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Warren Buffett’s gifts changed from $10,000 in hundred-dollar bills to each of his relatives to $10,000 in stock. Let’s admit that here is rather good at making presents.
Warren Buffett, an American business magnate, is well-known for his successful investments and vast fortune, has started thinking of gifts for his family amid the upcoming holidays. Being an investment guru, Buffet stays true to his strategic principles when it comes to presents. Warren Buffett’s gifts are well-thought-out.
As Buffett’s former daughter-in-law Mary has said, the billionaire used to always give $10,000 in hundred-dollar bills to each of his relatives previously. Then, he started giving $10,000 in stock instead.
Mary provided an example:
“Once, there was an envelope with a letter from him. Instead of cash, he’d given us $10,000 worth of shares in a company he’d recently bought, a trust Coca-Cola had.”
As ThinkAdvisor reported earlier, “Oracle of Omaha” (how many call Buffett) said each family member could choose between either cashing in the shares or keeping them.
Mary Buffett said:
“I thought, “Well, [this stock] is worth more than $10,000. So I kept it, and it kept going up. Then, every year when he’d give us stock — Wells Fargo being one of them — I would just buy more of it because I knew it was going to go up.”
Warren Buffett’s gifts can give a good start for those who receive them. The billionaire seems to care a lot about his family and wants them to learn to use money wisely.
Secrets of Warren Buffett’s Success
Warren Edward Buffett is one of the richest investors in the world whose fortune made up US$82 billion in July 2019. Being the third-wealthiest person in the world, Buffett runs Berkshire Hathaway, a multinational conglomerate holding company. It wholly owns GEICO, Duracell, Dairy Queen, BNSF, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Pampered Chef, and NetJets.
Many wonder what is the secret of Warren Buffett’s success. The billionaire first bought a stock at age 11 and first filed taxes at age 13. At the age of 31, he earned his first million. Since then, his income is continuously growing.
The entrepreneur does not only wisely invests his money. Besides, Buffett gives a lot to charity. Between 2006 and 2017, Buffett has given away close to $28 billion.
One of our recent reports was devoted to Warren Buffett. There, we gave a tip provided by the billionaire in a conversation with a young tech entrepreneur. Warren Buffett advised how young entrepreneurs may increase their worth by at least 50 percent.
“The one easy way to become worth 50 per cent more than you are now – at least – is to hone your communications skills – both written and verbal.”
Mary Buffett who has observed the way of Buffett’s working for years noted:
“The biggest part was watching his discipline and patience and not doing things quickly. He’d conduct research and understand the people who were running a company. All of that mattered so much to his success.”
Warren Buffett is the one young investors should learn from. Following his recommendations and using money wisely, it is possible to quickly double one’s fortune.