3 Things I Learned from Warren Buffett
Warren sat beside me in the bleachers at the baseball game, with a peaceful demeanor. There to watch his team, the Omaha Storm Chasers in Nebraska, I learned about his legacy. We toured his candy store, See’s Candies, which was a $25-million venture. For dinner, we ate at Gorat’s his favorite steakhouse; and of course, we touched upon a hot topic among CEOs and business owners: How to Create Wealth.
Legends like Warren Buffet are rare, and when they talk, everyone listens. We want to learn the secrets of investing, because clearly—he knows a few things we don’t.
When I owned shares in Berkshire Hathaway, Warren’s company, I never imagined I would sit face-to-face with the legendary investor and learn tips and tools about growing money and business in general. As an entrepreneur, I often reflect on the advice that he and Charlie Munger gave us, but it applies to much more than just business. It’s been my experience that “one percent-ers,” (legends in life and business) share three specific traits that set them apart. And, Warren has all three.
Trait 1: Do what you love.
He says invest in what you know. Don’t try to be someone you’re not. Why do authors become bestsellers? And what do millionaire Warren and your everyday high school English teacher have in common? They would probably say, “Write about what you know.”
The same applies to ever aspect in life. Learn, and do what you love. Turn what you love to do into a profitable endeavor. Every successful and happy person starts from the lower rung, and they turn work into a fulfilling experience that brings them up in the world. Once you start showing others what you love, they will begin to consider you an expert and want to pay you for a job well done and well loved.
Trait 2: Think long-term.
They say the poor man lives for tomorrow, but the rich man plans for the future. You could take this one of two ways: live in the present moment but we also blind ourselves to what could happen next. Living in the now is great. But we also need to think about how that choice effects the weeks, months, and years ahead.
Treat your path like a road that does not end. If a poor man lives for tomorrow, but the rich man plans for the future, then surely the wealthy and wise man affects the world even after he dies. Think of what you can do in this lifetime to leave a legacy. A legend is a legend because he or she lives on. Think long term, not only to sustain a happy, healthy life, but to carry on long after you’re gone.
Trait 3: Be passionate.
Warren is like a little kid when he talks about money in relation to building businesses and investing. His passion for the topic is clear. Use your passion and wealth to help others grow.
David Mayer de Rothschild, ecologist and adventurer, is the youngest heir to the family fortune. At 37, he is an author and founder of “Sculpt the Future,” which teaches how to change the planet. Rothschild also owns a marketing agency that helps businesses turn green. His love for the environment is helping not only the world, but also the people in it.
Warren speaks in the same light. When you know more about a topic, you will want to share it. The same goes with wealth: when you have more, you want to give more. True passion will only inspire more passion. When your passion has a positive effect, you are growing wealth for the world.
To your legacy,