How To Pack A Snowball
Warren Buffett was a money vacuum. He lived his financial life by these three simple rules:
Rule number one, don’t lose money. Rule number two, don’t forget rule number one. Rule number three, don’t go into debt.The Snowball, pg. 543
The following table, (as derived from Alice Shroeder’s Book, ‘The Snowball’), gives some indication of how early in Buffett’s life he started amassing the staggering $86 Billion fortune he has today.
|Age||Year||Dollar Amount||Today's Value|
So how did Warren Buffett make all of this money starting at such a young age?
Basically, he collected cash and invested it in stocks, and/or entire businesses, did a little arbitrage while also understanding, and leveraging, the power of compounding interest over the long-term. Easy-peasy.
To learn more about what I’ve learned from reading about Warren Buffet, have a listen to our podcast. You might also consider getting your own copy up Alice Shroeder’s book, ‘The Snowball’, and give it a read yourself. It’s well worth your time investment (the book, that is, not the podcast…).
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