Few people have been more successful at business than Warren Buffet.
If you want to be someone in life you have to listen to his most honest advice and become
immensely successful. A powerful businessman and the greatest investor
of all time. Warren Buffet made a fortune on the stock market but kept a down-to-earth
personality and keen eyesight about the world. Early in his life, he realized he had to MAKE
MONEY. He worked during teenagehood delivering newspapers.
At 13 he made his first income tax declaration and at the end of his teenage years, he had
accumulated almost ten thousand dollars. That was just the beginning of a stellar career!
And he had a SECRET. To reach success he knew that before making
any investments in business or in the market he had to INVEST IN HIMSELF.
Warren Buffett: By far the best investment you can make is in yourself. I mean that,
for example, communication skills. I tell the students that come that they're going
to graduate schools and business and they're learning all these complicated formulas all
that if they just learn to communicate better and both in writing and person they increase
their value at least 50%. I mean, if you can't communicate somebody, he says, you know, it's
like winking at a girl the dark, nothing happens, you know, basically and you have to be able
to get, get both your ideas and, and that's, that's relatively easy. I did it myself with
a Dale Carnegie course. Some people wish I'd take it a shorter course not by talking later
on, but it, it's just hugely important and you if you invest in yourself nobody can take
it away from you, I mean you. And the second thing which I'll get a certain criticism for
not living it but, but I do tell the, those students you know that if I gave you a car
and it'll be the only car you're getting the rest of your life, you take care of it like
you can't believe, any scratch you'd fix that moment, you read the owner's manual, you keep
a garage and all these things. And you get exactly one mind and one body in this world
and, and you can't start taking care of it when you're 50. By that time you’re a little
rusted out, if you haven't done anything, so you know, you should really make sure that
you just remember that, you just got one mind and body to get through life with and to do
the most with.
If you want to become better and get everything you want, you have to start doing what I’ll
tell you NOW. You are your biggest asset.
Take care of your body! Hit the gym. Eat well. Your body gives you
the energy to do the things you must do. Take care of your mind!
Your mind has to be sharp like a knife. You have to be quicker, smarter, and more efficient
to see the opportunities. You have to keep learning.
People have already succeeded. People have already changed the world with
their ideas. People have already done the impossible.
Look and learn. Learn how to put your ideas into practice
the right way.
Interviewer: Biggest mistake people do when investing?
Warren Buffett: Well, they try to, but they, they just don't realize that all you have
to do is just buy across Australia and America and they never listen to people like me or
read the papers or do anything subsequently... They think, they think that because you can
trade you should trade. You buy a farm, you buy an apartment, house, you can't resell
it tomorrow, and you know, the cost of moving around. Now you get something handed to you,
liquidity you know, which is instant in sell and the cost of doing it are pennies, you
know, compared to other kinds of investment activity. So because they can so easily move
around they do move around and moving around is not smarter than investing.
Work for the long term. Let me say that again, work for the long term.
Everybody wants to get rich quickly. Everybody has that friend who appears with a new hot
scheme you should invest in to gain a massive fortune.
Do not fall for that! That is temporary. No one becomes rich like
that. If you want GIGANTIC SUCCESS you got to have
patience. Build a vision and keep your eyes on the prize.
Step by step. Invest smart. Invest not just for a moment but for your legacy.
The years will pass and you will have built an empire.
Because you took each step. And because you knew what you wanted.
Don’t just do what others think is cool. Your choices are your own.
Your future is your own.
Interviewer: Is business school worth it?
