I’m the type of person who likes to know which car’s the fastest, which city has the most restaurants in the world, what’s the most poisonous animal and pretty much any sort of trivia.
Back in junior high school I remember eagerly looking through my X-Mas stocking each year to find the latest edition of Guinness Book and marvel at all the cool pictures and new feats that had been achieved.
These days I’m busy with work, the blog, my family, TV, studying and more so these days if I need that sort of info I just google it.
But whenever I see that Forbes has released their list of the most powerful companies and richest people on Yahoo I quickly click over to see the lists – I don’t know why but I guess it’s because I like to follow success stories.
One man who caught my interest a few years ago is a man who wrestled the title of the world’s richest man away from Bill Gates – Warren Buffet, and is currently sitting at number two. I even purchased a book written by Mary Buffet entitled The Tao of Warren Buffet that I found quite insightful in understanding his philosophy and believe it is a good addition to anyone’s library.
We could all learn a thing or two from a man such as Warren Buffet.
Here are some interesting things you might not know about the world’s second richest man.
- He bought his first share at age 11 and now he regrets that he started too late.
- He bought a small farm at the age of 14 with savings from delivering newspapers.
- He 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.
- He does not carry a cell phone nor has a computer on his desk.
- 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 TV.
- He drives his own car everywhere and does not have a driver or security people with him.
- He never travels by private jet, although he owns the world’s largest private jet company.
- He lost close to $16 BILLION in the crash of 2008.
So what lessons can be learned from the way he lives his life? Many. I’m sure you have your own ideas from reading the points above but let me pass on what what I found in an email that my mother sent me and a few of my own.
- Always think how you can accomplish things economically.
- Don’t buy more than what you “really need” and encourage your children to do and think the same.
- Encourage your children to start some kind of business.
- Encourage your children to invest.
- Don’t try to show off, just be yourself and do what you enjoy doing.
- You don’t need the latest tech to become rich.
- Start young.
- Do your homework. (at school & more importantly, in life)
- Don’t be afraid to fail.
- Compounding interest is the 8th wonder of the world.
Sometimes I look around at some of the stuff I have and wonder, “Why the heck did I buy that?” I think too many of us can relate. Money is a tool and Warren Buffet used his to create a financial empire, what are we doing with ours?