"I always knew I was going to be rich. I don't think I ever doubted it for a minute"
- Warren Buffett
Buffett bought his first share at age 11 and he now regrets that he started too late!
- Things were very cheap that time. Encourage your children to invest
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 he needs in that house. His house does not have a wall or a fence.
-don't buy more than you "really need" and encourage your children to do the same and think the same.
He drives his own car everywhere and does not have a driver or security people around him.
- you are what you are
He never travels by private jet, although he owns the world's largest private jet company.
-Always think how you can accomplish things economically.
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.
He has given his CEO's only two rules.
Rule number 1: do not lose any of your shareholder's money.
Rule number 2: Do not forget rule number 1
-set goals and make sure people focus on them
He does not socialise with the high society crowd. His past time after he gets home is to make himself some pop corn and watch TV
-don't try to show off, just be yourself and do what you enjoy doing
Buffett does not carry a cell phone, nor has a computer on his desk.
Buffett's 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 simple as you are
c. don't do what others say, just listen to them, but do what 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 them who really in need rather
f. after all it's your life then why give chance to others to rule your life.
The happiest people do not necessarily have the best things. They simply appreciate the things they have.