<a href="https://www.cnbc.com/gillian-zoe-segal/">By Gillian Zoe Segal</a>



It’s no surprise that&nbsp;<a href="https://www.cnbc.com/2019/03/21/billionaire-warren-buffett-says-a-100-dollar-course-had-the-biggest-impact-on-his-success.html" class="">Warren Buffett</a>, the most successful investor in history, came to be known as “The Oracle of Omaha.” But the&nbsp;<a href="https://www.cnbc.com/2019/03/26/money-mistakes-millionaires-like-warren-buffett-bill-gates-google-eric-schmidt-never-make.html" class="">Berkshire Hathaway CEO</a>&nbsp;isn’t just a whiz at&nbsp;<a href="https://www.cnbc.com/2019/04/11/why-billionaires-warren-buffett-and-bill-gates-agree-this-is-the-best-business-book-of-all-time.html" class="">analyzing businesses</a>, he also has a knack for imparting the most essential wisdom in a manner so simple that even a child can understand.



In my new book,&nbsp;<a href="https://www.amazon.com/gp/product/1419715704/ref=as_li_tl?ie=UTF8&amp;amp;camp=1789&amp;amp;creative=9325&amp;amp;creativeASIN=1419715704&amp;amp;linkCode=as2&amp;amp;tag=getti043-20&amp;amp;linkId=X6UNEWPT2UNOA7CQ" class="">“Getting There: A Book of Mentors,”</a>&nbsp;30 leaders — including Buffett himself — share their unguarded&nbsp;<a href="https://www.cnbc.com/2019/01/14/deepak-chopra-if-you-want-to-be-a-great-leader-practice-these-3-things.html" class="">stories and secrets</a>&nbsp;to navigating the rocky road to the top.



In his&nbsp;<a href="https://books.google.com/books/about/Getting_There.html?id=SPDcoQEACAAJ" class="">essay</a>&nbsp;for&nbsp;<a href="https://play.google.com/store/audiobooks/details/GIllian_Zoe_Segal_Getting_There?id=AQAAAIAHlF0USM" class="">“Getting There,”</a>&nbsp;Buffett elaborates on a message that he thinks “is very important to get across to younger people”: Take care of your mind and body.



Sounds simple, right?



But Buffett takes it a step further by offering an analogy: “Let’s say that I offer to buy you the car of your dreams. You can pick out any car that you want, and then when you get out of class this afternoon, that car will be waiting for you at home.”



As with most things in life, Buffett says there’s just one catch: It’s the only car you’re ever going to get&#8230;in your entire life.



“Now, knowing that, how are you going to treat that car?” he asks.



“You’re probably going to read the owner’s manual four times before you drive it; you’re going to keep it in the garage, protect it at all times, change the oil twice as often as necessary,” says Buffett. “If there’s the least little bit of rust, you’re going to get that fixed immediately so it doesn’t spread — because you know it has to last you as long as you live.”



And then, like a bag of bricks, Buffett hits us with a brilliant realization: The position you’re in with your car is exactly the position you’re in concerning your mind and body.



In other words, the way you treat your car should be no different than the way you treat your body.



“You have only one mind and one body for the rest of your life,” Buffett says. “If you aren’t taking care of them when you’re young, it’s like leaving that car out in hailstorms and letting rust eat away at it. If you don’t take care of your mind and body now, by the time you’re 40 or 50, you’ll be like a car that can’t go anywhere.”



Now, you might be wondering whether Buffett practices what he preaches — considering how&nbsp;<a href="https://www.cnbc.com/2018/04/18/warren-buffett-buys-breakfast-from-mcdonalds-for-under-3-point-17.html" class="">vocal</a>&nbsp;the billionaire has been about his love for Coca-Cola, hamburgers, steaks and hash browns.



For the most part, the answer is yes.



When a New Jersey nutritional dentist&nbsp;<a href="https://www.cnbc.com/id/32544241" class="">wrote Buffett a letter</a>&nbsp;encouraging him to eat more healthy foods, he responded by saying his diet isn’t as bad as most might think.



