Billionaire Musk&#8217;s net worth zooms past Warren Buffett&#8217;s &#8211; Bloomberg News &#8211; Reuters



(Reuters) &#8211; Elon Musk’s net worth soared past Warren Buffett on Friday as the chief executive officer of Tesla Inc (<a href="https://www.reuters.com/companies/TSLA.O">TSLA.O</a>) became the seventh richest person in the world, according to the Bloomberg Billionaires Index.



Musk’s fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8% jump in the electric carmaker’s stock.



Buffett’s net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway (<a href="https://www.reuters.com/companies/BRKa.N">BRKa.N</a>) stock to charity, the report added.



Tesla’s shares have surged 500% over the past year as the company increased sales of its Model 3 sedan.



The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.



The stock is up about 38% since the close on July 1, a day before the company reported its quarterly delivery numbers.



Tesla’s solid delivery numbers heightened expectations of a profitable second quarter, which would mark the first time in its history that it would report four consecutive quarters of profit.

Billionaire Elon Musk: I am not Warren Buffett’s biggest fan

Billionaire Elon Musk: I am not Warren Buffett’s biggest fan. gettyimages-1155740300-594×594

African born Billionaire Elon Musk’s net worth zooms past Warren Buffett’s

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a> <a rel="noreferrer noopener" href="https://twitter.com/kathleen_elk" target="_blank">@KATHLEEN_ELK</a>



Investing legend Warren Buffett wants you to keep it simple and <a href="https://www.cnbc.com/2017/12/08/where-warren-buffett-thinks-you-should-invest-your-money.html">trust index funds</a> when it comes to investing your money. 



“I don’t think most people are in a position to pick single stocks,” he said during&nbsp;<a href="https://www.cnbc.com/2020/05/04/warren-buffett-berkshire-hathaway-annual-shareholder-meeting-highlights.html">the Berkshire Hathaway annual shareholders meeting</a>, which was held virtually this year from Omaha, Nebraska. “A few [are], maybe, but on balance, I think people are much better off buying a cross-section of America and just forgetting about it.”



In other words, buy a low-cost index fund — Buffett recommends the S&amp;P 500, which holds 500 of the largest companies in the U.S., from Google to Disney to ExxonMobil — and hold onto it for a long period of time.&nbsp;



Using index funds is a passive investment strategy that allows you to take advantage of the success of major corporations without the risks associated with buying individual stocks. It’s nearly impossible for the average investor to consistently pick the right stocks to “beat the market.” Studies show you’re better off owning the whole market with a low-cost index fund. This also removes the significant company risk of an individual stock drastically underperforming the market.



Rather than owning just one or a few stocks, you’re better off owning a bunch of different companies. Some of your shares will likely take off, while others will remain neutral and some will drop.&nbsp;History shows you should see favorable long-term results: The average annualized total return for the S&amp;P 500 index over the past 90 years is around 10% before adjusting for inflation.



Buffett isn’t the only expert who champions index funds. Certified financial planner&nbsp;<a href="https://creativeplanning.com/peter-mallouk/" target="_blank" rel="noreferrer noopener">Peter Mallouk</a>&nbsp;says that if you are ready to dip your toe into the markets, “you should put your money in just one thing: the S&amp;P 500.”



“It’s the lowest cost investment that exists,”&nbsp;<a href="https://www.cnbc.com/2019/06/03/wealth-manager-invest-your-money-in-the-sp-500.html">Mallouk tells CNBC Make It</a>. “You can buy it at a discount custodian, like a TD Ameritrade, Fidelity or Charles Schwab, where the trading fees are exceptionally low. And with those 500 stocks, you now own about 80% of the market capitalization of the entire United States.” In other words, an S&amp;P 500 fund covers about 80% of the U.S. stock market, so it’s an easy and affordable way for investors to capture core U.S. stock market performance.



Plus, “you have global exposure,” Mallouk says, “because these companies get a lot of their earnings overseas: McDonald’s has shops in China, and Walmart has locations in Europe. So you wind up with a low-cost, diversified portfolio that’s invested in the global economy.”



In short, if you’re looking for a good, reliable place to invest your money, go with low-cost index funds. And stay the course, even when you see market fluctuations or a bad headline, Buffett says. “Keep buying it through thick and thin, and especially through thin. … American business is going to do fine over time, so you know the investment universe is going to do very well.”



This article first appeared on CNBC and is republished with its permission <a href="https://www.cnbc.com/2020/05/22/warren-buffett-most-people-shouldnt-pick-single-stocks.html">https://www.cnbc.com/2020/05/22/warren-buffett-most-people-shouldnt-pick-single-stocks.html</a>

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Why Warren Buffett believes most people shouldn’t pick individual stocks, this what they should do instead…

Report by Taylor Locke



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<a href="https://www.cnbcafrica.com/special-report/2020/03/04/billionaire-elon-musk-calls-this-a-powerful-powerful-way-of-thinking-but-is-hard-to-do-heres-how-it-works/">Elon Musk</a>, CEO of Tesla and SpaceX, is not shy regarding his opinion of legendary investor <a href="https://www.cnbcafrica.com/article/2020/02/05/how-warren-buffetts-advice-to-jlo-inspired-the-name-of-her-fragrance/">Warren Buffett</a>. He once called Buffett’s signature investment strategy “lame” on a Tesla earnings call.



And on Thursday’s episode of “The Joe Rogan Experience” podcast, Musk said he’s not the “biggest fan” of Buffett, whose job is “boring” but “important.”



Buffett came up in conversation as Rogan and Musk discussed various types of billionaires.Some make money by “engineering fantastic products,” while others gain wealth by “investing in companies or moving money around the stock market,” said Rogan.



Presumably Musk is one of the former. And then there is the latter.



“Let me take Warren Buffett for example,” Musk said. “To be totally frank, I’m not his biggest fan, but he does a lot of capital allocation,” referring to the process of distributing a company’s financial resources to better its long-term growth. “He reads a lot of annual reports and accounting, and it’s pretty boring really.”



Musk described Buffett’s job as an investor as trying to “figure out, does Coke or Pepsi deserve more capital?”



(Berkshire Hathaway owns 9.3% of Coca-Cola, and Buffett drinks numerous cans every day.)



“I mean, that’s kind of a boring job if you ask me, but it’s still a thing that’s important to figure out,” Musk said. “Like, which company is deserving of more or less capital? Should that company grow or expand? Is it making products or services that are better than others or worse? If a company is making compelling products or services, it should get more capital. If not, it should get less.”



In Musk’s opinion, “we should have fewer people doing law and fewer people doing finance” like Buffett “and more people making stuff.” (Of course, it takes capital to “make stuff,” and Buffett does invest in companies that produce things.)



Musk also told Rogan he thinks being a billionaire “has become a pejorative, like that’s become a bad thing, which I don’t think makes a lot of sense in most cases,” Musk said.



Indeed, as of late, some have questioned whether billionaires should even exist given the widening wealth gap in America and around the world. And since the <a href="https://www.cnbcafrica.com/coronavirus/2020/05/12/covid-19-kick-starting-sas-small-medium-large-tourism-businesses-join-cnbc-africas-virtual-seminar-tuesday-12th-may-register-today/">Covid-19 pandemic</a>, billionaires, including Musk, have been criticized for their lack of action and charity. (According to Musk, he donated masks and ventilators to hospitals, but hospitals contacted by CNN in April reported receiving bilevel positive airway pressure [biPAP] or continuous positive airway pressure [CPAP] machines, not ventilators. Musk has also criticized America’s continued manufacturing shutdown.) 



As for Buffett, though he has said Musk “has room for improvement” (like being more selective about what he posts on Twitter), he has also called Musk “a remarkable guy.”



“He’s trying to do something to improve a product and I salute him for that,” Buffett said, referring to Musk’s electric car company, on CNBC’s “Squawk Box” in 2018. “The American public will decide whether it’s a success, and it’s not easy.”



Berkshire Hathaway and a spokesperson for Buffett did not immediately respond to CNBC Make It’s request for comment.



