Warren Buffett shares advice on becoming successful

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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Id: Tr6MMsoWAog

Length: 8min 52sec (532 seconds)

Published: Wed Jun 19 2019