“I have a wonderful doctor who nudges me in your direction every time I see him. All in all, I’ve enjoyed remarkably good health — largely because of genes, of course — but also, I think, because I&nbsp;<a href="https://www.cnbc.com/2019/04/05/amazon-billionaire-ceo-jeff-bezos-ask-yourself-these-12-questions-to-live-a-long-happy-life.html" class="">enjoy life</a>&nbsp;so much every day, ”&nbsp;<a href="https://www.cnbc.com/id/32544241" class="">he said in his response</a>.



And back in 2007, when he was in his late 70s,&nbsp;<a href="https://www.cnbc.com/id/32544241" class="">he told CNBC</a>&nbsp;that his doctor told him two years before: “Either you eat better or you exercise.”



Buffett chose the latter, which he called “the lesser of two evils.”



Gillian Zoe Segal is the author of <a class="" href="https://www.amazon.com/Getting-There-Gillian-Zoe-Segal/dp/1419715704">“Getting There: A Book of Mentors ”</a>and <a class="" href="https://www.amazon.com/New-York-Characters-Gillian-Segal/dp/0393041964">“New York Characters. ”</a> She received a B.A. from the University of Michigan and a law degree from the Benjamin N. Cardozo School of Law. She lives in New York City. Follow her on <a class="" href="https://www.linkedin.com/in/gillian-zoe-segal-64041021/">Linkedin</a>.



This article was first published by CNBC<a href="https://www.cnbc.com/2019/04/12/billionaire-warren-buffett-greatest-advice-to-millennials-the-1-thing-in-life-you-need-to-prioritize.html">https://www.cnbc.com/2019/04/12/billionaire-warren-buffett-greatest-advice-to-millennials-the-1-thing-in-life-you-need-to-prioritize.html</a> <a href="https://www.cnbc.com/2019/04/15/paris-notre-dame-cathedral-on-fire-reuters.html"></a>and is republished with its permission.

Billionaire Warren Buffett wants young people to know: Ignoring this is like ‘leaving a car out in hailstorms’

<a href="https://www.cnbc.com/david-neagle/">By David Neagle</a>



Behind every&nbsp;<a href="https://www.cnbc.com/2019/01/24/warren-buffett-and-bill-gates-agree-giving-up-this-one-thing-will-make-you-more-successful.html" class="">successful entrepreneur</a>&nbsp;is a list of&nbsp;<a href="https://www.cnbc.com/2019/01/24/warren-buffett-and-bill-gates-agree-giving-up-this-one-thing-will-make-you-more-successful.html" class="">books</a>&nbsp;that have helped them navigate the intricacies of running a business and living a&nbsp;<a href="https://www.cnbc.com/2019/04/05/amazon-billionaire-ceo-jeff-bezos-ask-yourself-these-12-questions-to-live-a-long-happy-life.html" class="">victorious life</a>.



While more recent books like Phil Knight’s&nbsp;<a href="https://play.google.com/store/books/details/Phil_Knight_Shoe_Dog?id=wO3PCgAAQBAJ" class="">“Shoe Dog,”</a>&nbsp;Ray Dalio’s<a href="https://play.google.com/store/books/details/Ray_Dalio_Principles?id=6LGuDgAAQBAJ" class="">“Principles”</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/2019/02/20/simon-sinek-these-2-life-changing-books-will-train-your-brain-for-success.html" class="">Simon Sinek’s</a>&nbsp;<a href="https://play.google.com/store/info/name/Simon_Sinek?id=02r9pqc" class="">“Start with Why”</a>&nbsp;stand out as a few favorites of top CEOs,&nbsp;<a href="https://www.cnbc.com/2019/01/24/warren-buffett-and-bill-gates-agree-giving-up-this-one-thing-will-make-you-more-successful.html" class="">Warren Buffett and Bill Gates</a>&nbsp;both agree that the best business book of all time was written 50 years ago.



When the two billionaires first met back in 1991, Gates asked Buffett to recommend his favorite business book. Without missing a beat, the Berkshire Hathaway CEO answered:&nbsp;<a href="https://play.google.com/store/books/details?id=ZMPTAwAAQBAJ&amp;amp;gl=us&amp;amp;source=productsearch&amp;amp;utm_source=HA_Desktop_US&amp;amp;utm_medium=SEM&amp;amp;utm_campaign=PLA&amp;amp;pcampaignid=MKTAD0930BO1&amp;amp;gclid=EAIaIQobChMIyfzFlo_I4QIVm4izCh2lOwesEAQYAiABEgKg4_D_BwE&amp;amp;gclsrc=aw.ds" class="">“Business Adventures”</a>&nbsp;by John Brooks, then said he would send his copy to Gates.



