Here are some gems from a one hour interview with Warren Buffet on CNBC.
In case you never heard of this guy, he is the "second richest man" and
is said to have donated $31 billion to charity.
- He bought his first share at age 11 and regrets he started too late.
Suggests that you encourage your children to invest now while things are cheap.
- He bought a small farm at age 14 with savings from delivering newspapers.
"One could have bought many things with little savings, encourage your
children to start some kind of business"
- He still lives in the same small 3 bedroom house in mid-town Omaha that
he bought after he got married 50 years ago. He says that he has everything
that he needs in that house. His house has no wall or fence. He says,
"Don't buy more than what you really need and encourage your children to
think and do the same"
- He drives his own car everywhere and has no driver or security people.
- He never travels by jet, even though he owns the worlds largest
private jet company. He says, "Always think how you can accomplish things
- His company, Berkshire Hathaway, owns 63 companies. He writes only
one letter each year to the CEOs of these companies, giving them goals
for the year. He never holds meetings or calls them on a regular basis.
He says, "Assign the right people to the right jobs".
- He has only 2 rules for his CEOs:
- Do not loose any of your shareholders money.
- Do not forget rule number one.
- He does not socialize with "high society". His pastime when he gets
home is to make popcorn and watch television. He says, "Don't try to
show off, just be yourself and do what you enjoy doing".
- He does not carry a cell phone.
- He does not have a computer on his desk.
- Bill Gates (the worlds richest man) met him 5 years ago (2005?).
Bill Gates did no think he had anything in common with Warren Buffet and
scheduled only half an hour for the meeting. The meeting lasted for
ten hours and Gates became a devotee of Warren Buffet.
- His advice to young people is to stay away from credit cards
(bank loans) and invest in yourself and remember:
- Money doesn't create man, man creates money.
- Live your life as simple as you are.
- Don't do what others say, just liten, but do what you feel good about.
- Don't go by brand names, just wear what you feel comfortable in.
- Don't waste money on unnecssary things, just spend on real needs.
- After all, it is your life, why give others a chance to rule your life?
Have any comments? Questions?
Drop me a line!