Warren Buffett shares advice on becoming successful

Summary

In 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.