Warren Buffett shares advice on becoming successful
Summary
TLDRIn this interview, Warren Buffett shares his insights on true success, emphasizing the importance of being loved by those you care about. He advises investing in oneself, particularly in communication skills, and highlights the significance of health and who you associate with. Buffett also offers practical tips on investing, stressing the value of long-term thinking. He discusses his simple lifestyle, preferences in food, and the role of education in career success. The conversation is a blend of personal reflections and business wisdom, revealing Buffett's down-to-earth philosophy on life and success.
Takeaways
- 😊 True success is defined by being loved by the people you want to have love you, especially in later life.
- 💡 The best investment you can make is in yourself, especially by improving communication skills.
- 🚗 Take care of your mind and body as you would if you had only one car to last your lifetime.
- 👥 Surround yourself with people better than you are, as you tend to go in the direction of those you associate with.
- 💍 The most important decision in life is choosing the right spouse, as they will have a significant impact on your happiness.
- 💼 Biggest investing mistake: People trade too much because they can, rather than adopting a long-term mindset.
- 🍔 Warren Buffett eats what he enjoys, following preferences developed by age six, without concern for longevity from diet changes.
- 📚 Not everyone needs to go to college, and advanced education is only valuable if it aligns with your goals and interests.
- 🎵 His favorite song is 'My Way,' and his favorite movie is 'The Bridge on the River Kwai' for its life lessons.
- 💵 Buffett mostly uses cash, carrying around $400, with minimal reliance on credit cards, preferring simplicity in transactions.
Q & A
How does Warren Buffett define true success?
-Warren Buffett defines true success as reaching an older age, like 65 or 70, and having the people you want to love you actually love you. He believes that having love from those around you is the key to happiness, more than wealth or accomplishments.
What is Warren Buffett's best piece of advice for success in business?
-Buffett's best advice for business success is to invest in yourself, particularly in improving communication skills. He emphasizes that learning to communicate effectively, both in writing and speaking, can increase one's value by at least 50%.
What analogy does Buffett use to explain taking care of your mind and body?
-Buffett compares your mind and body to a car that you only get once in your life. Just like you'd take exceptional care of a car you could never replace, you should take great care of your mind and body, starting early and consistently.
Why does Buffett stress the importance of choosing the right people to associate with?
-Buffett stresses the importance of associating with people better than yourself because you tend to move in the direction of those you spend time with. Having the right heroes and people to emulate is crucial for personal development.
What does Buffett say is the most important decision regarding personal relationships?
-According to Buffett, the most important decision for most people is choosing the right spouse. He advises picking a spouse who is better than you and emphasizes that this choice will significantly affect your happiness and success in life.
What mistake do people commonly make when investing, according to Buffett?
-Buffett believes people often make the mistake of trading too frequently because of the ease and low cost of modern trading. He advises investing in things like farms or apartment houses, which are long-term investments, rather than constantly moving investments around.
What does Buffett's daily breakfast routine reveal about him?
-Buffett humorously mentions his routine of eating what he likes, such as hot dogs, hamburgers, and ice cream, which he has enjoyed since childhood. He doesn't care about changing his diet for longevity, preferring to stick with what he enjoys.
What is Buffett's opinion on the value of a Business School education?
-Buffett believes the value of Business School depends on the individual more than the school itself. He doesn't think advanced education is necessary for everyone and advises considering one's interests and career path before committing to college or advanced degrees.
What does Buffett consider his favorite book and why?
-Buffett's favorite and most impactful book is 'The Intelligent Investor' by Benjamin Graham. He credits it with having the most significant influence on his life and investment philosophy.
How does Buffett typically pay for things, and what does he carry in his wallet?
-Buffett usually pays in cash, carrying around $400 at a time, as his wife prefers to use cash. He also has an American Express card from 1964 but uses it sparingly, paying cash 98% of the time.