This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/08/elon-musk-to-joe-rogan-not-the-biggest-fan-of-warren-buffett.html?forYou=true">https://www.cnbc.com/2020/05/08/elon-musk-to-joe-rogan-not-the-biggest-fan-of-warren-buffett.html?forYou=true</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

By Vicky McKeever



“Gold is a way of going long on fear,” renowned investor Warren Buffett once said.&nbsp;



The Berkshire Hathaway CEO explained that if people “become more afraid, you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.”&nbsp;



Investors’ fear levels are particularly high right now, as the coronavirus pandemic turned a global health crisis into an economic one. And it’s uncertain when the world will recover from either of these crises.&nbsp;



It is in such times of uncertainty that gold is touted as a “safe haven” for those looking for shelter from more traditionally volatile investments, like stocks.&nbsp;



“Compared to an investment in stocks, where even the biggest blue chip companies can (and have) failed, an investment in gold often seems less risky,” said Adam Vettese, market analyst at investment platform eToro.&nbsp;



<h2 class="wp-block-heading">A reliable store of value&nbsp;</h2>



As the world’s earliest form of currency, gold’s physical properties have meant it has long been considered a reliable store of value. It is widely available enough to trade but is in finite supply, so is rare enough to be considered valuable and unlike some metals it is not corrosive, making it durable.&nbsp;



The price of gold, which is normally in dollars, moves in the opposite direction to the greenback. This is because if the U.S. currency gains in value then it takes fewer dollars to purchase an ounce of gold.&nbsp;



This was why the gold price went into meltdown last month, explained Vettese, because the dollar rallied. As a result, the spot gold price, the cost at which the precious metal can be instantly traded, fell below $1,500 per ounce for the first time in 2020. 



As the coronavirus crisis deepened in March, Vettese said that risk-averse investors initially flocked to cash.&nbsp;



Last month’s fall in the gold price was also thought to be due to investors being forced to sell the metal and take profit from its gains, in order to cover losses elsewhere, otherwise known as a “margin call.” 



However, when the U.S. Federal Reserve cut interest rates to zero later that month, there was less incentive to hold dollars. 



Cutting interest rates meant the already low returns that investors received from investing in debt, or bonds, were nudged even lower.&nbsp;



Gold has since therefore regained its popularity, with the price climbing back up to its highest point in nearly seven years last week, at $1,769 per ounce. 



A shorter supply of the precious metal has also bolstered its price, pointed out Sheridan Admans, investment manager at U.K. stockbroker The Share Centre, as the virus has forced mines to close.



Gold is also considered a good hedge against the risk of inflation because the rising cost of goods and services tends to erode the value of the dollar.&nbsp;



And as central banks print more money as part of attempts to stimulate economies, Global head of Asset Allocation at investment group Invesco Paul Jackson said some may fear this could result in inflation.



If this were the case this could impact the value of other assets. Meanwhile, “gold over a long period of time tends to hold its value in real terms” so can be considered as a “refuge” against this risk.



<h2 class="wp-block-heading">High entry point</h2>



Jackson referred back to Buffett’s point, however, that people’s main reason for investing in gold was for protection because it does not pay a dividend or interest so “you could also lose money if what you are fearing doesn’t come to pass.”



He added that the gold price has historically been as volatile as the stock market and that the “downside can also be quite dramatic.”



Jackson also pointed out that the price of gold is historically high, as the long-term average price is around $600 to $700.



This is “not to say that the price won’t go higher in the right circumstances” but that the “entry point today is quite high,” he said.



<h2 class="wp-block-heading">Ways to invest</h2>



While people can invest in physical gold “there is likely to be a huge mark-up” on the price of coins, bars or jewelry, said Admans.



Finding a way of storing it safely, as well as finding a market to trade it through, can also be costly, he added.



Buying shares of the companies mining gold was another way to invest. Jackson said this could act as a “leveraged play” on gold, as if its price goes up, the profits of the mining company go up even more, potentially boosting returns.



“The problem at this moment in time, when we’re looking at a corporate sector around the world that is under a lot of stress … you’re taking (on) all that equity risk in a way that you don’t when you buy the underlying asset,” he said.



Exchange-traded commodities (ETCs) are often considered as the next best thing to owning physical gold, said Admans. ETCs are an investment vehicle traded in shares on an exchange, which tracks the underlying pricing index of that commodity.



Meanwhile, funds can combine these different types of exposure to gold, making it “perhaps the best way to a diversified solution,” he said.



This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/04/20/coronavirus-why-gold-is-seen-as-a-safe-haven-investment-in-a-crisis.html?__source=newsletter%7Cmakeit">https://www.cnbc.com/2020/04/20/coronavirus-why-gold-is-seen-as-a-safe-haven-investment-in-a-crisis.html?__source=newsletter%7Cmakeit</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

Why people seek refuge in gold during crises like COVID-19

<a href="https://www.cnbc.com/taylor-locke/">Taylor Locke</a> <a rel="noreferrer noopener" href="https://twitter.com/@itstaylorlocke" target="_blank">@itstaylorlocke</a>



The name of Jennifer Lopez’s latest fragrance, Promise, was inspired by something billionaire Warren Buffett told the singer, actress and entrepreneur, who performed during the halftime show at Sunday’s Super Bowl LIV.



READ: <a href="https://www.cnbcafrica.com/news/special-report/2019/08/12/warren-buffett-says-this-is-what-hed-do-to-live-a-happier-life-if-he-could-live-all-over-again/">Warren Buffett says this is what he’d do to live a happier life—if he could live all over again</a>



“He told me something that resonated with me,” <a href="https://abcnews.go.com/GMA/Style/jennifer-lopez-unveils-fragrance-promise/story?id=65900284" target="_blank" rel="noreferrer noopener">ABC News reported</a> Jennifer Lopez saying at a fragrance launch event in September. “He said, ‘a brand is a promise.’”



“I just feel like everything that I put out into the world has to be a promise,” she said. “We have to have promises with ourselves. It’s really the foundation that keeps us going. It really made me think about life in a bigger way.”



So Lopez thought it would be the right name at the right time for her fragrance.



<a href="https://www.forbes.com/profile/jennifer-lopez/#493792456cc1" target="_blank" rel="noreferrer noopener">Forbes</a> ranked Lopez as the 76th top celebrity earner for 2019, at $43 million in estimated earnings. Her 25-scent fragrance empire is reportedly worth $2 billion, according to <a href="https://wwd.com/beauty-industry-news/beauty-features/jennifer-lopez-expands-billion-dollar-fragrance-franchise-promise-1203316086/" target="_blank" rel="noreferrer noopener">WWD</a>.



Although the advice sparked inspiration for Lopez, it isn’t the first time Buffett had shared it. He told Berkshire Hathaway shareholders the same thing at both the <a href="https://buffett.cnbc.com/video/2008/05/03/afternoon-session---2008-berkshire-hathaway-annual-meeting.html" target="_blank" rel="noreferrer noopener">2008 and </a><a href="https://buffett.cnbc.com/video/2009/05/02/morning-session---2009--berkshire-hathaway-annual-meeting.html" target="_blank" rel="noreferrer noopener">2009</a>shareholders meetings in Omaha, Nebraska.



In fact the chairman and CEO of Berkshire has mentioned the word “promise” over 130 times in his <a rel="noreferrer noopener" href="https://www.berkshirehathaway.com/letters/letters.html" target="_blank">letters to shareholders</a> throughout the years – each time in reference to promises kept, promises broken by others and promises he made to shareholders.



READ: <a href="https://www.cnbcafrica.com/zdnl-mc/2019/04/16/billionaire-warren-buffett-wants-young-people-to-know-ignoring-this-is-like-leaving-a-car-out-in-hailstorms/">Billionaire Warren Buffett wants young people to know: Ignoring this is like ‘leaving a car out in hailstorms</a>



″[A]t Berkshire we can keep our promises,” Buffett said in his <a href="https://www.berkshirehathaway.com/letters/1993.html" target="_blank" rel="noreferrer noopener">1993 letter</a> to shareholders.



And in his <a href="https://www.berkshirehathaway.com/letters/1990.html" target="_blank" rel="noreferrer noopener">1990 letter</a> he said, ”[w]e will behave exactly as promised, both because we have so promised, and because we need to in order to achieve the best business results.”



“I think you can take Warren’s promises to the bank,” Charlie Munger, vice chairman of Berkshire, said during the company’s <a rel="noreferrer noopener" href="https://buffett.cnbc.com/video/2008/05/03/morning-session---2008-berkshire-hathaway-annual-meeting.html" target="_blank">2008 meeting</a> in Omaha.



This article first appeared on CNBC: https://www.cnbc.com/2020/01/31/jennifer-lopez-advice-from-warren-buffett-inspired-fragrance-promise.html?__source=newsletter%7Cmakeit as is republished with its permission

How Warren Buffett’s advice to JLo inspired the name of her fragrance

By <a href="https://www.cnbc.com/emmie-martin/">Emmie Martin</a> <a rel="noreferrer noopener" href="https://twitter.com/emmiemartin" target="_blank">@EMMIEMARTIN</a> If you started saving $500 a month at the beginning of the decade and put it into a savings account that earned little to no interest, you’d have about $60,000 today.



