Warren Edward Buffett is a business magnate, investor, and philanthropist from the United States. He currently serves as Berkshire Hathaway’s chairman and CEO. He is one of the world’s most successful investors, with a net worth of more than $98 billion as of July 2022, making him the world’s eighth-wealthiest person.
Warren Buffet, whose net worth is currently around $100 billion, did not reach $1 billion until he was in his 50s.
What was Warren Buffett’s First Stock Purchase?
Born in Omaha, Nebraska, in 1930. Buffett is the second of Howard and Leila Buffett’s three children. Howard Buffett, Buffett’s father, was an investment broker and a four-term Republican congressman who relocated the family to Washington, DC, in 1943.
First stock purchase, 1942: When he was 11 years old, Buffett began a lifetime of investing by purchasing his first stock. At around $38 per share, the future billionaire purchased three shares of oil company Cities Service. Buffett eventually sold the store for $40 per share, making a $2 profit per share, but he learned a valuable lesson in patience when the price later skyrocketed to $200 per share.
Buffett’s advice to investors is; don’t watch the market closely.
The money is made in investments by investing, and by owning good companies for long periods of time. If they buy good companies, buy them over time, they’re going to do fine 10, 20, 30 years from now.Warren Buffett, Investor and Philanthropist
Warren Buffet’s Childhood Hustles
Buffett was a business-savvy kid looking to get a head start on amassing an impressive net worth long before he became the Oracle of Omaha. Buffett began selling chewing gum to his neighbors when he was only six years old. Juicy Fruit, Spearmint, and Doublemint cost a nickel per pack of five sticks, and even sold Coca-Cola bottles door to door during the summer.
Buffett, then 13, took a job delivering The Washington Post after his family relocated to Washington, D.C. I awoke at 4:30 a.m. Buffett sold new magazine subscriptions on the side every morning and challenged himself to make his deliveries faster than before. Buffett invested $1,200 in a 40-acre Nebraska farm at age 15 after earning $2,000 delivering newspapers.
Buffett made money during his adolescence by selling stamps and using golf balls. He collaborated with a friend on a business venture in which they purchased pinball machines, installed them in local barbershops, and built a small empire out of it.
Buffett’s entrepreneurial childhood earned him approximately $5,000 in savings, equivalent to roughly $53,000 today, before age 20. (Source: CNBC)
When Did Warren Buffet Get His First Million?
After two years of working for his mentor, Graham’s, an investment firm in New York, Buffett returned to Omaha and founded his investment firm, Buffett Partnership. Buffett founded the company with $100 of his own money and approximately $105,000 from seven investors, including his sister, Doris, and aunt Alice, as well as his father-in-law.
Throughout the early 1960s, Buffett formed additional partnerships with investors. By 1962, he had increased the assets of his investors to a total of $7.2 million, with his stake worth more than $1 million, which included his fees for the partnerships’ gains. (Source: CNBC)
Image from Inc