This week we are looking at another success story, Warren Buffett. Learning how someone else found success, might provide you with some inspiration on how you can make your fortune. Watch now!
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Warren Buffet is considered one of the most successful investors in the world. He has a net worth of $82B. He is the third richest person in the world. His rank moves up and down based on the value of the stock market, but he has been in the top three for a while. What is interesting about Warren’s story, is that he did not start from money. He grew up in a typical middle class family in the center of the United States. He did not start out with any special advantages. Warren made that $82B dollars. The question we are going to ask today is “How did he do it?”
About ten years ago, there was a pretty detailed biography released about Warren Buffett called “The Snowball: Warren Buffett and the Business of Life.” When I read that book, the story that stood out to me the most, was his purchase of GEICO stock.
Warren purchased his first GEICO stock when he was very young. He was a student at Columbia University in New York. He was thinking about stock investments and he heard about a small insurance company called GEICO. So imagine this… he was in his mid-twenties and already passionate about business and investing in stocks. How many twenty year olds do you know who are stock investors? Not many. So just from that, he already stands out from the crowd.
So he is thinking about investing in this stock, so what does he do? He hops on a train from New York to Washington DC to go visit the business in person. What? Is this blowing anyone else’s mind? This is a kid in his twenties who travels two states away to go research a stock. That is not normal. A typical stock investor sits behind his desk, and if he is interested in a stock, he will pull out the annual financial report, read through it, and do some research. Warren went to visit in person.
Warren ended up talking to some of the leadership during his visit. He decided it was a great company and bought some stock. You have to understand the foresight of this decision. Back then nobody knew what GEICO was. It was a small insurance company. Of course, today we know that it became one of the biggest insurance companies in the country. Warren’s continued investment in GEICO is one of reasons he made $82B.
When I hear that story and look at the rest of Warren Buffett’s career, I have one key takeaway: Go the extra mile. There are a lot of stock investors out there, but not everyone becomes Warren Buffett. The difference is Warren would go the extra mile in all aspects of investing. He went the extra mile literally in traveling from New York to Washington DC. And that is just a simple example.
Let us talk about your life. If you are watching these videos, you are already special. Who spends their free time watching YouTube videos on Accounting and Corporate Finance? You do! And that is pretty special. Wherever you are at in life, you can turn that into a whole lot of money by following Warren Buffett’s example. What his success story teaches us is to go the extra mile. So I challenge you right now to look at your life and ask yourself, “am I going the extra mile?” Because that is how your reach your financial potential.
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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.