That might seem like a lot, but that $60,000 wouldn’t stretch quite as far today as the same amount would have 10 years ago. And it will be worth even less in another decade. That’s&nbsp;<a href="https://www.cnbc.com/2018/04/16/danielle-town-how-saving-can-cost-you-money.html" class="">because of inflation</a>, which causes prices to rise over time, making money less powerful. While a $20 bill will always be worth $20, what you’re able to buy with that amount dwindles.



Over the past 10 years, inflation has typically risen between 1% and 3% per year. In 2019, it was <a class="" rel="noreferrer noopener" href="https://www.usinflationcalculator.com/inflation/current-inflation-rates/" target="_blank">about 2.1%</a>. That means you’d <a class="" rel="noreferrer noopener" href="https://www.usinflationcalculator.com/" target="_blank">need around $72,000</a> in 2019 to command the same purchasing power $60,000 would have granted you in 2009.



<iframe width=560 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000013959 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



In order to beat inflation and ensure that your savings will work for you long term, it’s crucial to invest in the stock market, whether through an employer-sponsored 401(k) plan, a traditional or Roth IRA, an individual brokerage account or somewhere else.



Where you choose to invest your money within those investment vehicles matters too, because the amount you earn from the market hinges on the rate of return your investment garners.



Here’s exactly how much you’d have now if your investments had grown at a 4%, 6%, or 8% rate of return over the past decade, according to CNBC calculations.



<ul class="wp-block-list"><li>If you invested $500 a month for 10 years and earned a&nbsp;4% rate of return, you’d have&nbsp;$73,625&nbsp;today.</li><li>If you invested $500 a month for 10 years and earned a&nbsp;6% rate of return, you’d have&nbsp;$81,940&nbsp;today.</li><li>If you invested $500 a month for 10 years and earned an&nbsp;8% rate of return, you’d have&nbsp;$91,473&nbsp;today.</li></ul>



If you’d invested in a company such as&nbsp;<a href="https://www.cnbc.com/2019/12/12/what-a-1000-dollar-investment-in-amazon-would-be-worth-after-10-years.html" class="">Amazon</a>&nbsp;or&nbsp;<a href="https://www.cnbc.com/2019/10/08/what-a-1000-dollar-investment-in-google-would-be-worth-after-10-years.html" class="">Google</a>, whose stocks saw impressive returns over the past decade, your investment would have grown much faster than 8%. However, investing in individual companies is risky. Any individual stock can over- or underperform, and past returns do not predict future results.



Other investments, such as low-cost index funds, might not have been the absolute most lucrative over the last 10 years, but they’re far less risky, which&nbsp;<a href="https://www.cnbc.com/2019/09/19/why-index-funds-are-a-smart-investment.html" class="">makes them a good long-term choice</a>. Because they’re made up of all of the companies in a certain index, such as the S&amp;P 500, they tend to weather market volatility better.



With an ETF, if one company’s stock tanks while another’s stock surges, those actions balance each other out in the index. But if you’re solely invested in a company whose stock ends up falling, you’re guaranteed a loss.



In the past decade, the S&amp;P 500 had a total return of 225%. If you started investing $500 a month in an S&amp;P 500 index fund 10 years ago, you’d have roughly $120,000 today, according to CNBC calculations. That’s just about double what you earned if you just left your money in a savings account.



What’s most important is that you start investing as early as you can to give your money as much time as possible to grow. If you’re new to the market, that might seem overwhelming, but it doesn’t have to be complicated. Here are a few easy ways to get started:



<ul class="wp-block-list"><li>Sign up for your employer’<a class="" href="https://www.cnbc.com/2019/08/02/how-much-you-need-to-put-in-your-401k-to-retire-with-1point5-million-dollars.html">s retirement plan</a> and take full advantage of any company match, which essentially gives you free money.</li><li>Consider automated investing services known as <a class="" href="https://www.cnbc.com/2018/08/02/i-invested-my-first-7000-dollars-heres-where-i-decided-to-put-it.html">robo-advisors</a> that do the heavy lifting for you.</li></ul>



*This article first appeared on CNBC <a href="https://www.cnbc.com/2020/01/07/how-much-money-youd-have-if-you-invested-500-dollars-a-month-since-2009.html">https://www.cnbc.com/2020/01/07/how-much-money-youd-have-if-you-invested-500-dollars-a-month-since-2009.html</a> and is republished with its permission

Here’s how much money you’d have if you invested $500 a month since 2009

By <a href="https://www.cnbc.com/cat-clifford/">Catherine Clifford</a>



Legendary investor and billionaire <a class="" href="https://www.cnbc.com/warren-buffett/">Warren Buffett</a> has a tip for young people: Focus on learning how to write and speak clearly.



“The one easy way to become worth 50 percent more than you are now — at least — is to hone your communication skills — both written and verbal,” says Buffett in a video posted on LinkedIn on Monday.



The video was posted by&nbsp;<a href="https://www.linkedin.com/in/michael-hood-aa2912b0/" class="" rel="noreferrer noopener" target="_blank">Michael Hood</a>, the co-founder of the Toronto based start-up&nbsp;<a href="https://www.getvoiceflow.com/" class="" rel="noreferrer noopener" target="_blank">Voiceflow</a>, which enables users to design, build and launch skills for Amazon’s smart speaker, Alexa, without needing to know how to code.



“If you can’t communicate, it’s like winking at a girl in the dark — nothing happens. You can have all the brainpower in the world, but you have to be able to transmit it,” Buffett continues.



“And the transmission is communication,” says Buffett, who is <a class="" rel="noreferrer noopener" href="https://www.forbes.com/profile/warren-buffett/#7a524f034639" target="_blank">currently worth more than $86 billion</a>, according to Forbes.



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Billionaire entrepreneur&nbsp;<a href="https://www.cnbc.com/richard-branson/" class="">Richard Branson</a>&nbsp;agrees that being able to communicate effectively is critical to success.



“Today, if you want to succeed as an entrepreneur, you also have to be a storyteller,” the <a class="" rel="noreferrer noopener" href="https://www.virgin.com/richard-branson/why-entrepreneurs-are-storytellers" target="_blank">British businessman said in 2016 blog post</a>. “Of course, it is no use being a good storyteller if your product or idea is rubbish. But it is not enough to create a great product; you also have to work out how to let people know about it.”



Hood and Buffett were heading to the&nbsp;<a href="https://www.canadaswalkoffame.com/awards-show-gala/2018-inductees" class="" rel="noreferrer noopener" target="_blank">Canadian Walk of Fame Inductee Gala</a>&nbsp;together on Saturday, Hood confirmed to&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>. The young entrepreneur posted the video on Monday.



Hood, who is 22 years old, was Buffett’s escort for the day, “a once in a lifetime opportunity” for a young entrepreneur, Hood tells CNBC Make It. Hood was chosen via the start-up incubator he is part of, Next 36.



Hood asked Buffett in the video, “What is one tip? So you are talking to people that are 21, 22, just graduating school. What is one tip that you can give them?”



The advice is something Buffett has learned firsthand.



“I was terrified of public speaking when I was in high school and college,”&nbsp;<a href="https://www.youtube.com/watch?v=k7gXaPY524I" class="" rel="noreferrer noopener" target="_blank">Buffett said in a BBC video</a>, published in 2009.



“I couldn’t do it. I mean I would throw up and everything.”



When he was younger, Buffett took a public speaking course at Dale Carnegie, the&nbsp;<a href="https://www.dalecarnegie.com/en/topics" class="" rel="noreferrer noopener" target="_blank">workplace training and professional skills</a>&nbsp;development organization founded by author Dale Carnegie.



“I actually have the diploma in the office. And I don’t have my diploma from college, I don’t have my diploma from graduate school, but I have got my Dale Carnegie diploma there because it changed my life,” Buffett says in the video.



And it is this decision to improve his own skills which Buffett now preaches. The octogenarian tells Hood, “Invest in yourself.”



This article was first published on CNBC <a href="https://www.cnbc.com/2018/12/05/warren-buffett-how-to-increase-your-worth-by-50-percent.html">https://www.cnbc.com/2018/12/05/warren-buffett-how-to-increase-your-worth-by-50-percent.html</a> and is republished with its permission.

Billionaire Warren Buffett: This is the ‘one easy way’ to increase your worth by ‘at least’ 50 percent

<a href="https://www.cnbc.com/2019/07/06/bill-gates-measures-his-quality-of-life-by-asking-himself-3-questions.html" class="">Bill Gates</a>&nbsp;takes risks that very few people in this world will.



