Warren Buffett, often referred to as the “Oracle of Omaha,” today has a net worth of $137 billion. If that doesn't instill some inspiration in you, then his journey from delivering newspapers to being a billionaire investor sure will.
Born on Aug. 30, 1930, in Omaha, Nebraska, Buffett made his first investment at the age of just 11. He bought three shares of Cities Service Preferred for himself and three for his sister.
However, it was his job as a newspaper carrier that laid the foundation for his entrepreneurial spirit. At the age of 13, he delivered copies of The Washington Post in Washington, D.C. — a newspaper he is now frequently featured on.
The budding entrepreneur at the time turned this task into a personal competition. He used to wake up at 4:30 each morning, even during holidays, and deliver newspapers all the while trying to improve his efficiency across his five-building route.
Buffett also devised strategies to track when magazine subscriptions at the houses along his route were expiring and offered new subscriptions, along with calendars, as additional services.
At the age of 14, he filed his first tax return, claiming a $35 deduction for his watch and bicycle used for his paper route.
By the time he was 15, Buffett had earned $2,000 from his newspaper deliveries. He invested $1,200 of that money in a 40-acre farm, entering into a profit-sharing agreement with a farmer in Nebraska.
Buffett’s entrepreneurial spirit didn’t stop at newspaper delivery. By the time he was a teenager, he had several ventures under his belt. He sold chewing gum and Coca-Cola bottles.
He also invested in a pinball machine business, placing machines in barbershops and splitting the profits with the shop owners.
In Buffett's high school yearbook, under his photo, it reads, “likes math; future stockbroker.” The Oracle of Omaha also earned his B.S. in Economics from the University of Nebraska–Lincoln at the age of just 19.
In 1962, Buffett began purchasing shares in a struggling textile manufacturing firm called Berkshire Hathaway. By 1965, he had taken control of the company, which he eventually transformed into a diversified holding company.
Notoriously frugal, Buffett maintains a daily routine of eating a modest McDonald's breakfast and continues to reside in the same Omaha home he purchased for $31,500 in 1958.
He achieved his first million dollars in 1962 at the age of 32 and reached billionaire status by 1985.
Known for his patience, often holding onto investments for decades, Buffett's famous quote, “Our favorite holding period is forever,” sums up his long-term approach to investing.
In 2006, Buffett pledged to give away the majority of his wealth to charitable causes, primarily through the Bill & Melinda Gates Foundation.
This happened two years after his first wife Susan Buffett's death. She played a crucial role in shaping the billionaire's approach to philanthropy.
He also co-founded The Giving Pledge with Gates, encouraging other billionaires to commit a significant portion of their wealth to charitable causes.
Image via Shutterstock
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
