I Love Warren Buffett! And Bill Gates!

No, not because they're both hugely rich but because they both remind me of my Uncle Johnny. And by that, I mean they live by clear, positive beliefs and they each know exactly what their values are. So, what are their beliefs and values that I like so much?

I've just watched a CNBC program that first aired in November of 2009. The program took the format of a town hall meeting, but the participants were MBA graduate students at Columbia University in New York City. Columbia is Warrant Buffett's old alma mater. Turns out that Harvard turned him down when he applied because they thought he was too young. I bet they've been sorry ever since.

It was a really interesting hour and five minutes, covering (1) the recession occurring at that time, (2) their views of America's future and (3) the qualities they each think a person needs to be happy and succeed in life.

Let's start backwards and talk about their views of what makes up a successful person, businessman and leader. They were each asked to tell what individual qualities they thought counted in their lives and careers.

Bill Gates answers:

Have good parents who share their own enthusiasm for life and what they are doing with it.
Pick good role models in your interest area.
Study and learn as much as you can about your chosen interest.
Develop confidence in yourself; learn to trust yourself.
Think long-term about everything: readying yourself for a career, planning a family; entertaining change as your life moves on. Don't let anyone else tell you what to do; you decide.
Marry someone who not only understands but also shares your values.
Develop an attitude of "giving back.'

Warren Buffett's answers:

Have parents who not only allow you to follow your interests but also help you along.
Seek out the best teachers you can find in your area of interest. Work for them for nothing if you have to, just for the education they can give you.
Don't be influenced by what others think you should be doing. Do what you have a passion for instead of working simply for money; do what you love.
Be honest; show integrity in your living.
Develop patience and self-control.
Respect yourself and others.
Do what's best for the most people, no matter about color, religion, and so on. "Give back to others less fortunate."

What do these ideas and values have to do with my Uncle Johnny? Unlike Warren Buffett's and Bill Gate's parents who were college-educated professionals, my grandparents immigrated to America from Italy. They had little education and no money. My uncle was the fifth child of seven born to parents who could only speak Italian when they arrived in St. Louis. Yet, he along with my four aunts, another brother, and my mom grew up with nearly identical beliefs and values as Gates and Buffett. And, they were passed down to me, my brother and my cousins.

My uncle is gone now but it is wonderful to hear other, especially successful people "talk up" the atmosphere I grew up in. It's reassuring. Can we pass these on to our children and grandchildren? Yes, certainly yes!

Now, back to the TV program. Here are some of their answers to other random, but equally important questions:

Warren Buffett was asked what keeps him up at night. He laughed and said that he tries to arrange his life so that he isn't awake at night. He went on to say (this was just one of many times) that America's 200 year-old approach to building businesses and new industries time after time, is the best in the world and he has supreme confidence in it for the future. So, he sleeps well.

When Buffett was asked why he had bought the Burlington Northern Santa Fe Railway, his quick answer was that he had asked his dad for a train set one Christmas but hadn't gotten it. Of course, everyone laughed again. But, then he got serious and went into a short but really thorough analysis of the future of trains, how many tons are moved at what expense compared with the trucking industry with its high fuel costs and concluded that "trains are in tune with America's future."

Buffett mentioned that he owns a certain beverage company and admits to being addicted to the drink. Apparently, he chain-drinks Coke all day long. And, he added that he also owns "Fruit of the Loom," the "underwear company," but didn't think it would be appropriate to show the audience his personal sample of it right then. Laughter from everyone. Buffett has a great sense of humor; Gates said it was one of Buffett's most endearing qualities. And, I agree; he's charming, at least on camera.

But, Buffett is also extremely serious about hard work, thinking through issues and never just reacting to an issue. When someone asked him how he made such important decisions so quickly, he replied that when you have studied something for 50 years, it's fairly easy to make what looks like a "five minute decision."

Bill Gates was asked, "What's the next up and coming industry (because I want to get a job there)?" He replied that he thought Energy, Medicine and the Tech industry would grow the fastest in the future. And, he agreed with what Buffett had said; it's clear that they have almost identical views. America has the greatest business model in the world and although we've gone through an unexpected down time, the model has been and will continue to be successful.

But, for job seekers, his position is: "Do what turns you on. If you do that, you'll get out of bed every morning eager to go to work. And, that's the way you live a happy life." Don't work solely for the paycheck.

Gates was asked if the US should be worried that large, developing nations like China, India and Brazil will overtake us. I thought his answer spoke about a deep value both he and Buffett share: let's be happy to share, let's be open and pleased that other countries are developing so that they, too, can share the burden of feeding and educating the very impoverished third world countries. (I admit; this was new thinking for me.)

I think what they were saying is that the kind of competition that keeps others down is not a good thing. Competition with ourselves as individuals is what brings out the most unique, valuable ideas, talents and skills. We each have something to offer, whether we're American, Chinese, Brazilian, Indian or something else. Let's all contribute. (I say Yes!)

