Warren Edward Buffett is an American businessman. Considered to be the most successful investor of 20th century, he started investing at the age of 11 (he regrets now that he started late). Warren sold sweets, drinks & magazines door to door form early age. At the age 14 he bought a small farm with his own savings and submitted his first tax return.
NOTE: The present day Share Trading & Stock Exchage System is not allowed according to Islamic Economic laws.
Warren was the richest person on earth till 2008 when he donated $30.7 bn, the biggest ever donation. Still 3rd richest person, he has pledged to donate 99% of his wealth in charity.
Warren earned BS in Business Administration and MS in Economics. He taught “Investment Principles” class at the “University of Nebraska-Omaha” where the average age of his students was more than twice his own.
He is the founder & CEO of Berkshire Hathaway Ltd that has 63 subsidiary companies. Guess how many people work in Berkshire Hathaway? Only 16.
Warren does not like the idea of Dynastic wealth; He is leaving little for his children. Warren believes that “give as much to your children so they could do something of their own, rather than giving them too much that they do nothing”.
Warren emphasizes on using Gold as standard. “It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
Warren Buffett does not measure success by dollars; rather what a person has done for others. He helped his friends to succeed in life. “When you get to my age, you’ll measure your success in life by how many of the people you want to have loved you, actually do love you. That’s the ultimate test of how you’ve lived your life.”
Bill Gates visited Warren for 30 minutes formal meeting. Both stayed together for 5 hours and became friends for life. On December 9, 2010, Warren Buffett, Bill Gates, and Facebook CEO Mark Zuckerberg, signed a promise they called the “Gates-Buffett Giving Pledge“, in which they promised to donate to charity at least half of their wealth and encouraged others to do so too.
“To succeed, do what you believe in” Warren advises. One should aim for success in his goals; wealth will follow as a by-product. Wealth should not be a goal itself.
Warren leads a very simple & ordinary life. He lives in an old 3 bed house bought in 50s, drives his old, 2nd hand car by himself, there is no computer on his desk, and usually doesn’t carry a mobile phone. He takes a salary of only $100,000 per year – a wage of a middle manager in US. His favourite hobbies are making pop corn for himself and watching TV. Or he would play bridge online with Bill.
He follows simple business rules that can lead anyone to success. Read these Here in 2nd Part.