Warren Buffett : Super U Podcast
Our new episode of the Super U Podcast is live! The Super U Podcast delivers curated tips from top performers and thought leaders to help unlock and unleash your inner superpower. This week’s episode features tips from Warren Buffett (a.k.a the “Oracle of Omaha”), one of the most successful inventors of all time and the third richest person in the world.
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[1:15] Episode Intro — Welcoming Warren Buffett
Warren Buffett is the most respected investor of our time. Known as the “Oracle of Omaha”, he lives and works in Omaha, Nebraska. Buffett is the chairman and CEO of Berkshire Hathaway, which owns over 60 companies, including Geico and Dairy Queen. Since becoming the controlling shareholder in the 1960s, he has accumulated a net worth of $82.5B, making him the third richest person in the world according to Forbes. He has promised to give away 99% of his wealth and last year donated $3.4B to philanthropy, mostly to the Bill & Melinda Gates Foundation.
[1:29] Keep Your Mind Sharp
Warren Buffett dedicates 80% of his time to reading and digests at least 600 pages per day. He tells the audience to entertain the idea that they get to pick one car, any color, delivered to their door. The catch is that it’s the only car they’ll get in their lifetime. The same way that we would take care of that car, we should take care of our mind and body because we only get one of each. When asked about the key to his success, Buffett answers ‘reading.’ Knowledge works like compound interest, and we have to keep our minds sharp.
[3:05] Don’t Sleepwalk Through Life
Finding our passion should be our goal, as Buffett advises Harvard students. He encourages us not to sleepwalk through life. Making an additional $10 per week isn’t worth it if you don’t feel good about what you’re doing. As author and speaker Zig Ziglar said, “Don’t become a wandering generality. Be meaningful. Be specific.” Be intentional with each moment. Pause and ask yourself: “What am I doing, and should I be doing this?”
[4:07] Do What You Love
Buffett expresses generous gratitude for the opportunities he’s been given. He admits that if he wasn’t born in 1930 in the U.S. with the hardwiring for capital allocation that works so well in our market system, he might not have succeeded. He was also lucky to study under Ben Graham at Columbia University, even after getting turned down from Harvard. Most importantly, Buffett feels lucky because he got to do what he loves. He doesn’t do it for the money and claims, he would’ve still done it even if his pay was in seashells. The money followed, and most of Buffett’s wealth came after he was 60 years old.
[6:55] Ice Cream Runs
Every Sunday, Buffett takes 12 kids to his local Dairy Queen. Not only does he love ice cream, but he’s found that one of the only ways to get children off their phones is to give them something they have to lick. Then, he can have meaningful conversations with them. One of Buffett’s passions is mentoring younger generations, and he consistently speaks to college students, too. His most important piece of advice for students is to do what they love and take the job they would take if they were independently wealthy.
[8:04] Become Who You Admire
Become the person you admire. Usually, the people you respect share similar qualities like honesty and positivity. Write down the characteristics you appreciate in your five best friends, and learn to live out those qualities in your own life. The popular quotation by Jim Rohn holds true: “You are the average of the five people you spend the most time with.”
[10:18] Don’t Worry About What Others Think
Buffett claims that you don’t have to be smart to work in the investment industry, but you have to be emotionally stable. You have to move forward using reasoning and facts, despite what other people think. Buffett had practice moving forward when other people doubted him, specifically when he was denied from Harvard. After a brief interview with Harvard staff, they told him, “Forget it. You’re not going to Harvard.” Buffett decided to write a personal letter to Benjamin Graham and David Dodd, his idols who worked at Columbia University. His efforts paid off and Dodd admitted him to the university.
[12:00] Have Determination to Succeed
Buffett tells the story of a woman who sold her business to Berkshire Hathaway for millions of dollars. Rose Blumkin immigrated to the U.S. in 1917 without a degree and couldn’t speak a lick of English. She spent 20 years raising a family and saving money and opened a furniture store in Chicago with only $2.5K in 1983. The odds were stacked against Blumkin who couldn’t read or write. She worked harder than anyone else, cared about her customers, and sold her business to Warren Buffet for $60M. Success and determination are directly correlated.
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The Super U podcast is hosted by #1 bestselling author and motivational speaker Erik Qualman.