He took a risk in 1975, when he dropped out of Harvard to build Microsoft. In 2008, he took a risk in&nbsp;<a href="https://www.gatesfoundation.org/who-we-are/general-information/history" class="">leaving Microsoft to work full-time&nbsp;</a>at The Bill &amp; Melinda Gates Foundation.



And in 2013, he took another gamble, when his foundation contributed to a&nbsp;<a href="https://www.gatesnotes.com/Health/Our-Plan-to-Eradicate-Polio" class="">$5.5 billion initiative</a>&nbsp;to tackle one of the most ambitious public-health goals ever set: eradicating polio.



Those big bets have paid off — polio still remains a problem in certain parts of the world, but significant improvements, such as the development of effective vaccinations, have been made since Gates got involved — which proves that taking big risks and achieving great success can go hand in hand.



But how does one determine which risks are worth taking, and which ones aren’t?



That’s a question the Microsoft co-founder explored in a recent&nbsp;<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gatesnotes.com_About-2DBill-2DGates_A-2Dbet-2Don-2Dhumanity&amp;amp;d=DwMFaQ&amp;amp;c=LO_8KzsOlAGvgA6hdGI4v02U_XLiES0sR51Zca0yIy4&amp;amp;r=fnb6sKq7SKN8iiAQiVc8NQSbL93Ztb9TeGwNUoj2-0Y&amp;amp;m=aAhBNd8-lxFKI-iBj-f-xL-V9DkaRQmJJjFwWmVYjQ8&amp;amp;s=yr5av7X0mps5r8cax_JevdltRMUuNVxvHIfp3fiANMw&amp;amp;e=" class="">blog post</a>, in which he talks about Netflix’s new series,&nbsp;<a href="https://www.netflix.com/title/80184771" class="">“Inside Bill’s Brain: Decoding Bill Gates.”</a>&nbsp;A major theme in the documentary is Gates’ willingness to invest time and money into projects that have no guarantee of success.



“Watching the series got me thinking about what the word ‘risk’ really means,” Gates wrote in his post. “Whether we invest $100,000 or $100 million, the decision is always calculated. I spend a lot of time thinking, analyzing data and talking to experts to judge whether we can really help make a difference.”



But Gates says no matter how much analysis one does, it’s important to be comfortable with uncertainty. “We are tackling problems where progress is measured not just in years, but often decades — where your end goal doesn’t change, but your path to get there might have to.”



Gates’ trick to being comfortable with uncertainty, he explained, is to continue learning and be open to new strategies that can bring him closer to his goals. “That approach has guided every big bet I’ve made in my career from Microsoft to today, including polio.”



A willingness to take risks is important, but Gates emphasized another key point: a good bet is based on proper models, not a hunch. In the decision to take on polio, Gates said he had a model in mind, and that model was the history of smallpox: the only human disease ever successfully wiped out.



Ultimately, Gates said his approach to taking risks is “very similar to what Warren Buffett does when he makes an investment on on a bet, that it will be worth 10 times as much down the road.”



“Warren spends a lot of time looking for a company that has great long-term prospects. Then he makes a big investment and holds it for many years,” Gates explained. “He’s famous for staying the course through market gyrations and economic cycles.”



Like Buffett, Gates also picks his projects carefully, looking for ones that will make a difference and create better lives for generations to come. Analyzing whether achieving a certain goal can really help make a difference is what Gates loves most about his job: “I’m never happier than when I’m diving deep into the details of a problem.”



Of course, deciding what risks to take is never easy. “I also feel pressure to make every dollar and every day count,” he wrote. “I say no to a lot more opportunities than I say yes to.”



<a class="" href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.linkedin.com_in_tpopomaronis_&amp;amp;d=DwMFaQ&amp;amp;c=LO_8KzsOlAGvgA6hdGI4v02U_XLiES0sR51Zca0yIy4&amp;amp;r=fnb6sKq7SKN8iiAQiVc8NQSbL93Ztb9TeGwNUoj2-0Y&amp;amp;m=P_Ys4FkTrXS6d3lDujeEcG0RASS_Te__ciXliHG8uo0&amp;amp;s=rHzz9dkDjfkID7To9v-Lu83SKuT7yQyc4bQT7r89G-o&amp;amp;e=">Tom Popomaronis</a>&nbsp;is a commerce expert, cross-industry innovation leader and Vice President of Innovation at&nbsp;<a class="" href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.massivealliance.com&amp;amp;d=DwMFaQ&amp;amp;c=LO_8KzsOlAGvgA6hdGI4v02U_XLiES0sR51Zca0yIy4&amp;amp;r=fnb6sKq7SKN8iiAQiVc8NQSbL93Ztb9TeGwNUoj2-0Y&amp;amp;m=P_Ys4FkTrXS6d3lDujeEcG0RASS_Te__ciXliHG8uo0&amp;amp;s=MAZG4XFe5vj2XGn8I5ATujLEG6mysjDhAM2R5QnyNpQ&amp;amp;e=">Massive Alliance</a>. His work has been featured in Forbes, Fast Company and The Washington Post. In 2014, he was named one of the “40 Under 40” by the Baltimore Business Journal.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/09/28/bill-gates-brilliant-method-for-taking-risks-is-like-how-warren-buffett-invests.html">https://www.cnbc.com/2019/09/28/bill-gates-brilliant-method-for-taking-risks-is-like-how-warren-buffett-invests.html</a>&nbsp;and is republished with its permission.

Bill Gates has a brilliant method for making decisions—and he says it’s ‘similar to Warren Buffett’s’

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a>



Berkshire Hathaway chairman and CEO Warren Buffett believes in working with people you respect.



“Try to work for whomever you admire most,” the investing legend told author Gillian Zoe Segal in an interview for her 2015 book,&nbsp;<a href="https://www.amazon.com/gp/product/1419715704/ref=as_li_tl?ie=UTF8&amp;amp;amp;amp;amp;camp=1789&amp;amp;amp;amp;amp;creative=9325&amp;amp;amp;amp;amp;creativeASIN=1419715704&amp;amp;amp;amp;amp;linkCode=as2&amp;amp;amp;amp;amp;tag=getti043-20&amp;amp;amp;amp;amp;linkId=X6UNEWPT2UNOA7CQ%20%5Ct%20_blank" class="">“Getting There: A Book of Mentors.”</a>&nbsp;“It won’t necessarily be the job that you’ll have 10 years later, but you’ll have the opportunity to pick up so much as you go along.”



It’s advice that served him well: When he was starting his career, well before he made his billions, Buffett took a job with his mentor and hero, Benjamin Graham, without even asking about the salary. “I found that out at the end of the month when I got my paycheck,” he told Segal.



The decision paid off, career-wise. Buffett, who was one of Graham’s students at Columbia Business School, says that his former professor largely <a class="" href="https://www.cnbc.com/2019/05/10/billionaire-warren-buffett-tribute-to-investor-teaches-how-to-live-a-successful-and-happy-life.html">shaped his career and investment philosophy</a>.



While&nbsp;<a href="https://www.cnbc.com/2017/05/25/most-employees-dont-negotiate-their-salary.html" class="">salary is an important factor&nbsp;</a>when thinking about your career, “You don’t want to take a job just for the money,” said Buffett, “and you should never work for people who make your stomach churn or who keep you up at night.”



Buffett’s longtime business partner,&nbsp;<a href="https://www.cnbc.com/charlie-munger/" class="">Charlie Munger</a>, who has also made a name for himself as one of today’s most successful investors, offers similar career advice. “Don’t work for anyone you don’t respect and admire,”&nbsp;<a href="https://www.cnbc.com/2017/08/16/warren-buffetts-partner-charlie-munger-has-3-rules-for-a-career.html" class="">he has said</a>.&nbsp;“Work only with people you enjoy.”



The two billionaires agree that this advice is most effective if you’ve chosen a career path that interests you. “I have never succeeded very much in anything in which I was not very interested,” Munger said. “If you can’t somehow find yourself very interested in something, I don’t think you’ll succeed very much, even if you’re fairly smart.”



Passion pays off, Buffett told Segal: “You want to be excited when you get out of bed in the morning. I tap dance to work every day.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/09/04/warren-buffetts-top-career-advice.html">https://www.cnbc.com/2019/09/04/warren-buffetts-top-career-advice.html</a> and is republished with its permission.

Before Warren Buffett made his fortune, he took a job without asking what the salary was—here’s why

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a>



Berkshire Hathaway CEO and self-made billionaire Warren Buffett turned 89 on Friday, August 30. He’s also celebrating his 13th wedding anniversary with his wife, Astrid.



