The Wisdom of Warren Buffet

Author: The Massey Clark Fisher Team | Tuesday, Mar 15, 2011

Tags: community • home insurance • homeowners insurance • insurance • local • safety tips • seasonal • tips

There was a one hour interview on CNBC with Warren Buffet, the world’s second richest man who donated $31 billion to charity.

Following are some very interesting aspects of his life:

  1. He bought his first share at age 11 and now regrets that he started too late!
  2. He bought a small farm at age 14 with savings from delivering newspapers.
  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 that he needs in that house. His house does not have a wall or a fence.
  4. He drives his own car everywhere and does not have a driver or security people around him.
  5. He never travels by private jet, although he owns the world’s largest private jet company.
  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.
  7. He has given his CEOs only two rules:
    Rule Number 1: Do not lose any of your shareholders’ money.
    Rule Number 2: Do not forget rule number 1.
  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.
  9. Warren Buffet does not carry a cell phone, nor does he have a computer on his desk.
  10. Bill Gates, the world’s richest man, met him for the first time 5 years ago. Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting for only a half hour. But when Gates met him, the meeting lasted for 10 hours and Gates became a devotee of Warren Buffet.
  11. His advice to young people:
  1. Stay away from credit cards and invest in yourself.
  2. Money doesn’t create man but it is man who created money.
  3. Live your life as simple as you are.
  4. Don’t do what others say, just listen to them, but do what feels good.
  5. Don’t go on brand name; just wear those things in which you feel comfortable.
  6. After all, it’s your life. Why give the chance to others to rule it?