I received an email from my dad this morning. Just thought I wanna share it with you.
There was a one hour interview on CNBC with Warren Buffett, the world’s second richest man who has donated $31 billion to charity.
I always knew I was going to be rich. I don’t think I ever doubted it for a minute” – Warren Buffett
Following are some very interesting aspects of his life:
1. He bought his first share at age 11 and he now regrets that he started too late!
–>Things were cheap that time – encourage your children to invest
2. 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
3. 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 he needs in that house. His house does not have a fence
–>Don’t buy more than what you really need and encourage yor children to do and think the same
4. He drives his own car everywhere and does not have a driver or security people around him
–>You are what you are
5. He never travels by private jet, although he owns the world’s largest private jet company
–>Always think how you can accomplish things economically
6. 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
–>Assign the right people to the right jobs
7. He has given his CEOs only 2 rules:
Rule no 1: Don’t lose any of your shareholder’s money
Rule no 2: Don’t forget rule no 1
–>Set goals and make sure people focus on them
8. He does not socialize with the high society crowd. His past time after he gets home is to make himself some popcorn and watch television
–>Don’t try to show off, just be yourself and do what you enjoy doing
9. Warren Buffet does not carry a mobile phone nor he has a computer on his desk
10. Bill Gates, the world’s richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffett. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for 10 hours and Gates became a devotee of Warren Buffett.
His advice to young people:
Stay away from credit cards (bank loan) and invest in yourself. Remember:
–>Money doesn’t create a man but it is the man who created money
–>Live your life as simple as you are
–>Don’t do what others say, just listen to them, but do what you feel good
–>Don’t go on brand names; just wear those things in which you feel comfortable
–>Don’t waste your money on unnecessary things; just spend on them who really in need
–>After all it is your life, why give chance to others to rule our life
A reminder to myself too.