In this article you will know the history of Warren Buffett. The origins of him, the formation of him and how he got to be where he is. Also, some tips to emulate his success.
The firms Capgemini and RBC published their world wealth report, whose results showed that there are 14.6 million millionaires in the world. Other firms, such as the Boston Consulting Group, differ and claim in their reports that there are 17 million. The difference is that they evaluate by different parameters, but surely they have no doubt that Warren Buffett belongs to the few Billionaires.
Who is Warren Buffett?
According to Forbes magazine, Warren Buffett is currently the third richest man in the world with a fortune of $84 billion. He is the founder and CEO of Berkshire Hathaway, a business conglomerate with more than 330,000 employees.
He is called the “Oracle of Omaha” for his investing skills and is constantly admired by the second richest man in the world, Bill Gates. Warren is the hero of our heroes and he has a lot to teach us.
Also read: How to invest your money well according to Warren Buffett.
Warren Buffett story.
He was born in August 1930 (age 85) in Omaha, Nebraska. At the age of 12 he moved to Washington; city where in 1947 he graduated from college. Under pressure from his father, he entered the university to study administration and already in 1951 he received his Master’s degree in economics.
From a very young age he showed interest and talent for business; he sold coca-cola bottles, delivered newspapers and magazines, and even made money selling chewing gum.
At only 15 years old, together with a friend they bought a pinball machine for 25 dollars and located it in a barbershop. The idea was so successful that after a few months it was sold for $1,200.
At the age of 20 he began his working life and with the baggage and savings achieved, in 1954 he started his business, Buffett Partnership.
In 1957 they managed 3 companies and in 1960 there were already 7. By 1962 he was already a millionaire and he did not stop there. In 1965 he invested in a textile firm called Berkshire Hathaway; the one that would become the umbrella for his other investments.
Warren invested in the textile, chocolate, insurance industry, even in Coca-Cola and the Washington Post; among other.
We can draw some lessons from the Warren Buffett story. Here are 3 great tips from Warren Buffett.
Tips from Warren Buffett to be as successful as he is.
1. Give importance to what is important.
Regardless of the billions he owns, Warren lives in the same house he bought in 1958 for $31,500; and he assures that of all his investments this is the best.
That frugal thought was vital for him to start creating his fortune. His first company came to light thanks to his ability to save. In each of his jobs he did not save what was left over; Unlike, what was left over after saving was what you spent.
Don’t save what you have left over, spend what you have left over after saving. Click To Tweet
He also gives importance to other human beings, which is why he is known as a great philanthropist.
He has donated more than 30 billion to the Bill Gates Foundation. He has also donated to causes such as the Nuclear Threat Initiative http://www.nti.org. He even promised, along with Bill Gates and Mark Zuckerberg; donate 50% of his fortunes under the agreement called “The Gates-Buffett Giving Pledge”.
2. Go well accompanied.
Warren suggests surrounding yourself with the right people, as this will inspire you to follow a better path.
In college, Warren met Benjamin Graham, nicknamed the father of the Value investing.
Warren worked for Graham’s company, which allowed him to learn and save enough to start his own company. For Warren, Graham is the most influential person in his life after Howard Buffett, his father. So much so that he named his second son Howard Graham Buffett.
Surround yourself with people who are better than you. Click To Tweet
“The basic idea to invest is view stocks as businesses, use market fluctuations to our advantage, and look for margin of safety. That’s what Graham taught us and almost 100 years later they’re still the main fundamentals of investing,” says Warren.
3. Find your passion.
Warren was lucky to find his passion since he was 8 years old. Business was going to be the engine of his life, so much so that he didn’t want to go to university but wanted to continue making money with his ventures.
At the age of 15, he earned more than $170 a month, which allowed him to buy a 40-acre farm for $1,200. By the time he finished college he had saved $90,000 (assuming inflation for 2009).
He always knew that his life would revolve around business and that is why he fully dedicated himself to exploiting his potential.
Warren says that very few people dedicate themselves completely to anything and that most simply “dip their feet in the water”, looking for things to learn and then changing their minds.
He prefers people who take the time to think things through calmly, make a decision and go for it.
We hope that Warren Buffett’s story inspires you to always strive for more 🙂
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
