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Friday, December 21, 2018

– Two Life Changing Books That Changed the Life of Warren Buffett

– Two Life Changing Books That Changed the Life of Warren Buffett
Two Life Changing Books  

Warren Buffett is perhaps the most successful capitalist. He gives credit of his success to the book “One Thousand Ways to make $1000”. The book was published in 1936 and he hung over this book in the library when he was just 7. This book provided him the courage to start a career.

According to Warren Buffett, this book is his most favorite. When the profile of Warren Buffer was published in “Fortune” around 30 years back, he told that he had almost learned this book by heart. The author of this book is Mr. F.C. Minaker. 

The experts have derived some lessons from this most favorite book of Warren Buffett. Let’s know the lessons that can become the guidelines for getting success for the new generation.

Do it today, not tomorrow

This book is full of examples of those people, who have expertise in earning money.  This book is from the thirties, which means that a good number of such people were existent at that time also, who were earning $1000 based on their abilities and skills.

There is a story of one successful person and then another and then another. There is a long list of such success stories in the book that influences the reader.  

A story of a person who founded a company “Hires Root Beer”, the story of J.C. Penny, the story of the widow of New York, who stood the “Coffee Empire” from her last $30. Then the story of a person, who started his tire repairing work by the roadside etc. 

Besides, having influenced from this book, the Buffett learned this additional lesson from the book that by investing at a small age will continue increasing his profits.

Do what you know

Warren Buffett also learned from this book that you should invest in a business that you know and understand. Whatever, examples of successful people that are given in this book, almost all of them started their businesses, they had some know-how about.

This is against the thinking that if you see anything missing in the market and you just start investing your time, energy, and money to launch that product or service, when you do not know anything about it.

In simple words, we can say that every entrepreneur is his own customer. Many people converted their hobbies they started in the backyard into millions of dollars business companies. 

There is no better time than now

In 1936, this book was written at the time when the American and International economy was at stake. The unemployment rate was at a peak of 20%.

However, at that time the people decided to do something instead of not doing something because of the economic crises. 

They took the crises as a reason to do something and got success. It means that just starts action now and do not find excuses.
Ordinary people can become extraordinary

The special thing about this book is that nobody was wealthy in all the stories mentioned in this book. 

Nobody was in the book that came out studying from Harvard or Yale universities. 

All of them were ordinary people, who were struggling hard to earn their livelihood in the economic crises.

On the other hand, the child reader of this book Warren Buffett was not the poor child. In fact, 2 years after reading this book, the father of Warren Buffett was chosen as a member of Congress and they shifted to Washington.

Every generation thinks that there are more difficulties for them

Though, the 1930s decade was really tough economically but the youth of every generation thinks their era is more difficult than the previous ones. If we accept this as a truth, even then the reality will remain intact that the world has never seen the economic crises of the 1930s again.

Therefore, if people can succeed in that era of great economic crisis then why don’t you in the present era? Ask this question from yourself once.

Second favorite book of Warren Buffett

Warren Buffett got a chance of reading book “The Intelligent Investor” written by the author Benjamin Graham at the age of 19. Afterward, Benjamin Graham became the hero and mentor of Warren Buffett.

Warren Buffett says that he has read this book six times again and again. He says that he is still acting on the investment philosophies and strategies described in this book.

The author of the book “Benjamin Graham” was the chairman of the “Government Employees Insurance Company (GEICO)” at that time. 

Buffett investigated that the headquarter of this company was in New York and the office of Benjamin Graham was also there. 

Without wasting another minute, Warren Buffett took a train and started his journey towards New York.

Warren Buffett says that the Saturday I reached New York, was the weekend holiday. Still, I knocked at the Company’s door. After a long time, the guard appeared and he let me in.

Buffett says that the guard had him met with the only person “Lorimer Davidson” who was present in the headquarter building. “There was no reason that Davidson should meet me but when I told him that I am the student of Graham, he accepted to meet me.“ Warren Buffett said.

Warren Buffett says that this meeting continued for around 4 hours and I asked him numerous questions about the Insurance industry during that time. 

He replied to my questions and taught me the insurance business and told me why the GEICO is dominant over other insurance companies. 

That noon changed my life forever. 


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