Warren Buffett has garnered the respect of millions largely due to his simple investing wisdom and life tips. They should be common sense but are hardly common practice.

One of those famous Warren Buffett tips -- what he calls the key to his success -- is a rule that he follows religiously: Go to bed a little smarter each day.

Buffett calls it -- what else? -- the Buffett Formula. He says, "That's how knowledge builds up. Like compound interest."

Simple enough and works great in theory. That's where the Oracle of Omaha separates himself from the pack. He has literally applied this over his lifetime to gain an enormous competitive advantage.  

The way he does it is to simply grow his mind. Buffett knows that the mind is the most powerful weapon to succeed in business. Here are three ways to live your life by growing your mind first:

1. Grow your mind by reading. A lot.

Buffett is famous for his voracious reading habit, spending up to 80 percent of his day reading. While his suggestion that people read 500 pages per day is unachievable to many, you can start by reading what you feel is realistic for your daily rhythm. I personally read 20-30 pages of the latest leadership book right before bedtime. 

2. Grow your mind by simply thinking. 

Buffett says, "I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business." He's right. We've conditioned ourselves to the stimulus and dopamine drip our devices provide; if there's silence or inactivity, we think we're missing out and have to feed our digital addiction. Buffett's "sit and think" methodology creates a growth mindset. People that take the time to sit in their quiet and sacred spaces, free of digital or people interruptions, are able to process their thoughts more clearly and come up with sound solutions to important decisions. For Buffett, sitting and thinking are as natural as riding a bicycle. 

3. Grow your mind by finding the right networks. 

Buffett learned that "it pays to hang around with people better than you are because you will float upward." As you examine your networks, do the people you "hang around with" contribute to your professional growth or career development? Buffett is suggesting that you make the choice to surround yourself with better and smarter individuals and learn from their success habits. When you do, you soak up their knowledge and become better and smarter yourself.