In honor of the Oracle of Omaha’s big day,&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>&nbsp;rounded up seven of his best pieces of life advice.



<h2 class="wp-block-heading">Marry the right person</h2>



Buffett made his fortune through smart investing, but if you ask him about the most important decision he ever made, it would have nothing to do with money. The biggest decision of your life,&nbsp;<a href="https://www.cnbc.com/2018/05/14/warren-buffett-says-the-most-important-decision-is-who-you-marry.html" class="">Buffett says</a>, is who you choose to marry.



“You want to associate with people who are the kind of person you’d like to be. You’ll move in that direction,” he said during&nbsp;<a href="https://www.gatesnotes.com/About-Bill-Gates/A-Conversation-with-Warren-Buffett" class="">a 2017 conversation with Bill Gates</a>. “And the most important person by far in that respect is your spouse. I can’t overemphasize how important that is.”



It’s advice he’s been giving for years. As he said at the <a class="" href="https://buffett.cnbc.com/2009-berkshire-hathaway-annual-meeting/">2009 Berkshire Hathaway annual meeting</a>: “Marry the right person. I’m serious about that. It will make more difference in your life. It will change your aspirations, all kinds of things.”



<h2 class="wp-block-heading">Invest in yourself</h2>



“By far the best investment you can make is in yourself,” Buffett&nbsp;<a href="https://news.yahoo.com/warren-buffett-shares-keys-success-134329028.html" class="">told Yahoo Finance editor-in-chief Andy Serwer</a>&nbsp;earlier this year.



First, “<a href="https://www.cnbc.com/2018/12/05/warren-buffett-how-to-increase-your-worth-by-50-percent.html" class="">learn to communicate better</a>&nbsp;both in writing and in person. ” Honing that skill can increase your value by at least 50%, he said in a Facebook video posted in 2018.



Next, take care of your body and mind — especially when you’re young. “If I gave you a car, and it’d be the only car you get the rest of your life, you would take care of it like you can’t believe. Any scratch, you’d fix that moment, you’d read the owner’s manual, you’d keep a garage and do all these things,” he said. “You get exactly one mind and one body in this world, and you can’t start taking care of it when you’re 50. By that time, you’ll rust it out if you haven’t done anything.”



<h2 class="wp-block-heading">Associate yourself with ‘high-grade people’</h2>



Who you associate with matters, Buffett told author Gillian Zoe Segal in an interview for her 2015 book,&nbsp;<a href="https://www.amazon.com/gp/product/1419715704/ref=as_li_tl?ie=UTF8&amp;amp;amp;amp;camp=1789&amp;amp;amp;amp;creative=9325&amp;amp;amp;amp;creativeASIN=1419715704&amp;amp;amp;amp;linkCode=as2&amp;amp;amp;amp;tag=getti043-20&amp;amp;amp;amp;linkId=X6UNEWPT2UNOA7CQ%20%5Ct%20_blank" class="">“Getting There: A Book of Mentors.”</a>&nbsp; “One of the best things you can do in life is to surround yourself with people who are better than you are,” he said.



If you’re around what he calls “high-grade people,” you’ll start acting more like them. Conversely, “If you hang around with people who behave worse than you, pretty soon you’ll start being pulled in that direction. That’s just the way it seems to work.”



<h2 class="wp-block-heading">Work for people you respect</h2>



“Try to work for whomever you admire most,” Buffett told Segal. “It won’t necessarily be the job that you’ll have 10 years later, but you’ll have the opportunity to pick up so much as you go along.”



While&nbsp;<a href="https://www.cnbc.com/2017/05/25/most-employees-dont-negotiate-their-salary.html" class="">salary is&nbsp;an important factor&nbsp;</a>when thinking about your career, “You don’t want to take a job just for the money,” said Buffett.



He once accepted a job with his mentor and hero, Benjamin Graham, without even asking about the salary. “I found that out at the end of the month when I got my paycheck,” he said.



<h2 class="wp-block-heading">Ignore the noise</h2>



Investing can get emotional, and it doesn’t help that you can see how you’re doing throughout the day by checking a stock ticker or turning on the news.



But no one can be certain which way the financial markets are going to move. The best strategy, even when the market seems to be tanking, is to&nbsp;<a href="https://www.cnbc.com/2018/02/08/heres-what-warren-buffett-says-to-do-when-the-market-tanks.html" class="">keep a level head and stay the course</a>, Buffett says.



“I don’t pay any attention to what economists say, frankly,”&nbsp;<a href="https://www.cnbc.com/2018/05/18/warren-buffett-explains-why-he-never-listens-to-economists.html" class="">he said in 2016</a>. “If you look at the whole history of [economists], they don’t make a lot of money buying and selling stocks, but people who buy and sell stocks listen to them. I have a little trouble with that.”



<h2 class="wp-block-heading">Success isn’t measured by money</h2>



Buffett is consistently one of the&nbsp;<a href="https://www.forbes.com/billionaires/#4d68b6251c71" class="">richest people in the world</a>, but he doesn’t use wealth as a measure of success. For him, it all boils down to&nbsp;<a href="https://www.cnbc.com/2018/12/31/how-warren-buffetts-measure-of-success-shaped-2018-for-bill-gates.html" class="">if the people you’re closest to love you</a>.



“Being given unconditional love is the greatest benefit you can ever get,”&nbsp;<a href="https://www.ivey.uwo.ca/cmsmedia/2809438/buffett-2008.pdf" class="">Buffett told MBA students in a 2008 talk</a>.



“The incredible thing about love is that you can’t get rid of it. If you try to give it away, you end up with twice as much, but if you try to hold onto it, it disappears. It is an extraordinary situation, where the people who just absolutely push it out, get it back tenfold.”



This article first appeared on CNBC <a href="https://www.cnbcafrica.com/news/special-report/2019/08/29/billionaire-elon-musk-computers-will-surpass-us-in-every-single-way/">https://www.cnbcafrica.com/news/special-report/2019/08/29/billionaire-elon-musk-computers-will-surpass-us-in-every-single-way/</a> and is republished with its permission.

Billionaire Warren Buffett just turned 89—here are 6 pieces of wisdom from the investing legend

By <a href="https://www.cnbc.com/marcel-schwantes/">Marcel Schwantes</a>



If you’re like most people, you probably have a long list of things you’d do differently if you had <a class="" href="https://www.cnbc.com/2019/07/03/advice-from-90-year-olds-how-to-live-a-long-happy-and-regret-free-life.html">a second shot at life</a>.



But&nbsp;<a href="https://www.cnbc.com/2019/07/30/warren-buffett-this-is-the-no-1-mistake-parents-make-when-teaching-kids-about-money.html" class="">Warren Buffett</a>? Not so much.



In 1998, at a&nbsp;<a href="https://www.youtube.com/watch?v=2MHIcabnjrA" class="">lecture</a>&nbsp;he gave at the&nbsp;<a href="https://www.youtube.com/watch?v=2MHIcabnjrA" class="">University of Florida’s School of Business</a>, an MBA student asked Buffett: “What would you do to live a&nbsp;<a href="https://www.cnbc.com/2019/06/29/deepak-chopra-do-these-3-little-things-to-live-a-longer-happier-life.html" class="">happier life</a>&nbsp;— if you could live all over again? ”



“This will sound disgusting,” the Berkshire Hathaway CEO joked, “but the only thing would be to select a gene pool where people lived to 120 or something where I came from.”



While Buffett’s answer might sound simple at first, the rest of his response revealed that his personal philosophy about happiness has very little to do with longevity.



In fact, if he was given the option to go back and live life “all over again,” he probably wouldn’t take it.



<h2 class="wp-block-heading">Buffett is best suited for the society he’s in now</h2>



The Oracle of Omaha took great care in laying out a scenario to illustrate how “extraordinarily lucky” he already feels today.



He told the audience to imagine a barrel with roughly 5.8 billions of balls — one for everybody in the world. Each ball will determine important factors (e.g., your birthplace, IQ level, gender, ethnicity, skills, parents) in your “new life.”



“If you could put your ball back into the barrel, and they took out 100 balls at random — and you had to from pick one of those, would you put your ball back in?” he asked.



In addition to not knowing which ball you’ll get, there’s another catch: “Of those 100 balls, five of them will be American. So if you want to be in this country, you’ll only have five balls to choose from,” Buffett explained. “Half of them will be women and half men. Half of them will be below average in intelligence and half above average in intelligence.”



He asked the students again: Do you still want to risk taking a second shot at life?



