00:00coinage life well spent presented by Geico Warren Buffett is the second richest person
00:07in the United States the Wizard of Omaha is an investing genius and billionaire he bought his
00:12first stock when he was just 11 years old for nearly 50 years Warren Buffett has been the
00:17chairman of the board chief executive officer president and largest shareholder of Berkshire
00:21Hathaway the multinational conglomerate holding company here are Buffett's five rules for getting
00:26rich limit what you borrow Buffett says he has never borrowed a significant amount not for
00:31investing or even for a mortgage debt won't make you rich watch small expenses you'd think that the
00:37billionaire wouldn't bother to budget anymore but he's known for being frugal he still lives in the
00:42same house he bought in 1958 and when his friend Bill Gates comes to visit he picks him up from the
00:47airport himself be willing to be different Buffett famously said be fearful when others are greedy be
00:53greedy when others are fearful at 86 years old he's seen many markets succeed despite doubts do your
00:59research and be persistent Buffett says if you aren't willing to own a stock for 10 years don't even think
01:04about owning it for 10 minutes he applies this strategy by investing in areas he has competence in
01:09and sticking with his plan know what success really means he said you will be successful if the people who
01:15you hope to have love you do love you coinage life well spent presented by Geico
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