Warren Buffet, the American businessman is no stranger to Forbes’ 500 Richest People In The World list. This year, now in his eighties, he weighed in at third place with a net worth of $72.7-billion. Although Buffet became a millionaire at a relatively young age (32), his road to wealth has been a steady one, packed with life lessons and extreme willpower.
Four practices that have stood out through-out his life, have been habits he cultivated before he was 20, namely:
1. Working hard: When he was a little boy, Buffet ran his own small business by selling chewing gum and coldrinks door to door. All throughout high school he delivered newspapers on a bicycle and worked in his grandfather’s grocery store.
2. Seeing opportunity: In 1945, at the age of 15, Buffet and a friend bought a used pinball machine for $35, which they placed in a barber shop in their hometown. Within months they had several pinball machines in three barber shops, and even sold the business later that year for $1200.
3. Investing: Buffet invested in the stock market for the first time at the age of 11 when he bought three shares in Cities Service Company (now Citgo Petroleum Corporation).
When he was 14 he also invested some of his savings in a farming business his father owned.
4. Saving: When Buffet finished college at the age of 20 he had $9,800 in savings (around $96 000 in todays value).
It is never too late to learn healthy financial habits. Leaders in the industry such as Warren Buffet, Bill Gates and the like, are great mentors to help you on your way to your own financial success.