“Most of you won’t want to put your ball back,” he said. “So what you’re really saying is, ’I’m the luckiest 1% of the world right now, sitting in this room — the top 1% of the world.”



And that’s exactly how Buffett feels. “I’m lucky to be born where I was because it was 50 to one in the United States when I was born. I’ve been lucky to be wired in a way that, in a market economy, pays off like crazy for me,” he said.



<h2 class="wp-block-heading">You don’t need ‘luck’ to be happy</h2>



Buffett acknowledged that not everyone is as lucky as he is because it all depends on the system that one is born into.



”[Bill] Gates says that if I’d been born three million years ago, I would’ve been some animal’s lunch. He says, ‘You can’t run very fast, you can’t climb trees, you can’t do anything. You’d just be chewed up the first day,’” said Buffett.



He closed the lecture by encouraging everyone to think about happiness from a more practical standpoint: None of us can live life all over again, but we can increase our overall happiness by choosing to make changes in our career, goals, finances, health and relationships.



“The way to do it is to play out the game and do something you enjoy all your life,” he said. “Be associated with people you like. I only work with people I like. If I could make $100 million dollars with a guy who causes my stomach to churn, I’d say no.”



He continued: “I urge you to work in jobs you love. You’re out of your mind if you keep taking jobs that you don’t like because you think it’ll look good on your resume.”



Do what you love. It sounds easy when you’re one of the world’s richest people, but to be fair, Buffett was already doing what he loves long before he became successful.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/08/10/warren-buffett-what-id-do-differently-to-live-a-happier-life.html">https://www.cnbc.com/2019/08/10/warren-buffett-what-id-do-differently-to-live-a-happier-life.html</a> and is republished with its permission.

Warren Buffett says this is what he’d do to live a happier life—if he could live all over again

By <a href="https://www.cnbc.com/tom-popomaronis/">Tom Popomaronis</a>



If there’s one person who understands the importance of teaching kids about&nbsp;<a href="https://www.cnbc.com/2019/04/26/how-to-raise-money-smart-children-who-grow-up-to-be-successful-wealthy-financially-literate.html" class="">financial responsibility</a>, it’s&nbsp;<a href="https://www.cnbc.com/2019/05/10/billionaire-warren-buffett-use-this-simple-test-when-making-tough-decisions.html" class="">Warren Buffett</a>.



Before he became CEO of Berkshire Hathaway, the legendary investor started a handful of small businesses — starting at age six, when he purchased a six-pack of Coke for 25 cents and&nbsp;<a href="https://www.cnbc.com/2017/01/31/heres-how-warren-buffett-hustled-to-make-53000-as-a-teenager.html" class="">sold each can for a nickel</a>. He also sold&nbsp;<a href="https://www.cnbc.com/2017/01/31/heres-how-warren-buffett-hustled-to-make-53000-as-a-teenager.html" class="">magazines and gum</a>&nbsp;from door to door.



“My dad was my greatest inspiration,” Buffett said in an interview with&nbsp;<a href="https://www.cnbc.com/2013/11/22/buffett-how-to-teach-your-kids-about-moneycommentary.html" class="">CNBC</a>&nbsp;back in 2013. “What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught me.”



When asked what he thinks is the biggest mistake parents make when teaching their kids about money, the billionaire said, “Sometimes parents wait until their kids are in their teens before they start talking about managing money — when they could be starting when their kids are in preschool.”



<h2 class="wp-block-heading">Time is a factor</h2>



Yes, you read that right:&nbsp;Preschool.&nbsp;To Buffett’s point,<a href="http://littletexans.org/Media/36-48m%20English%20Parenting%20Guide%20-%20Web.pdf" class="">researchers have noted</a>&nbsp;that 80% of our brain growth happens by age 3.



One&nbsp;<a href="https://mascdn.azureedge.net/cms/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf" class="">study from Cambridge University</a>&nbsp;found that kids are already able to grasp basic money concepts between the ages of 3 and 4. And by age 7, basic concepts relating to future financial behaviors will typically have developed.



“Most parents already know how important it is to teach their kids about money and how to managing it properly,” Buffett acknowledged. But there’s a difference between&nbsp;knowing&nbsp;and&nbsp;taking action.



According to a&nbsp;<a href="https://www.slideshare.net/TRowePrice/t-rowe-prices-10th-annual-parents-kids-money-survey" class="">2018 survey from T. Rowe Price</a>, which gathered responses from 1,014 parents (of children between the ages of 8 to 14) and more than 1,000 young adults (ages 18 to 24), only 4% of parents said they started discussing financial topics with their kids before the age of 5.



Thirty percent of parents started educating their kids about money at age 15 or older, while 14% said they never did at all.



<h2 class="wp-block-heading">Lessons Buffett taught his own kids</h2>



In 2011, Buffett helped launch a children’s animated series called&nbsp;<a href="https://www.smckids.com/games.php" class="">“Secret Millionaire’s Club,”</a>&nbsp;which featured himself as a mentor to a group of students.



There are&nbsp;<a href="https://www.smckids.com/episodes/" class="">26 episodes</a>&nbsp;in the show, and each one tackles a financial lesson, such as how a credit card works or why it’s important to track where you put your money.



“I taught all [three] of my kids the lessons taught in ‘Secret Millionaires Club,’” Buffett told&nbsp;<a href="https://www.cnbc.com/2013/11/22/buffett-how-to-teach-your-kids-about-moneycommentary.html" class="">CNBC</a>. “They are simple lessons meant for business and for life.”



Here are a few lessons from the show, along with&nbsp;<a href="http://smckids.com/learnandearn/parents/activities/" class="">tips from Buffett</a>&nbsp;on how to teach them to your kids:



1.&nbsp;<a href="http://smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb24-GoingMentalForRental.pdf" class="">How to be a flexible thinker</a>



The goal of this lesson is to encourage your kids not to give up just because something doesn’t work the first time. The ability to think creatively and outside the box will come in handy when they run into future financial challenges.



Activity ideas:



<ul class="wp-block-list"><li>Go to an art museum with your kids and discuss the different styles of each painting. Then, invite them to paint something of their own. Have them brainstorm different tools — besides the paintbrush — that can be used (e.g., sponges, cotton swabs, fingers).</li><li>Turn your trash into treasure by challenging your kids to come up with new uses for old things around the house (e.g., bottle caps can double as checker pieces, an empty cereal box can be turned into a magazine holder). This will help teach them how to think critically, save money and help the environment all at the same time.</li></ul>



2.<a href="http://smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb04-LawnAndOrder.pdf" class="">&nbsp;How to start saving money</a>



As Ben Franklin once said, “A penny saved is a penny earned.” To help your kids learn to manage their money, it’s important for them to understand the difference between&nbsp;wants&nbsp;and&nbsp;needs.



Activity ideas:



<ul class="wp-block-list"><li>Give each of your kids two money jars: One for savings and one for spending. Each time they receive money (e.g., as a gift, for allowance, for walking the neighbor’s dog), talk to them about how they wish to split the money between savings and spending.</li><li>Have your kids make a list or create a collage from magazine photos of five to 10 things they’d like to purchase. Then, go through each item with them and mark whether it’s a want or a need (e.g., a new toy is a want, while a new backpack is a need.)</li></ul>



3.<a href="http://smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb16-WhyPayMore.pdf" class="">&nbsp;How to differentiate between price and value</a>



We’ve all been guilty of paying more money for a cool brand of shoes or gadget when we could have gotten a similar item that was just as good for a lesser price.



The idea behind this lesson is to help kids understand the different ways advertisers get us to buy their services or products, as well as how to tell what is and what isn’t worth paying for.



Activity ideas:



<ul class="wp-block-list"><li>Make a list of items you need at the supermarket, and then check flyers, newspapers and websites with your kids for items on the list that may be on sale. Compare those prices and see which store offers the best deal for a specific product.</li><li>Pick up a magazine with your kids and choose an ad to evaluate. Ask them: What’s being sold? What message is the ad trying to get across? What catches their attention in the ad? How does the ad make them feel? How is it trying to persuade them to buy the product?</li></ul>



4.&nbsp;<a href="http://www.smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb23-TheDominoEffect.pdf" class="">How to make good decisions</a>



The key to making smart decisions is to think about how different choices can impact future outcomes.



Activity ideas:



<ul class="wp-block-list"><li>Buffett suggests modeling good decision-making skills and talking to your kids about your decisions as you make them, as well as any resulting domino effect they could have. For example: “We want to buy a new TV, but our AC is broken and we need to save money to get it fixed. If we don’t, it will be too hot in the house when summer comes. Once the AC is repaired, we can think about buying the TV.”</li><li>Get your kids into the habit of making good decisions about how to save money. Maybe there’s a DVD they want to buy. Ask them whether they really need it or if they can rent the movie from the library.</li></ul>



<h2 class="wp-block-heading">‘It’s never too early’</h2>



Instilling healthy financial habits in your kids is one of the most important things you can do to help ensure they have a successful future.



