[Mp4] How Warren Buffett makes and spends his billions

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In 2018, Warren Buffett’s net worth stood at $88 billion, making him the third richest person in the world. But Buffett doesn’t spend like his billionaire peers. He lives in the same house he bought in the 50s and doesn’t make lavish purchases. He’s even portrayed as frugal in his cameo in the office.

 

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However, the 88-year-old is regarded as one of the most generous philanthropists on the planet. Since 2000, he’s donated $46 billion to various causes. So here’s how Warren Buffett spends or doesn’t spend his billions.

 

He has a pension from making money at a young age. Buffett is a son of a US congressman and he bought his first stock when he was just 11 years old. As a teen, he delivered newspapers and pulled in $175 a week. At the time, that was more than his teachers’.

 

He also buffed cars, sold used golf balls and stamps, and by age 16, he had a mass $53,000.

 

But he earned the most of his wealth after his 50th birthday. 99% of his wealth is connected to Berkshire Hathaway, a conglomerate that owns companies including Geico, Duracell and Dairy Queen, along with large investments in Coca Cola, Heinz and Bank of America. As the company’s chairman and CEO, Buffett became one of the most successful investors of all time.

 

He’s been dubbed as the oracle of Omaha for his ability to beat the market with the philosophy called “value investing”. Buffett looks to take large ownership stakes in companies that have well-performing stock and are consistently profitable. Imagine this for example, if you invested $100 in Berkshire Hathaway stock in 1965, when the Oracle took over, it would be worth 2.4 million dollars in 2017. If you invested the same amount at the same time in the S&P500, you would only have $15,600.

 

His sage investing has helped him rack up a network greater than the GDP of Uruguay. So what does Warren Buffett spend his massive fortune on?

 

He bought his house in Omaha, Nebraska, in 1958 for $31,500. Adjusted for inflation, that would be about $276,700 today. As of 2017, the five-bedroom, 2.5-bathroom home is worth over $652,000. Buffett calls it the third best investment he ever made.

 

In 1971, he bought a vacation home in Laguna Beach, California, for $150,000. Forty-seven years later, he sold it for $7.5 million.

 

And his cars are as modest as his houses. In 2006, he drove a Cadillac DTS, which had a starting price of $42,000. He replaced it in 2014 with a Cadillac XTS, which originally started at $44,600. The same goes for his tech. Even though Apple’s stock is a major part of Berkshire Hathaway’s portfolio, Buffett still uses a flip phone that he showed off on CNN.

 

A typical day for the peculiar billionaire goes like this. He puts on one of his 20 suits designed by his friend, Madame Li. He gets the suits for free, but said he wears them because they fit perfectly.

 

During his drive to the office, he stops at McDonald’s and spends at most $3.17 on his breakfast. He spends 80% of the day reading, and drinks 5 cokes throughout the day.

 

He’s known for having a diet of a 6-year-old and even eats ice-cream for breakfast.

 

He does have one expensive indulgence, though, a private jet.

 

Charitable giving accounts for most of his spending. In 2016, he donated $2.9 billion to charities, including the Melinda Gates Foundation and the Susan Thomson Buffett Foundation, which was named for his late wife. Through the Susan Thomson Buffett Foundation, he has donated tens of millions to Planned Parenthood and The National Abortion Federation. In 2018, he made another big donation to the Melinda Gates Foundation. This time, $2.6 billion in Berkshire Hathaway stock. A week later, he donated $800 million to other various charities.

 

When he passes, he plans on leaving $2 billion for each of his children. The rest of his estate will be donated to philanthropist causes.

 

Despite his affluence, Buffett doesn’t think money equals success. Instead, he said that “I measure success by how many people love me.”

 

Source: Business Insider

WORD BANK:

lavish /ˈlæv.ɪʃ/ [C2] (adj): xa hoa

philanthropist /fɪˈlæn.θrə.pɪst/ (n): nhà từ thiện

congressman /ˈkɒŋ.ɡres.mən/ (n): nghị sĩ

pull in (v): kiếm được, thu về

buff /bʌf/ (v): đánh bóng

mass /mæs/ [C1] (n): khối tài sản

conglomerate /kənˈɡlɒm.ər.ət/ (n): tập đoàn

dub /dʌb/ (v): mệnh danh

oracle /ˈɒr.ə.kəl/ (n): nhà tiên tri

philosophy /fɪˈlɒs.ə.fi/ [B2] (n): triết lý, cách nghĩ

stake /steɪk/ (n): cổ phần

consistently /kənˈsɪs.tənt.li/ [C2] (adv): nhất quán, luôn luôn

profitable /ˈprɒf.ɪ.tə.bəl/ (adj): có lãi

take over sth [B2] (v): tiếp quản

sage /seɪdʒ/ (adj): thông minh, thông thái

rack up /ræk/ (v): kiếm được (bộn tiền)

adjust /əˈdʒʌst/ [B2] (v): điều chỉnh

inflation /ɪnˈfleɪ.ʃən/ [B2] (n): lạm phát

modest /ˈmɒd.ɪst/ [B2] (adj): khiêm tốn

portfolio /ˌpɔːtˈfəʊ.li.əʊ/ (n): danh mục đầu tư

flip phone (n): điện thoại nắp gập

peculiar /pɪˈkjuː.li.ər/ [B2] (adj): kỳ lạ, dị thường

indulgence /ɪnˈdʌl.dʒəns/ (n): thú vui (đắt tiền)

late /leɪt/ [C2] (adj): quá cố

abortion /əˈbɔr·ʃən/ (n): phá thai

pass (away) (v): qua đời

affluence /ˈæf.lu.əns/ (n): sự giàu có


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