Warren Buffett is the man. Any self-respecting investor know of him. Most will quote him. The “Oracle of Omaha” has a net worth of $100 billion as of June 2022 but you wouldn’t know it. Warren Buffett lives a humble life, drives a normal car and enjoys drinking coke. He has had McDonalds for breakfast everyday for the past 5 decades. Buffett is widely considered the most successful investor of our lifetime. In the age of inflation and daily doomsday scenarios, what does Warren Buffet recommend as your next investment? No, not tech stocks or commodities. The answer is invest in yourself.
What Is so Good About Warren Buffett
Warren Buffett was a young entrepreneur. At the age of 7 he was inspired by the book One Thousand Ways to Make $1000. He started many business ventures, from selling chewing gum to owning pinball machines. At the age of 14 he bought a 40-acre farm with his own money. He was a millionaire by 30. He eventually took control of a textile manufacturing company called Berkshire Hathaway and with it, he started to acquire stock.
Buffett became a billionaire when Berkshire Hathaway began selling class A shares in 1990. The life and business deals of Buffett are fascinating. His investing methodology and insights are legendary. As the chairman and CEO of Berkshire Hathaway, with Charlie Munger as his vice-chairman, continued his success. Buffett is still as sharp and highly respected, even loved. This is because of his ability to think, teach and turn a phrase about his favorite topic. Business.
What We Can Learn from The Warren Buffett Quote
In times of inflation, investors chase stocks or hedges to protect themselves. Buffett has a better idea. He often repeats his long held advice in life. The best investment is investing in yourself. Beat inflation by being the best in a specific field, sharpen your skills as “skills, unlike currency, are inflation-proof.”
Buffett is living proof, where he was petrified of public speaking and famously completed a Dale Carnegie public speaking course for $100. Buffett knew he had to invest in himself to communicate effectively. And this had the biggest impact in terms of his subsequent success. His Berkshire Hathaway Shareholder meetings are more than simple share update for his holders. It’s Christmas for business types, hosted by Buffett, doling out his witticisms. Investors and spectators alike, hang on his every word. For a 91 year old, Buffett has charisma and star power and it’s a wonderful thing to see.
At the 2022 latest Berkshire Hathaway Shareholders meeting, Buffett discussed inflation and again, he raised his common theme of what is the best hedge against it. Developing yourself. Specifically, communication and the ability to write and speak clearly is high on the Buffett self-development list. Any new skill or ability is available for use in the future. Any new skill is better than no new skills. To be like Buffett, you have to keep working and keep investing… in yourself.
Key Takeaway
Buffett doesn’t want you to focus on external forces you can’t control like inflation or recessions. Focus on what you can control, your education and therefore, your destiny. Keep investing in yourself, boost your ability to earn and don’t worry about inflation. If currencies are devalued and you remain stagnant, then that’s a problem. Invest in yourself, let that investment compound and your best investment will always be yourself.
Whatever abilities you have can’t be taken away from you. They can’t actually be inflated away from you… The best investment by far is anything that develops yourself, and it’s not taxed at all.
Warren Buffett
What Next
If you follow Warren Buffett’s advice, I suggest reading a public speaking book by Dale Carnegie. These are based on his public speaking courses. There is The quick and easy way to effective speaking or How to develop self confidence and improve public speaking