Warren Buffett: Depends on the person and much more than it depends on the school. I
mean, I wouldn't worry, some people are gonna get a lot out of advanced education and some
people are going to get very little and I don't even think it's important that every
person go to college at all. I mean we have all kinds of jobs at 70 or so thousand a year
eighty thousand a year that college training is is not of use. And and I actually was not
keen on going to college myself, yeah, my dad kind of jollied me into it. He could get
me to do anything, bu, and if they'd had an SAT test those days he would have taken the
test for me. But but because I I just I was, I knew I could have a good time and I liked
investing and I didn't really feel like, I could read the books. So I don't ,you know
it's it's a big commitment to take four years and the cost involved, then maybe the loans
involved that. Everything and I think depending on what your interests are in life. I don't
think, I don't think it's for everybody. I think it's for a lot of people but there ought
to be a reason you're going and I didn't really see much reason.
https://youtu.be/uddpWu5-1Uk?t=4611 (1:16:51 -1:18:07)
Voice over: You got to have a reason for what you are doing in life.
When you have a reason everything makes sense. With the right people around you, you can
accomplish anything. Show me who your friends are and I will show
you your future. Is your future gossip and complaining? Or
is it hard work and someone you can always count on to help you move forward?
You are the result of your choices. Your choice of actions.
Your choice of friends. Your choice of inspiration.
Be inspired by the people you want to be like 30 years from now.
Make friends with the people whose dreams are as big as yours.
Take good examples to your heart, and lead by example.
Warren Buffett: The most important thing aside from the things I've talked about already
is it's really who you associate with. You want to associate with people that are better
than you are. I mean, basically, you'll go in the direction of the people that you associate
with, and, ?and you want to have the right heroes, you want people if you want to emulate
somebody you better pick very carefully who you want to emulate. And and when, obviously
you can't pick your parents, they're gonna have an enormous influence on you but you
don't get a choice on that. But you get choices as you go down the line, and you, who you,
who you admire who you, who you want to copy, and the most important for most people in
terms of that decision is their spouse. It's also important in terms of a partner in business,
but the partner in life is, is the most important. You, you want to pick a spouse that's little
that's better than you are.
The time will come when you will have to pass on your knowledge to your children.
When that happens, you need to stay humble. Teach them the value of money. The value of
achievement. Make sure that they can fend off for themselves.
It is very easy to lose yourself when you have everything handed to you.
it is of the utmost importance to teach children to make things for themselves.
Never take anything for granted!
Warren Buffett: I quoted, I think - Kay Graham was quoting her father at the time but - some
years back as saying “If you're quite rich probably the idea of leaving your children
enough so they can do anything but not enough so they can do nothing, is not a bad formula.”
I think if you're talking about people that aren't quite rich, I see you know, I socially
I wouldn't have a system that involved inheritance but, but recognizing a situation that exists
I think probably in lower levels that leaving to the children in this society is perfectly
okay. But I believe enough in a meritocracy that I if I were if I were devising the system
with the consumption tax and everything I would probably make inheritance a form of
consumption that would be very heavily taxed. I don't believe that because you happen to
be the ,come out of the right womb essentially that you were entitled to live an entirely
different life than somebody who wasn't quite as lucky in terms of womb selection. But in
my own case, you know, I I followed the “enough so they can do anything but, but not enough
so they can do nothing.”
Cherish the people around you and you won’t have regrets.
Build the mindset and the strength to go after your goals, but remember to take people along
the journey. Life is short. And the best moments of it
are the ones we share with others. There is no greater joy than sharing your
abundance with others. Enjoy it.
Warren Buffett: Well, I've said many times that if you get to be 65 or 70 and later and,
and the people that you want to have love you actually do love you, you're a success.
I've never seen anybody that reaches that age, I mean I'm not talking about somebody
that's in extreme poverty or pain. I've never seen anybody that if they have a lot of people
that love them that there's other than happy. And I've seen some very very wealthy people
that give testimonial dinners and name schools after them and everything but nobody, nobody
loves them.
Abundance is not only material but spiritual. To be happy you need to meet your career needs
AND your Personal NEEDS. Seek wealth and recognition but remember to
dedicate time to love and be loved. Focus on the present moment.
Share your time with others. Your wisdom. Your journey.
Those are the secrets to success. Those are the secrets to happiness.
It is in your hands to be happy today.