“More than two decades after Warren lent it to me — and more than four decades after it was first published — ‘Business Adventures’ remains the best business book I’ve ever read. John Brooks is still my favorite business writer,” Gates&nbsp;<a href="https://www.gatesnotes.com/Books/Business-Adventures" class="">wrote in his blog</a>&nbsp;back in 2014. (He cheekily added, “And Warren, if you’re reading this, I still have your copy.”)It stands the test of time



“Business Adventures” is a compilation of 12 stories — previously published in The New Yorker, where Brooks was a staff writer — about some of the most important events in 20th Century corporate America. Each profile is a fascinating account of how a certain moment in history shaped an entire company.



But what truly makes the book so brilliant (apart from its wonderful prose) is that it can appeal to readers who aren’t even interested in the nature of finance. It offers a goldmine of lessons about people and life — our instinctive behaviors, what makes us excel and what troubles lie ahead if we give into our inherent savageries.



Here are most essential life lessons from “Business Adventures”:



1. When you become blind to change, you become obsolete.



In his book, Brooks writes about one of Ford Motor Company’s biggest failures: the 1958 <a class="" href="https://www.businessinsider.com/ford-flop-bill-gates-favorite-case-studies-2014-7">Ford Edsel</a>, which the automaker had intended to be the “new and ultimate” car for middle-class Americans. Brooks notes that Ford wanted to make a car that fit the needs of the American public, so it polled the population to see what they wanted most.



Ford was dissatisfied with the poll results and ended up going its own way. Eager to create hype, it began marketing the car one year before it was even completed. And on launch day, the model was delivered with oil leaks and trunks that wouldn’t open. It was also mocked as being too expensive and using up too much gas.



When you stop paying attention to the evolving changes of society and human needs, you fall behind and become vulnerable to competitors.



2. Failure isn’t a bad thing — accept it, learn from it, and move on from it.



The big Edsel flop led to a $350 million loss. And yet, Ford’s executives took zero responsibility for their failures. In fact, they claimed to have done everything right.



While writing the story, Brooks said a marketing manager told him it was the customers who were at fault. “What they’d been buying for several years encouraged the industry to build exactly this kind of car,” the representative said. “We gave it to them, and they wouldn’t take it. Well, they shouldn’t have acted like that. And now the public wants these little beetles. I don’t get it!”



People often think,&nbsp;If I fail, I will lose something very important&nbsp;— like getting into a good college, working at (or starting) a great company, getting a promotion, making lots of money and so on. But learning from our mistakes is one of the greatest tools for learning; it gives us information on what we need to do differently to succeed in life.



3. Never underestimate the importance of company culture and values.



This is a powerful lesson for anyone — whether you’re a founder, manager, employee or job seeker.



Brooks describes Xerox founder Joseph C. Wilson as being ahead of his time in the ’60s because of how he prioritized building a compassionate work culture. He made it his duty to donate millions of dollars to charities and universities. He implemented progressive hiring policies during the civil rights movement.



“To set high goals, to have almost unattainable aspirations, to imbue people with the belief that they can be achieved&#8230;these are as important as the balance sheet, perhaps more so,”&nbsp;<a href="https://www.gatesnotes.com/media/features/books/Bill_Gates_John_Brooks_Business_Adventures_Xerox_Free_Chapter_eReader.pdf" class="">Wilson said once</a>&nbsp;according to Brooks.



Today, more than ever, employees value unity and purpose in a company — and they’re not afraid to quit or reject a job offer from a company with a bad reputation. Having good company culture will likely lead to higher productivity and motivation, fewer employee health issues and less turnover.



Keep this in mind as well if you’re a job seeker. Joining a company with poor culture won’t keep you happy in the long run.If you haven’t read the book&#8230;



Millennials weren’t born when Brooks’ classic first hit shelves in 1969. (Heck, their parents were barely out of grade school.) But every young and driven person should read “Business Adventures” if they want to deepen their expertise, excel in their ever-evolving careers and thrive in life.



