Warren Buffetts Advice For College Students: When Berkshire Hathaway CEO Warren Buffett talks to college students, he tells them that personal fulfillment is more important than making money. Buffett says this means getting a job you enjoy and working with talented people you respect.
The 92-year-old billionaire, currently the world’s sixth-richest person, speaks from experience. When Warren Buffett, the CEO of Berkshire Hathaway, talks to college students, he tells them to put personal fulfillment ahead of pure profit.
Buffett wrote in his annual letter to shareholders in February that this means getting a job you enjoy and working with talented people you admire. Or, he said that people should look for work in the field “they would choose if they didn’t need money.”
“I know that economic realities might get in the way of that search,” Buffett said next. “Even so, I tell the students to keep looking because when they find that job, they won’t be “working” anymore.”
Forbes says that the 91-year-old billionaire, with a net worth of $126.3 billion, is the fifth richest person in the world. He speaks from his own experience. Buffett said in his letter that he and Charlie Munger, Berkshire’s vice chair and business partner, started as “part-timers” at his grandfather’s grocery store in the early 1940s, where they were “given boring tasks and paid little.”
Buffett wrote that “job satisfaction continued to elude” them, even after they started selling securities and practicing law, respectively. That changed when the two “found what they loved to do” at Berkshire, which Buffett bought in 1965, forcing out the company’s previous management.
At the time, Berkshire was a textile company that was having trouble. Today, it’s an investment and holding company with long-term stakes in businesses like Geico, Fruit of the Loom, American Express, and Coca-Cola. As of April 20, it was worth $773.93 billion on the stock market.
Buffett’s wealth comes mainly from Berkshire’s recent financial success, and in his letter, Buffett said that part of that success was because he and Munger found people they liked working with. Buffett wrote, “We hire talented people; no jerks.” “On average, maybe one person leaves each year.”
Mary Rhinehart, a Berkshire CEO, is successfully running a $2.5B company in a male-dominated field #LeanInTogether pic.twitter.com/MNgeXvee18
— Warren Buffett (@WarrenBuffett) March 5, 2015
In this way, Berkshire may have been ahead of the curve. Low turnover is becoming increasingly well-known as a way to make a workplace productive and profitable. According to research published in the Journal of Managerial Issues in December 2020, “enthusiastic stayers,” who make up a third of the workforce, are more engaged, more productive, and help businesses make more money.
This was recently reported by CNBC Make It. It looks like Buffett agrees with these results. “We have now “worked” for many decades with people we like and trust, with very few exceptions,” he wrote. “It makes life fun.” Please share this with your friends if you find it interesting. Visit Lighthousejournal.org for more celebrity updates and breaking news.
For almost 4 years, Jason Martin has been a freelance writer for newspapers, journals, blogs, books, and online material. He covers the most recent news as well as many other topics.