Front Porch Talk
This year at Berkshire Hathaway's Annual Shareholder meeting, Warren Buffett spent considerable time answering questions from young people around the globe. As I reflect back, this experience was similar to a Sunday afternoon with the older generation on the large front porch of a Forrest Gump-type of house without disruptions from technology. What were some of the nuggets of advice from the Oracle of Omaha for the next generation as they graduate and prepare to move on?
Good People
When I was about to leave my hometown, a dairy farmer friend told me “good people find good people no matter where you are in the world.” Buffett’s advice was to surround yourself with good people. They will provide you with direction and pathways in your life. There's an old saying that your net worth, both personal and financial, is tied to your network of relationships.
Buffett indicated that there would be teachers both inside and outside the classroom. The key inside the classroom is to narrow down the teachers who are passionate about the subject and challenge you to think critically. He stated that sometimes your most rigorous teachers, while despised at that particular moment, will be cherished and valued later in life.
Dream Job
You will not always find your dream job, employer, or situation out of the gate. Start somewhere, learn, adapt, and move forward to a more ideal situation. Deal with the world as it develops, be adaptable and nimble.
Our Trillion Dollar Dilemma
Warren Buffett indicated that the United States spends $1 trillion annually on K-12 education; however, our effectiveness is only 30 percent compared to many other countries in the world. This is similar to the healthcare system, which is bloated with layers of bureaucracy. Academic subject matter is designed to be evaluated on a standardized test score as opposed to being balanced with life skills development. Life skills gained from part-time employment, 4-H, FFA, MANRRS, and other youth programs can build self-esteem and teamwork and allow you to discover your passion for learning.
Work Ethic and Curiosity
Buffett stressed the value of cultivating a good work ethic, as demonstrated by showing up to work on time, following directions, attempting to get along with people, and being “in the moment” by getting off technology and interacting with people. He stated this would be a prized skill, particularly in a society that seems to be glued to technology.
Be curious and read! The average American reads one book a year. Outstanding performers will read four or more books or listen to audiobooks and are engaged and curious. In his youth, Buffett spent considerable time in the public library. He had two outstanding teachers in high school and college who spent considerable time with him and their commitment shaped his investment philosophy and approach to working with people.
More Pearls of Wisdom from the Oracle of Omaha
- Do you know how your business makes money?
- Introduce me to the most important person in the business: the frontline, not the C-suite.
- What did you learn from your biggest mistake?
- Commit to investing in yourself.
- Don't take a position on an issue unless you are prepared to argue against it.
All this is not bad advice from someone whose company has built over a trillion dollars in wealth! Yet despite that staggering success, he remains humble, thoughtful, and genuinely cares about people. Perhaps that's not a coincidence.