In a conversation with a young tech entrepreneur, Warren Buffett has given a tip to all young people on how to increase their worth by at least 50 percent.
The Warren Buffett‘s wealth tip directed at young people is now public information. Buffett is currently the fourth wealthiest person in the world, with an estimated net worth of about $85 billion. The investor and philanthropist who is also the chairman and CEO of Berkshire Hathaway is one of the most sought after personalities in the world, as people are always looking to get some knowledge and insight from him. One person, Michael Hood, was able to do just that.
Hood is the co-founder of Voiceflow, a start-up based in Toronto that allows people to create and launch skills compatible with Amazon’s Alexa virtual assistant and the Amazon Echo smart speaker, without any coding knowledge. In a recent video Hood posted on LinkedIn, Buffett said:
“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.”
The advice was in response to a question posed to the billionaire by Hood as they made their way on Saturday, to the Canadian Walk of Fame Inductee Gala. The young founder got the chance to escort Buffett around for a day and described it as “a once in a lifetime opportunity.” Hood asked of Buffett:
“What is one tip? So you are talking to people that are 21, 22, just graduating school. What is one tip that you can give them?”
After advising that communication is key, Buffett further explains how important the tip is.
“If you can’t communicate, it’s like winking at a girl in the dark – nothing happens. You can have all the brainpower in the world, but you have to be able to transmit it… And the transmission is communication.”
Buffett’s important advice is a lot easier to understand when his history is considered. In a BBC video posted on YouTube back in 2009, Buffett said communication was difficult for him, suggesting that getting over that hurdle was one step in the direction that got him where he is today. In the video, Buffett said:
“I was terrified of public speaking when I was in high school and college. I couldn’t do it. I mean I would throw up and everything.
British business magnate and Virgin Group founder Richard Branson in a post back in 2016, also iterated the fact that successful entrepreneurs have to be able to communicate properly and convincingly. Branson wrote:
“..I have been fascinated by the intersection between storytelling and entrepreneurship. I realized very early on that the entrepreneurs who make a difference know how to relate to and interact with other people.”
Branson, however, added that communication has to be authentic and sincere to make the desired impact:
“People can see straight through storytelling that is false, staged or cynical. It has to come from the heart, not just the head.”
Buffett also spoke about taking a Dale Carnegie public speaking course years ago, to improve his ability to speak. He suggested that the diploma from the school is more important than his college diploma “because it changed my life.”