The incredible life and career of Warren Buffett, the billionaire every investor looks to for inspiration
Warren Buffett isn't your typical billionaire.
The so-called Sage of Omaha, who turns 87 on Wednesday August 30, has a net worth of more than $75 billion, but lives a modest lifestyle.
Buffett still lives in the house he bought in 1957 for $31,000, forgoes private jets for public transportation, and plays bridge instead of throwing parties.
And it is that juxtaposition of vast wealth and a desire to live simply that has captured the awe of people around the world.
His lifestyle was recently showcased in the HBO documentary "Becoming Warren Buffett."
Following are interesting things we've gleaned from the billionaire's eventful, 87-year-long life.
The "Oracle of Omaha" was born in 1930 in Omaha, Nebraska, to Howard and Leila Buffett. His father was four-term US congressman from Nebraska and a stockbroker.
Myfirstclasslife.com
Source: Investopedia
While most kids were playing stickball out in the street, Buffett was rubbing elbows with Wall Street's most powerful players.
Thomson Reuters
At age 10, Buffett had his "road to Damascus" moment, on Wall Street.
During a visit to New York City, Buffett and his father joined At Mol, a Dutchman who was a member of the New York Stock Exchange, for lunch.
"After lunch, a guy came along with a tray that had all these different kinds of tobacco leaves on it," Buffett recalled. "He made a cigar for Mr. Mol, who picked out the leaves he wanted. And I thought, this is it. It can't get any better than this. A custom-made cigar."
It was at that moment Buffett realized he would dedicate his life to making money.
Source: Business Insider
Buffett caught the investing bug early. When he was 11 years old he purchased his first stock.
Reuters
He bought three shares of Cities Services Preferred at $38 per share. The young Buffett held on to them despite a quick price drop, to $27 per share, but sold them as soon as they reached $40.
Buffett's small profit could have been tremendous if he had waited it out a little longer, as the price of Cities Services Preferred's stock ultimately soared to nearly $200 per share.
The experience imparted an important financial lesson, which has informed his investment decisions to this day: Buy and hold.
Source: Biography.com
See the rest of the story at Business Insider
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