Warren Buffett's Life Advice Will Leave You SPEECHLESS (MUST WATCH)

I've said many times that that that if you get to be 65 or 70 and later and and the people that you want to have love you actually do love you you're a success I've never seen anybody that reaches that age I mean I'm not talking about somebody that's in extreme poverty or pain or something but never seen anybody that they have a lot of people that that love them that is other than happy and I've seen some very very wealthy people that they give testimonial ERS to and name schools after and everything they're nobody nobody loves them by far the best investment you can make it in yourself I mean that for example communication skills I tell the students that come that they're going to graduate schools and business and they they're learning all these complicated formulas and all that if they just learn to communicate and both in writing and in person they increase their value at least 50% I know I mean uh if you can't communicate somebody he says you know it's like winking at a girl in the dark nothing happens you know basically and and you have to be able to get get forth your ideas and uh and that's that's relatively easy I did it myself with the Dale Carnegie of course some people wish I'd take it a shorter course now in terms of My Talking later on but it it's just hugely important and you if you invest in yourself nobody can take it away from you I mean you and uh the second thing which I'll get a certain criticism for not living it but but I do tell the those students you know that if I gave you a car and it'll be the only car you get rest of your life you take care of it like you can't believe and scratch youd fix that moment you read the owner's manual you keep a garage and do all these things and you get exactly one mind or one and one body in this world and and you can't start taking care of it when you're 50 by that time you'll have rushed it out if you haven't done anything so you you should you should really make sure that you just remember that you just got one mind and body to get through life with and do the most of it well life advice is uh you know the most important thing uh aside from the things I've talked about is is really who you associate with you want to associate with people that are better than are I mean basically you'll go in the direction of the people that you associate with and and you want to have the right Heroes uh you want people if you want to emulate somebody you better pick very carefully who you want to emulate and uh and when obviously you can't pick your parents uh uh they're going to have an enormous influence on you but you don't get a choice on that but you get choices as you go down the line and you who you uh who you admire who you who who you want to copy and the most important for most people in terms of that decision is their spouse it's also important in terms of a partner in business but the partner in life is is the most important you you want to pick a spouse that's little better than you are and then he or she hope you hope they don't figure it out too fast now at 86 I mean I I've seen a lot of people that have gotten older and I've never seen anybody that is 70 or picking picking age who felt good about their children to tell bad about their life you know and in all my experience I've seen plenty of people with lots of money that where it hasn't worked out well in the family and they didn't feel good about their children and and well or the children didn't feel good about them you know I mean But whichever way I mean but it there was they failed at the most important teaching job they had in personal relationship and and sometimes it happens for extraneous reasons but but I would I really have never met anybody regardless of their economic circumstances who felt their life was a failure and I knew one fellow was extraordinarily Rich he put a lot of money in his kids' name he didn't didn't want them to have any control over once a year he would have dinner with them and try and get them to sign their income tax return in blank now just imagine that you know with in this case four kids none of them he wanted to have enough confidence in them or to have it it's just crazy I mean they he would woo them during this dinner and they knew exactly what was going on once a year and then you know and then he'd bribe them sort of to sign their income tax return in blind so he could file and they wouldn't know what they had I mean that when you have adult I've seen just time after time when people have been success I've seen plenty of the other too but but success is a business a failure and I don't think they feel like good of about life my most greatest satisfaction is just staying in good health when you're 86 I mean you look at this a little Li I enjoy every day the problem of trade H is that the benefits are diffused and invisible so you don't walk in and buy a pair of shoes or some underwear or anything and it says you just saved 12% because this was purchased somewh so 320 million people are Buy buying things the bananas come from they're buying things cheaper than they would otherwise but the the harmful effects taking somebody out of a job they've had for 25 years when they it's too late to retrain them everything they're very specific and terrible now what you want to figure out a way is to keep the societal benefits and take care of the people that that really are the you know they they're the roadkill basically in this and there will be roadkill I mean there's no sense kidding yourself I mean we have a text we started with a textile M of Burkshire half our workers only spoke Portuguese you know they worked in hot conditions loud conditions and they spent 20 or 25 years on looms when textiles moved elsewhere their lives economic lives were ruined and that is going to happen that is part of of of trade and the benefits you know somebody buys whatever textiles we were turning out you know handkerchiefs or anything they may buy a little cheaper and we've got to keep the trade benefits everybody us and them as a society it penalizes certain people