When asked if he thought America had any troubling problems, Gates replied that he's concerned about our education system. He believes it needs an overhaul; we're not developing our kid's potential in most areas. We need to provide more incentives that will attract our kid's interests and help them develop their individual talents.

And so we had reached the end of the hour. The last question to both men was: "How do you spend your typical day?" "Reading, thinking and learning," both answered. Then Buffett said, "With the work time I have left, I do what I love most: investing." Gates said, "With the work time I have left, I what I love most: managing my foundation, which includes most of Warren Buffett's money (99%, I believe).

So, thanks to CNBC and Becky Quick and Columbia University for this peek into the minds, emotions, values and principles of Warren Buffett and Bill Gates. I found the program fascinating. I hope you enjoyed this recap.

All the best to you until next time,

Joan

Joan Chamberlain is an author, therapist, and life coach with over 30 years of experience helping adults, couples, and teens. She has a Bachelor's degree in Business and Finance, a Bachelor's in education, and a Masters in individuals, couples, and family counseling. Her book, Smart Relationships, has helped many people achieve the self-awareness needed to see themselves honestly. Its wisdom has helped them work toward improving their relationships with themselves, their friends, and their families.

To learn more about the ideas and concepts presented in her articles, please peruse her website:

http://www.joanchamberlain.com

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Whoops! Another New Year Resolution Broken - I Contact Warren Buffett and Bill Gates

I only made one New Year resolution for 2007. Here it is: I will not leave dirty dishes in the sink, pans on the stove, flour on the kitchen counter top, or any other such mess. I decided if I made only one resolution I might be able to keep it.

When I was about to retire I got this message from my wife: When you retire, I'm retiring from cooking. You will be the cook.

She wasn't kidding!

Actually, my wife is a vegetarian except for cheese which she eats whenever the possibility arises. She mainly lives on fruit and cereal. So I usually, but not always, cook for myself.

My diet is Omaha Steaks® and other good things the good folks in Omaha send me. A sweet lady calls me, tells me about the special, and I always order. I'll bet Warren Buffett is an Omaha Steak® man. Why wouldn't he be? He is richer than every one but you know who.

You can glean the following information as I did by going to: http://www.reference.com/search?q=Warren%20Buffett

Warren Edward Buffett was born in 1830 so he is 2-years older than me. With the business secret he gave me, I hope to catch up with him financially within two years. Of course, then he will be still richer and I'll have to keep working.

Buffett studied at the Wharton School of Finance (1947-49). That is why he is smarter than you and me about money.

He worked as an investment salesman and securities analyst and he was partner (1956-69) in the investment firm Buffett Partnership, Ltd. In 1965, he acquired the textile manufacturer Berkshire Hathaway and became (1970) chairman and CEO. So now you know how his company got its name. Not original like Make More Dough Than Anybody Else, Inc.

Through judicious investments and acquisitions of insurance companies and manufacturing and service firms, Buffett has transformed Berkshire Hathaway into a large conglomerate; in 1999, its assets were $124 billion. They're higher today. Look it up!

His investments have also made him one of the wealthiest people in the world. In 2006 he announced that he would donate the vast majority of his wealth to charity, with some $30 billion, the largest gift, ultimately going to the Bill and Melinda Gates Foundation--who already have zillions!

His father, Howard Homan Buffett, 1903-64, an investment banker, was a U.S. congressman from Nebraska (1943-49, 1951-53), so Warren had a good start on the rest of us.

And he and Bill Gates are buddies. They travel around the world together.

Boy, would I like to be part of that crowd!

Anyway, to make sure I have great New Year Resolutions for 2008, I decided to get some ideas from Warren Buffett. I called Omaha and they put me through to a McDonald's® Restaurant.

Wikipedia, the free encyclopedia gives the following report on McDonald's®, Inc.

"McDonald's Corporation is the world's largest fast food chain, selling primarily hamburgers, chicken, french fries and carbonated drinks, and more recently salads, fruit and carrot sticks. The business was founded in 1940 with a restaurant opened by siblings Dick and Mac McDonald. It was their introduction of the "Speedee Service System" in 1948 that established the principles of the fast-food restaurant. However, the company today dates its "founding" to the opening of CEO Ray Kroc's first franchised restaurant, the company's ninth, in 1955. He opened his first McDonald's in Des Plaines, Illinois in April 1955."

Making money in the Midwest must be catching.

A young female voice came on the line and I said, "Is Mr. Buffett there? I would like to talk to him.

She said, "Yeh! He's over there munching a Big Mac®. He's with Bill Gates who's chawing on a carrot stick. I'll call him: WARREN!

An older voice came on and said, "Ill buy it!"

I said, "Mr. Buffett?"

He said, "Yes. Who are you? I though you were from Amalgamated Big Butt Conglomerated, Corporation."

