There was a one hour interview on CNBC with Warren Buffet, the second richest man who has donated $31 billion to charity. Here 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!
Lesson: Encourage your children to invest
2. He bought a small farm at age 14 with savings from delivering newspapers.
Lesson: Encourage your children to start some sort 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 wall or a fence.
Lesson: Don’t buy more than you “really need”
4. He drives his own car everywhere and does not have a driver or security people around him.
Lesson: You are what you are
5. He never travels by private jet, although he owns the world’s largest private jet company.
Lesson: 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.
Lesson: Assign the right people to the right jobs
7. He has given his CEO’s only two rules. Rule number 1: do not lose any of your share holder’s money. Rule number 2: Do not forget rule number 1.
Lesson: 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 pop corn and watch Television.
Lesson: Don’t show off, just be yourself and do what you doing
9. 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 Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
Lesson: Be flexible with your time
10. Warren Buffet does not carry a cell phone, nor has a computer on his desk.
Lesson: Don’t rely on technology
His advice to young people : “Stay away from credit cards and invest in yourself and remember the following:
A. Money doesn’t create man but it is the man who created money.
B. Live your life as simple as you are.
C. Don’t do what others say, just listen to them, but do what makes you feel good.
D. Don’t go on brand name; just wear those things in which you feel comfortable.
E. Don’t waste your money on unnecessary things; just spend on things that you really need.
F. After all it’s your life, then why give others the chance to rule your life.”
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