Outlines
💖 Defining True Success
Warren Buffett defines true success as reaching an old age where the people you want to love you, genuinely do. He emphasizes that no matter how wealthy someone is, if they aren't loved by those around them, they can't be truly happy. He contrasts this with examples of wealthy individuals who, despite their material success, lack meaningful relationships, which leaves them unfulfilled.
📈 Best Advice for Business Success
Buffett stresses the importance of investing in oneself, particularly in communication skills. He points out that the ability to effectively communicate can significantly increase one’s value, both personally and professionally. He shares a humorous anecdote about taking a Dale Carnegie course to improve his communication, which has helped him immensely. Additionally, Buffett offers a metaphor, urging people to care for their mind and body as they would for a car they expect to last a lifetime, implying that it’s essential to maintain oneself from an early age.
👥 The Importance of Associations and Role Models
Buffett offers life advice centered on the significance of associating with people better than oneself. He highlights the importance of carefully choosing heroes and role models to emulate. While parents have a strong influence on one's early life, Buffett emphasizes the importance of selecting a spouse and business partners wisely, as they will have the most substantial impact on one’s life. He humorously adds that one should hope their spouse doesn't realize too soon that they're the better partner.
💼 Common Mistakes in Investing
Buffett addresses the frequent mistakes people make in investing, such as the tendency to over-trade due to the ease and liquidity of the stock market. He contrasts this with investments in tangible assets like farms or apartment buildings, which require more thoughtful, long-term commitment. He argues that liquidity often leads investors to make impulsive decisions that aren’t always in their best interest.
🍔 Buffett’s Eating Habits
Buffett shares his eating preferences, revealing that he has eaten the same foods he enjoyed as a child, such as hot dogs, hamburgers, Coca-Cola, and ice cream. He humorously dismisses the idea of eating healthy just to live an extra year, suggesting that the last year may not be worth the sacrifice of enjoying the foods he loves. His lighthearted comments highlight his belief in living life according to one’s own preferences.
🎓 Is Business School Worth It?
Buffett offers his perspective on the value of business school, noting that its benefits depend more on the individual than the institution. He believes that college and advanced education are not necessary for everyone and that many well-paying jobs do not require a college degree. He shares his own reluctance about attending college, stating that his father encouraged him to go, but he didn’t see much personal benefit at the time.
⚡ Lightning Round: Personal Preferences
In a quick-fire round of questions, Buffett shares some personal details. He admits to drinking water only under duress and names 'My Way' as his favorite song. His favorite movie is 'The Bridge on the River Kwai' due to the life lessons it offers, while 'The Intelligent Investor' by Benjamin Graham is his favorite book for its impact on his life. He also reveals that he carries around $400 in cash, with his wife managing the household finances.
Mindmap
Keywords
💡Success
💡Investment in Yourself
💡Communication Skills
💡Health
💡Association
💡Heroes
💡Spouse
💡Mistakes in Investing
💡Education
💡Personal Habits
Highlights
True success is when, at age 65 or 70, the people you want to love you, actually do.
Wealth without love brings no happiness, regardless of material achievements.
The best investment you can make is in yourself, especially in communication skills.
Improving communication skills, both in writing and speaking, can increase your value by at least 50%.
Taking care of your mind and body is critical, as you only have one of each for life.
Associating with people better than you will influence you positively.
Choose carefully who you admire and emulate, especially when picking a spouse or partner.
People make mistakes in investing by thinking they need to trade frequently.
The ease of trading in markets can lead to over-trading, which is often not wise.
Warren Buffett enjoys eating the same foods he liked as a child, such as hamburgers, hot dogs, and ice cream.
Buffett does not believe everyone needs to go to college; it depends on the individual's goals and needs.
College is not for everyone, and many high-paying jobs do not require a college degree.
Warren Buffett's favorite song is 'My Way.'
Buffett's favorite book, and the one that had the most impact on him, is 'The Intelligent Investor.'
He typically carries around $400 in cash and prefers to pay with cash most of the time.
