Presentation on theme: "Notes from an interview on CNBC with Warren Buffet, the world’s second richest man who has donated $31 billion to charity. Following are some very interesting."— Presentation transcript:
Notes from an interview on CNBC with Warren Buffet, the world’s second richest man who has donated $31 billion to charity. Following are some very interesting aspects of his life, some of his quotes and thoughts to ponder. One of my mentors said, that if you want to duplicate someone else’s results, it is best to start doing what they do.
I always knew I was going to be rich. I don't think I ever doubted it for a minute. He KNEW he was going to be rich and never changed that thought..
He bought his first share at age 11 and he now regrets that he started too late! “Price is what you pay. Value is what you get. “ Although things were very cheap that time… There are still profitable investments that you can make when you look for them
He bought a small farm at age 14 with savings from delivering newspapers. “You only have to do a very few things right in your life so long as you don't do too many things wrong.” There are as many creative ways to earn money as there are to invest it.
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. “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it. “ When you look to buy – are you looking for a house or a home?
He drives his own car everywhere and does not have a driver or security people around him. He never travels by private jet, although he owns the world's largest private jet company. “Only when the tide goes out do you discover who's been swimming naked” The richest man in the world doesn’t need the entourage for his safety or his ego
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. “It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.” Attracting the right people for the right job, utilizing efficiency in time management, delegation and trust are “power” characteristics.
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. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently. “ Setting your boundaries for self care is part of a healthy life.
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. “The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective. “
He does not carry a cell phone, and he does not have a computer on his desk. “Chains of habit are too light to be felt until they are too heavy to be broken.” Technology can be a support for us or hold us hostage. If you were to let go of yours for one day – what would happen?
Bill Gates and Warren Buffet met for the first time only 5 years ago. Bill Gates did not think they had anything in common so he had scheduled his meeting only for half hour. But when thy met, the meeting lasted for ten hours and Bill Gates became a devotee of Warren. Buffet. “Of the billionaires I have known, money just brings out the basic traits in them. Whatever they were before they had money, they will be the same only now with a billion dollars.” Never judge a person until you have all the facts.
His advice to young people: "Stay away from credit cards & bank loans and invest in yourself and remember: A.Money doesn't create man but it is the man who created money. B.Live your life as simply as possible. C.Don't do what others say - listen to them, but do what you feel good doing.
D.Don't follow brand names; just wear those things in which you feel comfortable. E.Don't waste your money on unnecessary things; rather just spend on those things you really need. F.After all, it's your life so why allow others to rule your life?" In all ways be true to yourself.
We wish you an awesome abundance and a profitable successful life. “If past history was all there was to the game, the richest people would be librarians.” The investments we make in ourselves will always deliver the most profitable results. TM www.selfinvestment.com