This article was first published by CNBC <a href="https://www.cnbc.com/2019/04/11/why-billionaires-warren-buffett-and-bill-gates-agree-this-is-the-best-business-book-of-all-time.html">https://www.cnbc.com/2019/04/11/why-billionaires-warren-buffett-and-bill-gates-agree-this-is-the-best-business-book-of-all-time.html</a> and is republished with its permission.

Billionaires Warren Buffett and Bill Gates agree this 1969 classic is still the best business book of all time—here’s why

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<a class="inline_asset" title="http://www.cnbc.com/2017/02/02/billionaire-warren-buffett-discusses-the-book-that-changed-his-life.html" href="http://www.cnbc.com/2017/02/02/billionaire-warren-buffett-discusses-the-book-that-changed-his-life.html" target="_self">Warren Buffett&#8217;s</a> enormous wealth is only matched by his <a class="inline_asset" href="https://www.forbes.com/sites/schifrin/2015/10/04/not-for-investors-only-top-10-nuggets-of-buffett-wisdom-for-life-success/#5ec784b83971" target="_blank">incredibly valuable wisdom</a>. So when the Oracle of Omaha says he has a simple rule to improve your life financially and personally, you should pay attention.
In a lecture to USC Business School students, Warren Buffett&#8217;s right-hand man, Charlie Munger, <a class="inline_asset" href="https://www.farnamstreetblog.com/a-lesson-on-worldly-wisdom/" target="_blank">revealed a strategy</a> that Buffett has used time and again to build success.
More from Elle Kaplan: 
<a class="inline_asset" title="https://medium.com/the-mission/these-writing-hacks-from-stephen-king-will-immediately-improve-your-success-c8456b192cd4#.atftmsqi0" href="https://medium.com/the-mission/these-writing-hacks-from-stephen-king-will-immediately-improve-your-success-c8456b192cd4#.atftmsqi0" target="_blank">How to Become an Insanely Good Writer, According to Stephen King 
</a><a class="inline_asset" title="https://medium.com/the-mission/how-to-crush-your-goals-in-2017-according-to-harvard-psychologists-1e82beb80677#.bvdporw45" href="https://medium.com/the-mission/how-to-crush-your-goals-in-2017-according-to-harvard-psychologists-1e82beb80677#.bvdporw45" target="_blank">How to Crush Your Goals in 2017, According to Harvard Research 
</a><a class="inline_asset" href="https://medium.com/the-mission/how-to-create-a-brand-new-chapter-in-your-life-starting-today-8aabcb0d9007#.z93ruy32f" target="_blank">How to Create a Brand New Chapter in Your Life — Starting Today</a>
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Warren Buffet preaches that he could:
&#8220;Improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches — representing all the investments that you got to make in a lifetime.&#8221;
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Once you punched through the card, you couldn&#8217;t make any more investments at all
Buffett said that, &#8220;under those rules, you&#8217;d really think carefully about what you did and you&#8217;d be forced to load up on what you&#8217;d really thought about. So you&#8217;d do so much better.&#8221;
In a nutshell: We&#8217;re tempted to take advantage of every opportunity possible (especially when it comes to money), but our opportunities are actually incredibly finite. As I&#8217;ll explain, by narrowing down these opportunities beforehand, you can focus on the successful ones with your limited resources, instead of jumping at every opportunity that presents itself.
This &#8217;20-Slot-Rule&#8217; is a concept that doesn&#8217;t just speak to making smart investments, however. It also applies to all areas of life and business that require our decisions to be well informed and incredibly selective.
Without further ado, here are some simple tips for following Buffett&#8217;s &#8217;20-Slot Rule&#8217; to improve your life:
Use the rule to find your true motivation
Warren Buffett may be the savviest investor on earth, but even he knows there are certain tasks beyond his realm. In 2013, <a class="inline_asset" href="http://piersmorgan.blogs.cnn.com/2013/10/22/warren-buffett-on-cell-phones-email-and-material-goods/" target="_blank">he told talk show host Piers Morgan</a> that he has sent exactly one email in his entire life, and the <a class="inline_asset" href="http://www.berkshirehathaway.com/" target="_blank">Berkshire Hathaway website</a> itself makes <a class="inline_asset" href="http://www.myspace.com/" target="_blank">Myspace.com</a> look like the internet&#8217;s Mona Lisa.
Does the Oracle of Omaha have the intelligence that it would take to learn how to update the web page and turn it into something snazzier? Of course. Is it worth his time? Definitely not.
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<a class="" href="http://video.cnbc.com/gallery/?video=3000589121" data-videoid="3000589121" data-videotype=""><img loading="lazy" decoding="async" title="Warren Buffett made $53,000 by age 17" src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/01/31/104251946-makeit_warren_buffett_first_jobs2_mezz.600x400.jpg?v=1485878732" alt="Warren Buffett made $53,000 by age 17 " width="600" height="400" /></a>
