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Warren Buffett’s 1999 recommendation on the right way to make investments $ 10,000

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If you want to get as rich as Warren Buffett, don’t wait to get started. That’s the advice the investing titan shared at Berkshire Hathaway’s 1999 annual general meeting when asked how he could make $ 30 billion, roughly the same as his net worth at the time.

Buffett, then 68 – whose fortune has now grown to more than $ 100 billion – said compound interest was an investor’s best friend, likening accumulating wealth through interest to rolling a snowball down a hill.

“Start early,” said Buffett. “I started building this little snowball on top of a very long hill. The trick of having a very long hill is either to start very young or to get very old.”

The Omaha Oracle said that if he graduated college in 1999 and could invest $ 10,000, he would be strategic in choosing his money. “I would probably focus on smaller companies because I would be working with smaller sums of money and the likelihood is that something in this arena will be overlooked,” Buffett explained, saying he would start examining companies alphabetically and moving from there to continue working.

Investors, Buffett explained, have to rely on themselves to find good companies to invest in, and rely “very forcefully” on their own knowledge and intuition whenever they see something they consider a good opportunity.

“You can’t look around for people who agree with you,” Buffett said as he put money into an investment. “You can’t look around for people who even know what you’re talking about.”

However, Buffett is also a staunch advocate of index funds that keep every stock in an index and automatically diversify it. To build wealth, investors should “consistently buy a low-cost S&P 500 index fund,” Buffett said in 2017. “Keep buying it through thick and thin, and especially thin.”

Still, Buffett said it was unnecessary to make $ 30 billion and recently said the size of his fortune was “incomprehensible”.

“The money makes very little difference at a moderate level,” he said.

He continued, “If you asked me to trade a very significant percentage of my net worth for either a few extra years of my life or to be able to do what I want to do during those years, I would do it in a second. “

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