The Billionaire Profile Series – Warren Buffett

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Unlike other billionaires, Warren Buffett is old school…waaaaaaay old school…preferring to live well below his means…

There’s a certain honor in that, but I don’t agree whatsoever since this business icon doesn’t inspire people the way he should if he understood what it takes to get people to actually want to study/be businessmen/investors.

But then again, Warren’s never had a reality show so he couldn’t possibly know..and I doubt he even cares.

Of course, Warren is no saint for if you research him you’ll be surprised to discover for a time he lived with both his wife and girlfriend and he’s actually been fined in the past over his penny stock dealings…

But that’s for another blog post, for now, one ambitious trading challenge student has posted this solid profile of good ole Warren:

As we continue on our journey that is the Billionaire Profile Series, we come to the Oracle of Omaha, Mr. Warren Buffett.

Perhaps one of the most famous billionaires, where even the average guy on the street will have at least heard of him, Warren was not born into prosperity, much like the other billionaires we have already looked at.

These rich bastards should all inspire you and make you want to study Tim’s video lessons harder than ever before. These guys are far from perfect, anyone can truly achieve success if they put in the effort and have a little bit of luck.

warrenbuffet
Image via money.cnn.com

This businessman and famed investor was born on August 30, 1930, in Omaha, Nebraska. He reportedly began investing at the tender age of 11, and was running a small business by the time he was 13. Buffett’s father was a stockbroker and U.S. Congressman. He has a stay-at-home mom, as he was the second of three children. Math was something he excelled in, as friends have said that as a young boy, he was able to add large columns of numbers in his head. He frequented his father’s stockbrokerage shop, making his first investment at the age of 11, when he purchased three shares of Cities Service Preferred. Buying at $38, he was disappointed when the shares fell to $27, but he held on and sold them when they reached $40, only to be disappointed when they climbed all the way to $200. When he was 13, he began his own business as a paperboy and sold his own horseracing tip sheet.

Fun fact: according to biography.com, when Buffett filed his tax return that year, he claimed the bike he used to deliver papers as a deduction.

After his father was elected to congress, the family moved and Buffett attended Woodrow Wilson High School in Washington, D.C. When he was 16, Buffett enrolled at the University of Pennsylvania to study business. He stayed two years, moved to the University of Nebraska to finish up his degree, and emerged from college at age 20.

“Rule No.1: Never lose money. Rule No.2: Never forget rule No.”1.-Warren Buffett

Buffett received his advanced degree from Columbia University (he was rejected from Harvard), and formed the firm Buffett Partnership in his hometown of Omaha shortly after graduation. Outside of his success as an investor, he helped rescue Salomon Brothers from corporate raiders in 1987.

Warren Buffett became a billionaire in 1985, when Berkshire Hathaway’s stock (A-shares) was worth $2,000 a share. They are now trading around $172,200.

He made a rather dramatic statement in June of 2006. Buffett said he would be giving his entire fortune away to charity, with a commitment of 85 percent of it to the Bill and Melinda Gates Foundation. This is the largest act of charitable giving in United States history.

Fun fact: Buffett was investigate by the Securities and Exchange Commission from 1974-1976 for manipulating penny stocks. He admitted nothing but one of his companies paid a $115,000 fine.

Buffett is now more than 80 years old and recently completed treatment for prostate cancer. In February 2013, Buffett purchased HJ Heinz with private equity group 3G Capital for $28 billion, and Buffett is rated  number15 on Forbes magazine’s “World’s Most Powerful People” list as well as number two on the Forbes 400 Richest People In America list.

So now for the fun stuff! Let’s see how Mr. Buffett likes to spend his wealth, which is approximately $53.5 billion.

warrenbuffetview
Image via bornrich.com

Homes are always the most fascinating, so we’ll start there. The most extravagant is his house in Laguna Beach. He purchased this place in 1996 for $1.1 million and used it for vacations. It has a panoramic view of the ocean, hillsides and Catalina Island. Built on roughly 3000 square feet of space, it comes with four grand bedrooms and four bathrooms. The glass walls will take your breath away, as you can see the ocean from any angle in the house. Feel free to relax in the spa or get active on the tennis court. Buffett sold this home in 2005 for $5.45 million.

warrenbuffethouse
Image via bornrich.com

 

This humble abode was purchased in 1958 for a small sum of $31.500. This is where Warren spends most of his time. Located in Omaha, the house was built in 1921 in an area of 6234 square feet. There are five bedrooms, two-and-a-half bathrooms, and it currently valued at $690,000 according to bornrich.com

warrenbuffetjet
Image via bornrich.com

 

Next up is his private jet, one of world’s top selling luxury Business jet Gulfstream IV SP. Capable of sitting 16 people on its luxurious leather seats, this jet is powered by Rolls-Royce Tay 611-8 engine, which can produce 13,580 lbf of thrust. It is capable of a cruising speed of 528 MPH and can travel 4,860 miles non-stop at maximum altitude of 45,000 feet.

warrenbuffetcar
Image via bornrich.com

Buffett owned a 4-door luxury sedan “Lincoln Town car,” but he later on auctioned it off for charity purpose in 2007. The sedan featured a 4.6 L Modular SOHC V8 Engine providing rapid acceleration and state-of-the-art suspension offering comfortable ride. It could seat six and incorporated luxuries such as a roomier rear bench seat, a number of contemporary electronic gadgets, a gorgeous dash and console and separate audio and climate control.

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  • bobby

    cool article

  • john

    A billionaire earns more but spending less than millionaires. hmmmm

  • John Chalekson

    sweet Lincoln towncar