Warren Buffett, the American businessman is no stranger to Forbes’ 500 Richest People In The World list. This year, now in his nineties, he weighed in at fifth place with a net worth of $69.2-billion. Although Buffett 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:
- Working hard: When he was a little boy, Buffett ran his own small business by selling chewing gum and cooldrinks door to door. All throughout high school he delivered newspapers on a bicycle and worked in his grandfather’s grocery store.
- Seeing opportunity: In 1945, at the age of 15, Buffett and a friend bought a used pinball machine for $35, which they placed in a barbershop in their hometown. Within months they had several pinball machines in three barbershops and even sold the business later that year for $1200.
- Investing: Buffett 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. - Saving: When Buffett finished college at the age of 20 he had $9,800 in savings (around R1,600,000 in today’s value).
It is never too late to learn healthy financial habits. Leaders in the industry such as Warren Buffett, Bill Gates and the likes, are great mentors to help you on your way to your own financial success.
Sources:
Wikipedia: https://en.wikipedia.org/wiki/Warren_Buffett
Forbes: https://www.forbes.com/sites/jonathanponciano/2020/05/22/billionaires-zuckerberg-bezos/
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