“It’s never too early,” Buffett said in a Q&amp;A with&nbsp;<a href="https://finance.yahoo.com/news/money-101--q-a-with-warren-buffett-140409456.html" class="">Yahoo Finance</a>&nbsp;in 2013. “Whether it’s teaching kids the value of a dollar, the difference between needs and wants or the value of saving — these are all concepts that kids encounter at a very early age, so it’s best to help them to understand it.”



Tom Popomaronis is a commerce expert and proud Baltimore native. Currently, he is the Senior Director of Product Innovation at the <a class="" href="https://rhawkinsgroup.com/">Hawkins Group</a>. His work has been featured in Forbes, Fast Company and The Washington Post. In 2014, he was named one of the “40 Under 40” by the Baltimore Business Journal.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/07/30/warren-buffett-this-is-the-no-1-mistake-parents-make-when-teaching-kids-about-money.html">https://www.cnbc.com/2019/07/30/warren-buffett-this-is-the-no-1-mistake-parents-make-when-teaching-kids-about-money.html</a> and is republished with its permission.

Warren Buffett: This is the No. 1 mistake parents make when teaching kids about money

By <a href="https://www.cnbc.com/jade-scipioni/">Jade Scipioni</a> 



There are only about <a class="" href="https://www.cnbc.com/2018/03/07/forbes-there-are-a-record-2208-billionaires-in-the-world.html">2,200</a> billionaires in the world — or 0.0002% of planet’s population.



And&nbsp;<a href="https://www.cnbc.com/2018/03/07/forbes-there-are-a-record-2208-billionaires-in-the-world.html" class="">67%</a>&nbsp;of those billionaires are self-made.



The members of that self-made group generally made their money in one of a few ways: they invented a useful product (think Bill Gates with Microsoft, whose net worth is around&nbsp;<a class="" href="https://www.bloomberg.com/billionaires/">$107 billion</a>); they innovated a new way of solving a problem (think Airbnb co-founder Brian Chesky, whose net worth is around&nbsp;<a class="" href="https://www.forbes.com/profile/brian-chesky/#7feaad8944d3">$3.7 billion</a>); or they are savvy investors (think Warren Buffett, worth&nbsp;<a class="" href="https://www.bloomberg.com/billionaires/">$87.3 billion</a>). Indeed, climbing the corporate ladder will rarely get you into the club (Tim Cook who runs nearly&nbsp;<a class="" href="https://finance.yahoo.com/quote/AAPL/history/">$1 trillion company</a>&nbsp;Apple, for example, is worth around&nbsp;<a class="" href="https://www.businessinsider.com/tim-cook-net-worth-apple-ceo-2018-8">$625 million</a>).



But beyond sharp entrepreneurial and investing chops, self-made billionaires share some traits, according to according to Rafael Badziag, who interviewed 21 of them (including early Uber investor Tim Draper and InfoSpace and Viome founder Naveen Jain) for his book, “The Billion Dollar Secret.” Here are three of the top things they have in common, according to Badziag.



 1. They succeed no matter what the ‘weather’ is



Badziag says it’s clear why most of the general population (he calls them “drifters”) don’t succeed in life: They are waiting for conditions to be perfect before they strike, and often those ideal conditions never materialize so they don’t fully pursue their dreams.



“Self-made” billionaires, he says, are different. Most of the billionaires Badziag interviewed didn’t come from well-off families or ideal situations, but they pursued their dreams no matter the circumstances around them — no matter the “weather outside or inside,” he says.



Take for example, one of the billionaires Badziag interviewed: N.R. Narayana Murthy, who co-founded IT giant Infosys, which is valued at more than&nbsp;<a href="https://finance.yahoo.com/quote/INFY?p=INFY" class="">$45 billion</a>.



The 72-year-old, who is now worth as estimated <a class="" href="https://www.forbes.com/profile/nr-narayana-murthy/#632698863e05">$2.4 billion</a>, grew up in India in ’50s and ’60s, a poor country that he says was one of the most hostile to free enterprise at the time. As a child, his family was so poor he had to sleep on the floor because they had no furniture.



But despite having no money, Murthy was eager to learn; he would go to the public library in town (he lived outside Karnataka) and read everything he could. From what he learned, Murthy believed software was the future, so in 1981 he and some colleagues got the idea to create a software company. But they didn’t have a computer, and at the time, the Indian government required a license to import one, he told Badziag. So for three years, Murthy back and forth to Dehli by train, 1,500 miles each way, making at least 50 visits to pitch officials on why he should be granted a license. With their computer and phone line (which he says took <a class="" href="https://www.bbc.com/news/business-12957104">a year</a> to procure), Murthy and his co-founders started Infosys and grew it from an operation with seven employees into a global business and one of the leading technology consulting companies in India.



 2. They don’t do it for the money



Most “drifters” are dying to have big incomes but never quite achieve a high net worth status, or if they do, they lose motivation when they have some good in money in bank, says Badziag. (He refers to it as “the gold digger’s trap.”)



However, Badziag found that the “self-made” billionaires he interviewed aren’t motivated by wealth. Instead, they “have a strong sense of purpose and passion for their work,” and are motivated by a desire to “to grow and learn no matter how big their bank accounts get,” he says.



As Apple founder Steve Jobs once famously said, “I was worth over a million dollars when i was 23 and over $10 million when I was 24, and over $100 million when I was 25. And it wasn’t that important, because I never did it for the money.” Jobs said he started Apple with a simple vision of trying to create a “<a class="" href="https://www.entrepreneur.com/article/197538">computer in the hands of everyday people</a>. ” and they ended up succeeding beyond they wildest dreams.



Murthy told Badziag he was driven by the belief that the only way to solve the problem of poverty was “through the creation of jobs with good incomes and that entrepreneurship was the best instrument for such a solution.”



And French-Syrian businessman Mohed Altrad, who made his now&nbsp;<a href="https://www.forbes.com/profile/mohed-altrad/#2c128ff45057" class="">$2.7 billion</a>&nbsp;fortune by acquiring a scaffolding company in France in 1985 and growing it into the industrial services giant&nbsp;<a href="https://www.altrad.com/en/home.html" class="">Altrad Group</a>, told Badziag that he doesn’t view money as an objective.



“It’s one of the signs of success. The success of the organization is to be sustainable, in which people are happy, in which humanity finds its foundation,” Altrad said.



 3. They are frugal



“Drifters” love spending money, according to Badziag, often going into debt to spend even more than they have. Even successful people are prone to showcasing their wealth via cars, expensive clothes and lavish vacations.



But the billionaires Badziag interviewed were different: They “get pleasure making money, but don’t enjoy spending it,” he says.



Take for example, Warren Buffett, the&nbsp;<a href="https://www.bloomberg.com/billionaires/" class="">fourth-richest person</a>&nbsp;in the world with a net worth of around&nbsp;<a href="https://www.bloomberg.com/billionaires/" class="">$87.3 billion</a>. Despite his massive wealth, the 88-year-old still lives in the same modest Omaha house he purchased in 1958 for&nbsp;<a href="https://www.businessinsider.com/warren-buffett-modest-home-bought-31500-looks-2017-6" class="">$31,500</a>&nbsp;(which is around $277,00 in today’s dollars). He also keeps his breakfast budget low, only spending around&nbsp;<a href="https://www.cnbc.com/2018/04/18/warren-buffett-buys-breakfast-from-mcdonalds-for-under-3-point-17.html" class="">$3.17</a>&nbsp;a day at McDonald’s to get one of three items: two sausage patties, a sausage, egg and cheese or a bacon, egg and cheese.



And Peter Hargreaves, the founder of Hargreaves Lansdown, one of the UK’s largest financial services businesses, told Badziag a few years back that he was still driving an eight-year-old Toyota Prius. Hargreaves’ net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/peter-hargreaves/#147ef4b8691c" class="">$4.2 billion</a>.



Hargreaves also told Badziag that his children were frugal too. ”[My kids] drive very modest cars; they both have a car that’s seven years old. They both have quite modest flats. And if they go on holiday, they go with their mates, and they go to the back of the plane,” Hargreaves said.



