. This is where you should put all your effort and focus into achieving in life. The rest are merely distractions that will get in the way of reaching your ultimate success.