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 Wealthy persons are mostly known for their fortune only. However, despite they make billions, these people possess some personal features that attract people when estimating them. While Warren shovels up money, he has to do with quite conflicting image he created: he is known to be the proved miser and at the same time he privately donates huge amounts for charity purposes.
Newspapers, gambling machines, cars: no holds barred for business sake
Warren Edward Buffett was born in Omaha, the State of Nebraska, USA, on August 30, 1930, in the family of a businessman and a politician Howard Buffett frequently elected to Congress. However, the well-being was not beneficial for Warren to the highest extent except the chance to get solid education. Warren Buffett was found to have a passion for commerce from early ages. This was first expressed in his ability to memorize enormous figures and digits.At the age of six Warren concluded his first business transaction in his life: he bought six cans of 25 cent soda at his grandfather’s store and sold them for 50 cents each to his folks.
The story of how Buffett fell to his exchange activities was also well-known: in 1941 he acquired two shares for his pocket money and soon after he sold them with the net profit of five dollars when these shares increased in value. Buffett concluded to take time when doing business when he learned that in several days after he sold his two shares, the rate of them increased to the extent he could have earned up to $300. A young businessman decided to come back to exchange activity later. He was bearing the idea to build his own company. By the age of sixteen Buffett managed to save six thousand USD doing various business, from selling newspapers, installing gambling machines in the barber’s shops, arranging lease of lands to farmers to buying and renting used cars, and so forth.
In 1947 he finished the school and entered the Business School at the Pennsylvania University. Two years later he shifted to Lincoln University in Omaha and in 1950 he was awarded the Bachelor Degree. Later he put attempts to become a student of the Harvard Business School to get his Masters, but failed.
Love to assets and love to folks
Buffett became the student of the Columbia University to get his Master’s two years later. As a student he got to know Benjamin Graham, one of the most influential theoreticians and practicians in the investment industry. Upon gaining experience in his father’s company, Buffett got a job of an analyst in 1954 for Graham's Company until he decided he was ready for his own business. He founded the Buffett Associates Investment Company based on investments of around $100.000,00 when he only contributed his $100 (he decided not to risk though he owned about $150. 000,00). Warren undertook to manage all issues related to investment of shareholders’ parts. They agreed on condition that he had no fixed monthly wage and that he received nothing if the Company failed to get revenue or received it less than 4%. But when the revenue values happened to be higher, it was distributed between stockholders and Buffet as 75% and 25%, respectively.
Since 1962 Buffett got involved into larger transactions when he learned that Berkshire Hathaway, a solid textile company, acquired negative reputation due to mismanagement and loses. The company shares were threefold as cheaper at the stock market as compared with the real net asset value of the company. Buffett bought up all shares of Berkshire Hathaway and by 1965 he owned 49% of its assets. He was then elected President of the company and committed to make it into the investment company; Berkshire Hathaway became the fundamental of his own empire of finance.
Warren Buffett is proved to be a legendary billionaire due to his extraordinary ability to promote investment activity. He was holding top line of World Top Wealthy People in the early ages of this century. His instinct to find out and get shares of companies that are lower in price at the stock market than they should be, as well as his unique ability to predict exchange market events made him a legendary investor.As of Mach 2011 his wealth is estimated to total $50 billion, though he lives a live of an average person on retirement: he lives in an old house in Omaha, drives a used car, visits common snack bars and never accepts lavish life attributes. Warren Buffet did not accept the charity activity until recent days. Moreover, he has been in tight relations with his children providing them with scarce allowances. He was acknowledged as the great miser of the world before but later Buffett changed his attitude to money. He has made charitable donations in the amounts exceeding a billion USD.
In the year 2010 Buffett announced that after his death his family would inherit only 1% of his fortune and the remaining 99% would go to the Charity Fund established by him. This is going to be the most scaled donation ever made in the world which will commit to make Warren Buffett as the most generous person.
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