Warren Buffett Says This Is Why He Had an Early Advantage in Investing
If this one factor had been different, Warren Buffett may not have been able to build up Berkshire Hathaway.
Key Takeaways
- Reflecting on his career in a new interview, Warren Buffett says his father made all the difference in his life.
- Buffett pointed out that he had an early edge in finance because his father was a stockbroker.
- He said it was an 鈥渁ccident鈥 that he was born into a family that allowed him to gain early exposure to the field of finance.
Warren Buffett, the chairman and largest shareholder of investment group Berkshire Hathaway, turned a struggling textile company into a trillion-dollar conglomerate over six decades.
Reflecting back on his career in a new interview with , Buffett pointed out that he had an early edge in finance because his father was a stockbroker. He said it was an 鈥渁ccident鈥 that he was born into a family that allowed him to gain early exposure to the field of finance.
“If my father had been a plumber,” he said, “I would not have had the same advantage I had.”
Buffett said he got extremely lucky in life. 鈥淥ut of eight billion people, I may be one of the 10 luckiest in the world,鈥 he claimed in the interview.
He considers himself fortunate to be alive and healthy at the age of 95. He joked that he is 鈥渓osing marbles at this point,鈥 but added that he had the privilege of gathering marbles 鈥渇or a longer time than I deserved, and that鈥檚 just a matter of luck.鈥
Buffett also said in the interview that he got lucky because investing is a field he is passionate about, has a natural affinity for and functions as a vehicle to accumulate wealth. Investing is a far more lucrative passion than being a 鈥済reat violin player or anything else,鈥 he said.
Buffett鈥檚 father did not pressure him to follow in his footsteps
Buffett told CNBC earlier this year that the most 鈥渋mportant鈥 career advice he ever received from his father, and later passed on to his own children, came from Ralph Waldo Emerson鈥檚 1841 essay, . The work encourages readers to choose an occupation that fits their nature instead of one that meets parental expectations or society鈥檚 approval.
Buffett said that his father 鈥渉ad no feeling that I should follow in his footsteps.鈥 Instead, his father urged him to find what uniquely excited him, a message straight out of Emerson鈥檚 work.
Buffett said he did not choose investing because it was expected or glamorous, but because it was what he would have wanted to do even without a paycheck.
Buffett has conveyed the advice his father gave him to his own children.
鈥淚 told my own kids 鈥 look for the job you鈥檇 take if you didn鈥檛 need a job,鈥 Buffett told CNBC. 鈥淎nd that鈥檚 basically what my dad was telling me.鈥
Buffett鈥檚 children have careers in fields like and rather than following Buffett鈥檚 example in finance. Buffett has, however, included his children in philanthropy efforts, tasking them with his .
Buffett also shared plans to donate his fortune by 2034
In a earlier this week, Buffett shared his goal of disposing of all of his Berkshire shares within about eight years. He currently has about in Berkshire stock, comprising more than 99% of his net worth.
Buffett has donated since 2006.
Key Takeaways
- Reflecting on his career in a new interview, Warren Buffett says his father made all the difference in his life.
- Buffett pointed out that he had an early edge in finance because his father was a stockbroker.
- He said it was an 鈥渁ccident鈥 that he was born into a family that allowed him to gain early exposure to the field of finance.
Warren Buffett, the chairman and largest shareholder of investment group Berkshire Hathaway, turned a struggling textile company into a trillion-dollar conglomerate over six decades.
Reflecting back on his career in a new interview with , Buffett pointed out that he had an early edge in finance because his father was a stockbroker. He said it was an 鈥渁ccident鈥 that he was born into a family that allowed him to gain early exposure to the field of finance.
“If my father had been a plumber,” he said, “I would not have had the same advantage I had.”
