Advice From the World’s Richest Man

For my Gems of Wisdom today I thought I’d share with you all some advice from the world richest man according to Forbes – Warren Buffet.

THE LIFE OF THE RICHEST MAN IN THE WORLD

Here are some very interesting facts about the life of Warren Buffet (former second richest man who once donated $31 billion to charity), during a one-hour interview of him by CNBC (excerpts edited for clarity):

1. He bought his first share at age 11 and he 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 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. 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.

7. 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 television.
8. 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.
9. Warren Buffet does not carry a cell phone, nor has a computer on his desk.
His advice to young people: “Stay away from credit cards and invest in yourself”, and remember:

A. Money doesn’t create man but it is 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 is good.
D. Don’t go for brand names; just wear those things in which you feel is comfortable.
E. Don’t waste your money on unnecessary things; just spend on what you really need.
F. After all, it is your life, then why give others the chance to rule your life?”

Take a moment to ponder if you can also benefit from the insight of someone who has already achieved!


Sincerely,

Joseph Bismark

Group Managing Director, QI Ltd