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If you have a finite amount of skills, goals, or business opportunities you can cash in on within your life, that means being incredibly choosy.
So focus on what you do best — your <a class="inline_asset" href="https://medium.com/the-mission/86-400-193e4866d62c#.lidql7lh8" target="_blank">Genius Zone</a>. If you don&#8217;t have that yet, spend some time figuring out what you bring to the table better than anyone else. It&#8217;s worth the investment to find what you do effortlessly and gravitate towards.
Use the rule to make yourself wealthier
<a class="inline_asset" title="http://www.cnbc.com/2017/01/30/warren-buffetts-breakfast-never-costs-more-than-317.html" href="http://www.cnbc.com/2017/01/30/warren-buffetts-breakfast-never-costs-more-than-317.html" target="_self">Unlike Buffett</a>, our wealth is relatively limited. But when you start thinking of your wealth in terms of &#8220;slots,&#8221; you can direct it towards what really matters and stretch it a lot further. For instance, is your excess budget being punched in the &#8220;$4 latte&#8221; slot every day, or towards a future business or investment account?
The truly wealthy, like <a class="inline_asset" title="http://www.cnbc.com/2017/02/07/warren-buffett-and-sheryl-sandberg-agree-on-most-important-decision.html" href="http://www.cnbc.com/2017/02/07/warren-buffett-and-sheryl-sandberg-agree-on-most-important-decision.html" target="_self">Buffett</a>, got that way because they&#8217;re able to think about each dollar and investment carefully through a long-term lens. They know that investing in future endeavors is the ultimate luxury in life, and they&#8217;re able to see the long-term value of each dollar in their wallet (or purse).
You don&#8217;t have to <a class="inline_asset" title="http://www.cnbc.com/2017/02/14/how-one-woman-saved-24000-in-one-year-by-not-buying-anything.html" href="http://www.cnbc.com/2017/02/14/how-one-woman-saved-24000-in-one-year-by-not-buying-anything.html" target="_self">live the frugal life of a monk</a>, but the next time you get a tax return or have some extra money because you just got a raise, carefully consider which &#8220;slot&#8221; to use.
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<div class="caption">Warren Buffett attends the &#8216;Becoming Warren Buffett&#8217; World Premiere at The Museum of Modern Art on January 19, 2017</div>
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Use the rule to become incredibly productive
Buffett&#8217;s rule refers to much more than our money — for instance, one of the most frequently used phrases in job listings is &#8220;multitask.&#8221; It&#8217;s something most of us (including yours truly) wind up doing during a hectic workday.
But it&#8217;s been <a class="inline_asset" href="http://news.stanford.edu/2009/08/24/multitask-research-study-082409/" target="_blank">scientifically</a> proven that doing a million things at once trains our brain to become easily distracted, and it even takes up to four times longer to process new information that way.
Instead, you should treat your task list like a punch card. Realize you can only take on X number of tasks every day, and think carefully about which ones you want to give your full, laser-focused attention to. By prioritizing, you&#8217;ll have intense focus on each project rather than sloppily attempting to tackle everything at once.
When you have a clear motivation, how you work and why you work will drastically transform, and — most importantly — you&#8217;ll feel happy and passionate about what you do.
<a class="inline_asset" title="https://medium.com/the-mission/why-warren-buffetts-20-slot-rule-will-make-you-insanely-successful-and-productive-252a3745a5bf#.6nvrnl5vp" href="https://medium.com/the-mission/why-warren-buffetts-20-slot-rule-will-make-you-insanely-successful-and-productive-252a3745a5bf#.6nvrnl5vp" target="_self">This piece originally appeared on Medium.</a>
<a class="inline_asset" title="https://twitter.com/ellekaplan" href="https://twitter.com/ellekaplan" target="_self">Elle Kaplan</a> is the Founder and CEO of <a class="inline_asset" title="http://www.lexioncapital.com/" href="http://www.lexioncapital.com/" target="_blank">LexION Capital</a>, a fiduciary wealth management firm in New York City serving high-net-worth individuals. She is also the Chief Investment Officer and Portfolio Manager at <a class="inline_asset" title="http://www.lexionalpha.com/" href="http://www.lexionalpha.com/" target="_blank">LexION Alpha</a>, her systematic hedge fund that will soon be open to new investments. It is one of the only women-owned and -run hedge funds in the nation.
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Why Warren Buffett’s ‘20-Slot Rule’ will make you insanely successful and wealthy

