I was watching a youtube video of Warren Buffett at a Nebraska Youth Forum, which can be seen here. In it, he made several great quotable remarks.
The Nebraska Forum for Nebraska Students (1999)
Warren Buffett Berkshire Hathaway Chairman & CEO
Place behavior/habits in terms of two columns
virtues and liabilities:
let your child learn which ones they should be, to determine their behaviors early in life.
Allow them to choose, as you go over them and explain them, they decide, and then they begin to practice them over and over until they master them.
top three virtues according to Warren Buffett
“avoid credit cards” (Buffett) – unless you know how to budget (Dybowski).
“It generally pays well to go with what you love.” (Buffett)
Avoid terrible “habits”, which can be a drain on your money and create areas of future concern.
“I won the lottery the day I was born in this country” [the United States] (Buffett).
What are the best ways for the youth now to get started at securing their financial future?
“It’s not very complicated, it goes back to getting full use out of your own talents first. I mean the difference between whether you are going to be earning x or two-x or three-x per year 20 years from now is going to be how well you use the talent you already have. Your best financial future is your own ability and your capacity to use those abilities to their potential, and that can’t be taken away from you. You can’t even tax it.”
The government can tax everything gaining more and more control over your revenue stream… but “they cannot tax what is in your head.”
What is the biggest economic problem facing the youth today going into the future?
The “Oracle of Omaha” replied:
Yah I don’t think you are going to have enormous economic problems, I think you will live in a society where the average person lives better by a significant margin than the average one of a generation or two earlier that’s been the history of this country, it’s a marvelous country that way.”
Is America on the come back? Did America suffer economic collapse in 2006-2008?
Can we turn this big ship around and right ourselves? I believe we can, and furthermore, I believe we can fix our own lives first, and the collective will naturally follow. We should stop giving in to despair. If we let evil and despair win, then the terrorists win.