Warren Buffett shares advice on becoming successful
Define Success
- the people that you want to have love you actually do love you
Three pieces of advice to people who are looking to succeed in business
- invest yourself : communication skill both in writing
- take care of your body, you just got one minor body
- life advice : the people you associate with, pick a better spouse
Biggest mistakes people make when investing
moving around is not smart in investing
Morning routine
enjoy your life
School
Depends on the person and much more than it depends on the school
✌️Whole Video transcript:
Warren Buffett on Success, Investing, and Life
This document captures key insights from Warren Buffett as he discusses his views on success, personal development, investing, and life in general. The interview is divided into several sections, each addressing a different topic.
1. Defining True Success
Interviewer: Warren, how would you define true success?
Warren Buffett: “I’ve said many times that if you get to be 65 or 70 and later, and the people you want to have love you—and you actually do love—they are the true measures of success. I’ve never seen anyone at that age, regardless of whether they came from extreme poverty or great wealth, who wasn’t happy if they had lots of people who loved them. I’ve seen very wealthy individuals host testimonial dinners, build schools, and accomplish many impressive feats, yet sometimes no one truly loves them. Even their own kids might say things like, ‘He’s in the attic.’ In my view, success is not measured solely by material wealth but by the quality of our relationships.”
2. Advice for Success in Business
Interviewer: What are three pieces of advice you would give to people who are looking to succeed in business?
Warren Buffett: “First, the best investment you can make is in yourself. For example, communication skills are vital. I tell my students that while business school may teach them complex formulas, improving how they communicate—both in writing and in person—can increase their value by at least 50%. If you can’t communicate, it’s like winking at a girl in the dark: nothing happens. I learned this myself through a course with Dale Carnegie.
Second, take care of yourself. I tell my students that if I gave you a car—the only car you’d have for the rest of your life—you’d take extraordinary care of it. You have one mind and one body in this world, and you must treat them with respect and care. Neglecting your health and well-being will only lead to deterioration over time.
These principles—investing in your personal development and taking care of your most valuable asset, yourself—are foundational to lasting success.”
3. Who to Associate With: Life Advice
Warren Buffett: “Beyond the skills and habits you develop, it’s crucial to consider who you associate with. You should strive to surround yourself with people who are better than you are. The company you keep will generally determine the direction in which you head. Think carefully about whom you choose to emulate. While you can’t choose your parents, as you progress through life, you have the freedom to select mentors, friends, and even a spouse. In fact, choosing a life partner is perhaps the most important decision; ideally, you want a spouse who is just a little better than you are—and then hope they don’t realize it too quickly!”
4. Investing Wisdom: Common Mistakes
Warren Buffett: “Many people make the mistake of trading too frequently in the stock market simply because they can. They overlook the fact that a smart investment strategy might simply be to buy and hold. For example, when you purchase a farm or an apartment building, you can’t sell it the next day without incurring high costs—liquidity comes at a price. The ease of trading should not be mistaken for an advantage over more stable, long-term investing. Often, the temptation to move investments around outweighs the smarter strategy of holding for growth.”
5. The Morning Routine
Interviewer: Tell us about your morning routine—what you have for breakfast and how it affects your sense of prosperity.
Warren Buffett: “Well, that story actually started as a bit of publicity when I once sent someone to get me something at McDonald’s. In truth, I eat exactly what I like. For instance, if I enjoyed hot dogs, hamburgers, Coke, and ice cream with chocolate on my sixth birthday, I still like those foods today. I’m not swayed by later discoveries or trends. If someone at age 20 offered me an extra year of life in exchange for eating nothing but broccoli, Brussels sprouts, and onions, I wouldn’t take it—because I already know what I enjoy.”
6. Perspectives on Business School
Warren Buffett: “Is business school worth it? It really depends on the person. The value of a college education varies—some people benefit tremendously from advanced education, while others do not. I don’t believe that every person needs to go to college. There are many fulfilling jobs that do not require a degree. Personally, I wasn’t very keen on the idea of college. My father would get me to do just about anything, and if there had been an SAT test back then, he might have taken it for me. I knew I could have a good time and that I enjoyed investing. The four-year commitment, the cost, and the potential loans involved didn’t appeal to me.”
7. Lightning Round: Personal Preferences
In a rapid-fire segment, Warren Buffett answered several quick questions:
- Do you ever drink water only under duress? (Response implied: No special routine—just his normal habits.)
- Favorite all-time song: “My Way.”
- Favorite movie: “I like The Bridge on the River Kwai because it is filled with lessons, features an enormously fascinating and catchy tune, and its ending reflects the story of life.”
- Favorite book: “The book that had the most impact on my life was The Intelligent Investor by Benjamin Graham.”
- Favorite TV show: “Probably something along the lines of Nebraskans—a show that brings excitement and insight.”
- What do you carry in your wallet and how much money do you tend to carry around? “I typically carry about $400 in cash. My wife prefers to handle cash, so I take home a chunk of cash now and then. Although I do have an American Express card (I got it in 1964), I pay cash about 98% of the time. It’s just easier, especially in situations where immediate payment is required.”
Conclusion
Warren Buffett’s insights reveal that true success is measured by the quality of our relationships and our personal well-being rather than just financial wealth. Whether it’s investing in personal development, choosing the right associates, or maintaining a balanced lifestyle, his practical advice encourages us to value long-term stability over short-term gains. His candid reflections in both detailed discussions and quick answers provide a roadmap for personal and financial success that remains relevant regardless of the era.