Transcripts
Warren how would you define true success
well I've said many times that 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 extreme poverty or
painters I'm gonna 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 they can testimonial dinners
doing named schools have sir and
everything there is nobody nobody loves
him you know their own kids would say
he's in the Attic he's in the Attic you
know okay what are say three pieces of
advice you would give to people who are
looking to succeed in business well I
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 learned to
communicate better and both in writing
and person they increase their value at
least 50% no 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
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 of 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 them rest of your life he
take care of it like you can't believe
and he scratch you'd fix that moment you
read the owner's manual you keep it
garage into all these things and you get
exactly one mind of one and one body in
this world and and you can't start
taking care of it when you're 50 by that
time you little rust it out if you
haven't done anything so you know you
should
is really make sure that you just
remember that you just got one minor
body to get through life with him did it
do the most with it what about life
advice
well I've advises you know 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 to in
terms of a partner in business but the
partner in life is is the most important
you'll you want to pick a spouse that's
little better than you are and then he
or she and you hope they don't figure it
out too fast
great biggest mistakes people make when
investing well they they try to but they
they just don't realize that all you
have to do is just buy across the shin
of 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 they but you buy a farm you
buy an apartment house so you can't
resell it tomorrow I don't know the
costs of moving around or you now you
get something handed to you liquidity
you know which is instant and so and the
the cost of doing it or 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 you have a pretty cool morning
routine regarding what you have for
breakfast and how prosperous you feel
what is that well that way and and I was
actually send somebody over to them now
to get me something since since I sent
the publicity I
from earlier describing my habits at
McDonald's hey I know somebody happened
had somebody go in the office but that
was that was a more for entertainment
value I I actually I eat exactly what I
like to eat yep
if I liked it on my sixth birthday and
my sixth birthday party when we had hot
dogs and hamburgers and coke and ice
cream with chocolate I still like it and
I don't care about anything subsequently
that I discovered it all by the time I
was six and if somebody offered me a
deal when I was 20 and said you're gonna
live one year longer you know instead of
living to 88 you lived 89 or whatever it
may be if you eat nothing but broccoli
and Brussels sprouts and onions and all
these things and I I didn't take the
last year off it probably won't be that
good anyway you know I Manso I eat what
I like the III
I I am NOT venturesome in that area
like how you lumped in onions with
broccoli and Brussels sprouts never
heard them I just don't have like onions
I don't put them in the same category
you and George HW Bush I think it's
Business School worth it 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
gonna get very little and I don't even
think it's important that every person
go to college at all I'm you know we
have all kinds of jobs at 70 or so
thousand a year eighty thousand a year
that college training is is not abuse
and and I actually was not keen on going
to college myself yeah my dad kind of
jolly man when he can get me to do
anything but and if they'd had an SAT
test those days he would have taken the
test for me yeah but but because 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 and maybe the loans
involved that everything 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
all right last questions the lightning
rounds there's a few do you ever drink
water only under duress what is your
favorite all-time song it's undoubtedly
it's my way
what about movie favorite movie well I
like the Bridge on the River Kwai
because of the lot there were a lot of
lessons in that pleasant was a you know
enormous Lee fascinating catchy tune
also catchy tune also the ending of that
was sort of the story of life you know
he created the railroad the enemy did
come in across it you know it got it
favorite book well the favorite book
from the best book that had the most
impact on my life was the Intelligent
Investor by bedroom I knew you were
gonna say that
favorite TV show it's probably going to
be Nebraskans some huge bowl gave him
winning and finally what are you carry
in your wallet and how much money do you
tend to carry around well I probably
carry maybe $400 oh yeah I actually my
what my wife likes to use a cash so I
just take home a chunk of cash every now
and then she doles it out she looks at
my billfold and sees whether all the
hundreds are gone six of you it's pretty
simple and a credit cards I've got an
American Express card which I got in
1964 but I I pay cash 98% of the time if
I'm an arrest always pay cash it's just
easier Warren Buffett thanks very much
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