Of course, some billionaires adjust to their level of wealth. For example, though Bill Gates is famous for wearing a <a class="" href="https://www.cnbc.com/2018/06/28/two-popular-items-bill-gates-refuses-to-spend-a-lot-of-money-on.html">$10 watch</a>, he recently <a class="" href="https://www.cnbc.com/2019/06/25/why-bill-gates-younger-self-would-be-disgusted-with-him-today.html">admitted</a> that he also indulges: “Now I take lots of vacation. My 20-year-old self is so disgusted with my current self. You know, I was sure I would never fly anything but coach and you know, now I have a plane,” Gates said last <a class="" href="https://www.youtube.com/watch?time_continue=5&amp;amp=&amp;amp=&amp;amp=&amp;v=W5g4sPi1wd4">month</a> at a Village Global event.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/07/02/self-made-billionaires-have-these-traits-in-common.html">https://www.cnbc.com/2019/07/02/self-made-billionaires-have-these-traits-in-common.html</a> and is republished with its permission.

3 traits self-made billionaires have in common, according to a guy who interviewed 21 of them

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a>



Warren Buffett is anything but average: The legendary investor has an approximate&nbsp;<a href="https://www.forbes.com/profile/warren-buffett/#19540ea74639" class="">net worth of $82 billion</a>, making him the third richest person in the world. At 88, he still runs Berkshire Hathaway, his holding company that owns businesses like Geico, Dairy Queen and See’s Candies.



A key to Buffett’s extraordinary success, though, is a refreshingly simple habit and “something anyone can do,” his longtime friend Bill Gates&nbsp;<a href="https://www.gatesnotes.com/About-Bill-Gates/Grilling-and-chilling-with-Warren-Buffett?WT.mc_id=06_01_2019_00_BerkshireHathaway2019_BG-EM_&amp;amp;WT.tsrc=BGEM" class="">pointed out in a recent blog post</a>: He reads every day.



Buffett, who spends between <a class="" href="https://www.cnbc.com/2017/11/15/warren-buffett-and-mark-cuban-agree-reading-is-key-to-success.html">five and six hours a day paging through books</a> and newspapers, finds it “enjoyable to think about business and investment problems,” he says in HBO’s documentary <a class="" href="http://www.hbo.com/documentaries/becoming-warren-buffett">“Becoming Warren Buffett.”</a>



Plus, staying up to date on business news and current events is a relatively simple way to gain a competitive advantage. “Everybody can read what I read. It is a level playing field,” Buffett used to tell his late wife,&nbsp;<a href="https://www.cnbc.com/2017/11/14/6-influential-people-in-billionaire-investor-warren-buffetts-life.html" class="">Susan Buffett</a>, according to the HBO documentary.



“And he loves that because he is competitive,” Susan said of Buffett. “He’s sitting there all by himself in his office, reading these things that everybody else can read, but he loves the idea that he is going to win.”



Tech entrepreneur and self-made billionaire Mark Cuban is also an avid reader and has used the habit to get ahead in his career. He recognized the value that reading could return early in his career, while building his first technology business, MicroSolutions.



“I remember reading the PC DOS manual (I really did), and being proud that I could figure out how to set up startup menus for my customers,” he writes&nbsp;<a href="http://blogmaverick.com/2011/04/07/shark-tank-success-motivation/" class="">on his blog.</a>&nbsp;“I read every book and magazine I could. Heck, $3 for a magazine, $20 for a book. One good idea that led to a customer or solution and it paid for itself many times over.”



“Everything I read was public,” he adds. “Anyone could buy the same books and magazines. The same information was available to anyone who wanted it. Turns out most people didn’t want it.”



For Cuban, taking the time to “get a knowledge advantage” helped him outperform competitors, he says. “A guy with little computer background could compete with far more experienced guys, just because I put in the time to learn all I could.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/03/bill-gates-this-is-the-key-to-warren-buffetts-success.html">https://www.cnbc.com/2019/06/03/bill-gates-this-is-the-key-to-warren-buffetts-success.html</a> and is republished with its permission.

Bill Gates: A key to Warren Buffett’s success is ‘something anyone could do’

By <a href="https://www.cnbc.com/emmie-martin/">Emmie Martin</a> 



The stock market&nbsp;<a href="https://www.cnbc.com/2019/05/05/traders-brace-for-sharp-sell-off-on-trumps-tariff-threat.html" class="">dropped sharply Monday</a>, following comments from President Donald Trump that the U.S. will increase tariffs on goods imported from China. But although Berkshire Hathaway CEO Warren Buffett says that an escalation of the U.S.-China trade dispute&nbsp;<a href="https://www.cnbc.com/2019/05/06/warren-buffett-if-we-have-a-trade-war-it-could-be-very-bad-for-the-whole-world.html" class="">&nbsp;“would be bad for the whole world,”</a>&nbsp;he doesn’t plan to change his investing practices based on the news. No matter what happens, “we will buy the same stocks today that we were buying last week,” he told CNBC’s Becky Quick during an interview Monday on&nbsp;<a href="https://www.cnbc.com/squawk-box-us/" class="">“Squawk Box.”</a>



“The cheaper they get, the more I buy,” Buffett said. “I’m not buying them because I think they’re going to go up the next day or the next week. We watch the prices of things we do more than current events.”



That’s because Buffett prefers to invest in companies that he believes will&nbsp;<a href="https://www.cnbc.com/2018/05/04/warren-buffett-invests-for-the-long-term.html" class="">hold their value for the long term</a>. “In the end, we aren’t buying them because of what’s going to happen next month or next quarter,” he explains. “We’re really buying them because we think they’ll be good business 10 years down.”



Regardless of the tariff situation, “if somebody came to us with a good business today, we’d buy it,” Buffett says.



Buffett decides a company is worth investing in because it will last, not because it’s doing well right now. He purchased See’s Candies with longtime business partner Charlie Munger in 1972 and spent&nbsp;<a href="https://www.cnbc.com/id/19851070" class="">more than $1 billion on Coca-Cola stock</a>&nbsp;in 1988 — both of which turned out to be good bets and both of which he still owns today.



“Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value,” Buffett wrote&nbsp;<a href="http://www.berkshirehathaway.com/letters/1996.html" class="">in his 1996 letter to shareholders.</a>&nbsp;“If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”



Even when the legendary investor gets bad news about a company he’s invested in, he doesn’t immediately sell his stock. “The stock market is not there to instruct me, it’s there to serve me,” Buffett told Quick during an interview on “Squawk Box” in February.



The topic arose when Quick asked Buffett a viewer’s question about Kraft Heinz. A few days before their conversation, Kraft Heinz, one of Berkshire Hathaway’s largest holdings, had missed on its <a class="" href="https://www.cnbc.com/2019/02/21/kraft-heinz-tanks-after-disclosing-it-was-subpoenaed-by-sec-over-accounting-policies.html">earnings expectations and disclosed that it had received a subpoena</a> from the SEC. After that news broke, the company’s stock plunged 30% and Berkshire Hathaway’s stake <a class="" href="https://www.cnbc.com/2019/02/23/warren-buffett-spun-riches-out-of-chocolate-was-burned-by-kraft-heinz.html">dropped in value by more than $4 billion</a>.



But although Buffett has admitted that&nbsp;<a href="https://www.cnbc.com/2019/02/25/buffett-says-berkshire-hathaway-overpaid-for-kraft-following-last-weeks-stock-plunge.html" class="">“we overpaid for Kraft,”</a>&nbsp;he told Quick he had no plans to sell his stake. His practice is to keep his focus on, and evaluate, the company overall. “If there’s bad news and the stock goes down, the question I have is: Is the long-term valuation changed?” he says.



It’s possible to recover from a setback. The key thing, according to Buffett in February, is “you gotta make sure that it’s still a fundamentally good business.”



As Buffett told Quick on Monday, “If you think about stocks as businesses that you own little pieces of, why in the world should you sell it based on headlines of any sort?”



“If you expect that business to be a good business over 10 years, its nonsense to get feeling good or bad about what stock prices do in a day,” he added.



This article was first published by CNBC <a href="https://www.cnbc.com/2019/05/06/warren-buffett-doesnt-pay-attention-to-the-news-when-he-invests.html">https://www.cnbc.com/2019/05/06/warren-buffett-doesnt-pay-attention-to-the-news-when-he-invests.html</a> and is republished with its permission.

What Billionaire Warren Buffett pays attention to when investing instead of ‘current events’

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Three of the biggest names in business sat down for an exclusive with CNBC&#8217;s Becky Quick to discuss the future of global healthcare initiatives. Billionaire Bill Gates began with the latest in vaccine technology. He was joined by Charlie Munger and Warren Buffett.

Buffett, Gates & Munger on the future of global healthcare initiatives

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