terribly and we've got to take care of the people that are getting hurt because we've got the resources take care means what it means that somehow you have to have some kind of you got to have retraining and all that when that's feasible but but it isn't feasible when you only speak Portuguese and you're a New Bedford and you're 55 years old and you spent your whole life on a loom you've got to make sure that person has an income commen we can do it as a society and we don't want it we don't want to let the individual case prejudice against trade that benefits everybody but we also don't want to say because everybody's benefit you know to H with this guy and we're we can afford that and and we should do it and that's how we'll get a good trade [Music] policy overall in aggregate our society will be far richer 10 20 30 years ago and if you just take an aurate or children will live better the real question is is will it continue to leave lots of people behind and a specialized market system will leave people behind there there is if somebody is however they want to measure it 10% below average their their opportunities in this in this world today have not improved at all you know from 30 or 40 years ago or and well the classic situation is you take the Forbes 400 in 1982 number one guy was Dan lwi no your viewers never heard of they had2 billion you yeah I mean you know now that it'd be 30 or 40 times that I 30 or 40 times and and this a more highly specialized economy year after year different from that agrarian economy of 200 years ago it's going to be more and more people with the very top winning big big big time and it really won't do absent certain types of programs it won't do much for the person that really doesn't have any special skills for the market the the average person or slightly below average person in terms of particularly Market talents is not going to do very well unless unless we have policies to make sure that they participate in some way and the guys at the top are going to keep doing better pardon me policies from govern has to be government government is always I mean the market system is this traffic C it directs resources it directs brains and it does and it does a great job of it but if it direct it also directs all the winnings it will continually favor more people at the top government's always in I mean government came in with Social Security and government you know redirects uh the winnings so it isn't totally the market system that delivers the winnings but I don't want to kill the market system in terms of producing things at all we want more and more tough but there will be more and more people falling further relatively behind and that's not that's not a good result I mean we we can afford we can do better and this country if you took the Ford 400 they had $93 billion in 1982 and they have 2.4 trillion now 25 times as much not exactly the same people but take the 400 25 times as much as 35 years ago and believe me that that does not strike somebody that's working 40 hours a week and trying to support a couple kids on it and finding you know that and and that their income is remain the same or be less they they just aren't participating or they threatened by forces they can't comprehend they they they can't the market system just pays more and more just just think say you're a say you're a middleweight boxer you know I mean in the 30s you were limited though you know you wouldn't even get on the undercard at Madison Square guard and it was limited but then television comes along and cable comes along and pay-per-view and tens and tens of millions of dollars So at the top it's terrific but if you're the 45th best middleweight in the country it's pretty much the same as it used to be in the 30s so the spread gets wider if if you're Frank Sinatra you're a lot better off if you got television and you just play at some theater in in New York like where you started you know it it it's magnified but throughout I mean if you got a good business idea you can get it capitalized and become worth billions just on the idea the it it it's just tougher whereas you know you go back to 18 00 and if you were if you were reasonably strong and willing to work hard you were worth 90% as much on a farm as the very best guy you know it just the the differential and it'll keep widening the market system will push it in that direction and but it's government is there to what would you change if you could well I I would change the Earned Income Tax Credit big time yeah and I just you know I I am where I am not by myself at all I mean there's 320 million Americans out there and there's a lot of crosses over Normy and everything else you know and uh it just I benefit enormously by having come along when I came along and where I came along and and some people did and some people didn't and there's nothing wrong with a market system that rewards anybody that makes life better for millions of people they ought to get enormously rewarded but you got to take care of the people that that just don't fit well into that particular NTI I mean if if this country paid off based on athletic ability you know I mean I could I could study 8 hours a day and you know and have all these C and you know I'm still going to you know I'll get in the ring or something like that 10 seconds later I'm on my back you know so it it the talents to get rewarded in a market system are important because they bring us more of the goods and services that the country wants and they make all kinds of improvements in how we live just incredible but they leave they leave people behind and it won't be solved simply by education a 2% growth rate if we have a little less than 1% population growth which we probably will in one generation 25 years now people have kids a little later uh will add 19,000 per capita family of four 76,000 to real GDP so there will be 7 family of four on average there would be 76,000 more stuff per family of four in one generation I mean we are going to have more and the golden the goose is going to keep Ling more golden eggs I mean and we've got a wonderful system [Music]