Everyone should heed Warren Buffett's advice for a successful life without regrets.
Warren Buffett, also known as the Oracle of Omaha, attracts thousands of investors each year to Nebraska for his annual Berkshire Hathaway company meeting, and his remarks are watched, listened to, and read by millions worldwide.
Anyone seeking to earn money is naturally drawn to Buffett's counsel. With an estimated net worth of over $120 billion, he must be doing something right.
Buffett's followers seek not only financial wisdom but also general advice on how to improve their lives. Recently, his answers have focused on the theme of mortality, inspired by the passing of his friend and business partner Charlie Munger and his own advancing age.
Buffett attributes much of his and Berkshire's success to avoiding major mistakes. At the 2023 shareholder meeting, his best advice for doing that was to "write your obituary and try to live up to it."
Here's how he says to do it.
Imagine your obituary and work backward
At the 2024 meeting, Buffett reintroduced the obituary concept in response to a shareholder's question about what advice he would like to share that everyone should hear.
He explained that his approach to achieving success involves selecting the appropriate "educational paths" and "social paths" to reach your desired destination.
Buffett stated that contemporary America presents the greatest opportunity in world history for achieving one's dreams.
"He stated, "You're entering the greatest world that has ever existed, and you desire to discover individuals who share your passion and activities that align with your interests. If you're fortunate like Charlie and I were, you'll discover things that fascinate you early on. However, if you don't find them immediately, you'll continue searching.""
That may require some trial and error, Buffett acknowledged.
"When searching for a job, aim for one that you would enjoy doing even if it wasn't necessary. You may discover it early on or go through different experiences, but always remember your ultimate goal."
Figure out a way to start meeting your important people now
Buffett believes that surrounding oneself with the right people is crucial to achieving success. In his opinion, "marrying the person who can help you achieve your goals" is the key to a fulfilling life.
In addition to romantic relationships, nonromantic and working relationships are also important. During this year's meeting, Buffett was asked about what he would do if he had an extra day with his right-hand man Munger.
"In essence, I had an extra day. Although it wasn't a complete day, we were content with our daily activities," he stated.
Buffett and Munger enjoyed playing golf and tennis together, but what truly mattered was their successful partnership in business, which would remain unchanged regardless of whether they had one more day or one fewer.
Buffett advised his investors to seek out their own Munger.
"Buffett advised, "Instead of waiting until the end of your life to determine who you'd like to spend it with, figure out how to meet them tomorrow and make it a priority. Don't waste time with others.""
Measure success by the number of people who love you
Buffett's obituaries will detail his construction of Berkshire Hathaway and his immense fortune, but those aren't the parts he would likely care about.
At a 2001 presentation at the University of Georgia, he stated that near the end of life, the only true measure of success is the number of people who actually love you.
"Buffett stated that he knows individuals who possess a significant amount of wealth, yet they receive testimonial dinners and hospital wings named after them. However, he emphasized that no one in the world truly loves them. In his opinion, if an individual reaches old age and is not well-regarded, regardless of their wealth, their life is a failure."
"Being kind can help you avoid loneliness in old age, according to Buffett," he said at his 2023 shareholder meeting.
To build loving relationships, you must be a loving person, according to Buffett.
"The only way to obtain love is by being lovable. It is frustrating when you have a substantial amount of money. You may believe that you can purchase love with a check: "I'll buy a million dollars' worth of love," he joked in 2001. However, this approach does not work. The more love you give away, the more you receive in return."
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