Billionaire investor <a href="http://www.cnbc.com/warren-buffett/" target="_self">Warren Buffett</a> told CNBC on Monday he would judge President <a href="http://www.cnbc.com/donald-trump/" target="_self">Donald Trump</a> after four years, first and foremost, by how safe the U.S. has been kept.
&#8220;That is the No. 1 of the chief executive of the United States,&#8221; he said. &#8220;And that&#8217;s not an easy job.&#8221;
Buffett said on <a href="http://www.cnbc.com/squawk-box-us/" target="_self">&#8220;Squawk Box&#8221;</a> his top concern is how to prevent rogue nations from getting weapons of mass destruction, and he singled out <a href="http://www.cnbc.com/north-korea/" target="_self">North Korea</a> as a specific threat.
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The health of the economy at the end of four years is a second yardstick by which Buffett said he&#8217;d evaluate the Republican Trump administration.
&#8220;And then third, I&#8217;ll judge him on if the economy does well, which I expected it to do, how wide the participation in a better economy extends.&#8221;
The chairman and CEO of <a href="http://data.cnbc.com/quotes/BRK.A" target="_self" class="inline_quotes" data-gdsid="11916" data-inline-quote-symbol="BRK.A">Berkshire Hathaway</a>, who had supported Democrat <a href="http://www.cnbc.com/hillary-clinton/" target="_self">Hillary Clinton</a> for president, said he would have judged her by the same three standards.
Reminding investors of his past statements, Buffett pointed out that he said the U.S. economy would be fine under Clinton or Trump.
To that end, Buffett told CNBC Monday that mixing politics and investment strategies would be a &#8220;big mistake.&#8221;
&#8220;Probably half the time [in] my adult life, I&#8217;ve had a president other than the one I voted for,&#8221; he said. &#8220;But that&#8217;s never taken me out of stocks.&#8221;
Concerning Trump&#8217;s cabinet picks, Buffett praised Secretary of State <a href="http://www.cnbc.com/rex-tillerson/" target="_self">Rex Tillerson</a>, former chairman and CEO of <a href="http://data.cnbc.com/quotes/XOM" target="_self" class="inline_quotes" data-gdsid="37135" data-inline-quote-symbol="XOM">Exxon</a>, as &#8220;the kind of person&#8221; he would have chosen.
&#8220;Tillerson makes a lot of sense,&#8221; he said. &#8220;Tillerson is going to be working for the United States in that job.&#8221;
&#8220;I don&#8217;t worry at all about whether somebody comes from the oil industry or if they have a lot of money,&#8221; Buffett said.﻿

Warren Buffett

Billionaire Warren Buffett wants young people to know: Ignoring this is like ‘leaving a car out in hailstorms’

Billionaires Warren Buffett and Bill Gates agree this 1969 classic is still the best business book of all time—here’s why

Why Warren Buffett’s ‘20-Slot Rule’ will make you insanely successful and wealthy

Billionaire Warren Buffett on how he'll judge Trump

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Warren Buffett

Billionaire Warren Buffett wants young people to know: Ignoring this is like ‘leaving a car out in hailstorms’

Billionaires Warren Buffett and Bill Gates agree this 1969 classic is still the best business book of all time—here’s why

Why Warren Buffett’s ‘20-Slot Rule’ will make you insanely successful and wealthy

Billionaire Warren Buffett on how he'll judge Trump

News Tips

Advertise With Us

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