I said, "No. I'm just a hack writer trying to get a story. I was hoping you would give me a suggestion for a 2008 New Year's resolution. I was hoping to get one from Bill Gates too."

He said, "Okay. Here's one: Keep your nose out of other people's business unless you intend to buy it."

He laughed.

I said, "That was very good. How about Bill Gates?"

He said, "Well, you don't have enough dough to buy Bill's business."

He laughed again and hung up the telephone.

So there you are. The secret for getting rich is yours. Just stick your nose into other people's business and if it looks profitable, buy it.

It's so simple.

Wait, the telephone is ringing.

I'm back!

That sweet thing from Omaha Steaks® just sold me the latest special. I asked her if she was moonlighting at McDonalds® because that voice sounded very familiar when I called McDonalds®.

She said she was but just to glean secrets from Warren Buffett. She asked me if I wanted to sell TJ Books.

I've got to go clean out the freezer in the garage.

Those steaks will be here before I know it!

THE END

John T. Jones, Ph.D. (tjbooks@hotmail.com), a retired college professor and business executive, Former editor of an international engineering magazine. To learn more about Wealthy Affiliate University go to his info site. If you desire a flagpole to Fly Old Glory, go to the business site.

More info: http://www.InternetBusinessToolCenter.com

Business web site: http://www.AAAFlagpoles.com

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Genius or Birth Order? Zuckerberg, Gates, and Buffett: Their Common Characteristics

These entrepreneurial billionaires span three generations. Warren Buffett, chairman of Berkshire Hathaway is 81, William Gates III founder of Microsoft is 56, and Mark Zuckerberg co-founder of Facebook is 26.

• Two made the cover of Time Magazine. Mark Zuckerberg in 2010, Bill Gates shared it with wife Melinda and musician Bono in 2005. Warren Buffet never made it to the cover but in 2006 was listed among Time's 100 Most Influential People in the World

• Both Mark Zuckerberg and Bill Gates attended Harvard but never finished, they dropped out to start their companies. Warren Buffett did finish college and went on for an additional degree. Maybe he represents a different generation?

They are all Billionaires but they share something else on a more personal level; something even they may not know: Birth Order.

Birth Order

• They all share the same Birth Order. They are all Second borns with older sisters. All their sisters are approximately two years older. Because of this they share a number of second born traits and because of their male genders they had an easy time dethroning their sisters, functioning as First borns but keeping their Second born traits.

Starting Early

• Warren Buffet had a paper route early in his life and bought his first stock at the age of 11. That five dollars of profit would set the stage for a life in the investment field. Bill Gates was programming computers at the age of 11 when he was sent for counseling because of his independent streak, a true second born trait. Mark Zuckerberg's first computer was a Quantex 486DX running Windows 3.1 and at age 12 he created a program to network the family computers. The rest is history.

Don't Tell Me What to Do

• Freedom, not power is what sets the Second born apart from the First born. Their billions are used for their freedom not for its power. They don't like to be told what to do and their billions buy them this freedom.

Competitive

• All show their competitive trait in their businesses, often putting in very long hours with an intensity that many could not sustain. On a more personal level we also see this trait. Mark Zuckerberg was a fencer in High school, Bill Gates was always playing competitive games with his two sisters and Warren Buffett plays bridge12 hrs per week. In 2006 he started the Buffett Cup for competition between 12 US players and 12 Europeans patterned after the Ryder Cup in golf.

Management Style

• Their management styles show the mark of the Second Born. Mark Zuckerberg doesn't have an office but prefers the open office approach, no exercising of power here. Bill Gates' employees are independent contractors and Warren Buffett prides himself in not getting in the way of the CEO's of his companies. He says he just leaves them alone; they do a better job without his interference. This is what all three of them think everyone would like because that is what they want. They are unaware it's a birth order trait of Second borns.

Philanthropy

• All have pledged to give at least 50% of their wealth to charity. Why did they all see this as an easy decision? As Second borns they share similar views on life. People with the same birth order are so much alike that age is no barrier. After their deaths they have no use for their money....you might say they then have achieved their ultimate freedom.

Dr. Robert V.V. Hurst is author of the book "Life's Fingerprint: How Birth Order Affects Your Path Throughout Life." For more information contact him at http://www.lifesfingerprint.com or visit his blog at http:/doublebirthorder.blogspot.com

Dr. Robert V.V. Hurst was born in Hammond Indiana and has been practicing orthodontics in Covington Louisiana for over 35 years. During this time he has used his office and patients as his living laboratory to study his patient's personality traits and birth orders. Out of this has come a unique and workable theory that accurately finds a persons real birth order and explains their behaviors. Educated at Indiana University and Harvard, he has taught at both Tufts University and Louisiana State University. He has published numerous articles on birth order and patient behavior. He has also lectured on this same subject applying it to not only patient management but also to office dynamics and employee relationships

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