Warren Buffett: "Develop your Uniqueness when young."

Warrent Buffett is known for two things: making money and giving advice.

In his Berkshire Hathaway letter to shareholders last year, Buffett wrote that his success over 58 years was mainly the result of "about a dozen truly good decisions -- that would be one every five years."

He listed a just few of these decisions, but having written a lot about Buffett (and also having studied all of his shareholder letters), I believe you can use Buffett's well-documented life as a framework to inspire just about anyone to make these kinds of truly good decisions.

So here's a checklist: 12 life decisions that lead to success, using Buffett's example:

Let's start with one that starts early -- early in life, and early on a journey to success. In fact, it's so early that I tend to think of this as something that people might do to help their kids find success, even before they know what the word means.

Warren Buffett is a famous investor. He has taked about two important experiences from his childhood that made him interested in money. Both of these events happened before he was 10 years old.

The first experience was when he borrowed a book from the Omaha public library. The book was called "One Thousand Ways to Make $1,000". He liked it so much that he read it many times.

The second was that once he started showing interest in finance and the stock market, his father took him on a tour of the New York Stock Exchange.

Curiosity is great, but the next step has to do with experimentation and execution. Buffett has talked a lot about the first businesses he founded -- things like a paper route (a job of regularly delivering newspapers), detailing cars, and buying cases of Coca-Cola from his grandfather's grocery store and selling the individual bottles at a markup.

Even at 93 years old, Buffett remembers many of these early ventures in detail -- and he has a highly unusual advantage. In short, Buffett reports that he has saved a copy of every federal income tax return he ever filed, dating back to 1944.

Nobody does anything worthwhile alone. Most of us mere mortals need mentors to show us the way.

Buffett has talked at length about his first and most important mentor in business: the man he describes as his "investing hero", Benjamin Graham, who died in 1976 at age 82. In fact, one of the reasons Buffett decided to attend Columbia University's business school was that Graham was a professor there.

Fortune favors the bold, they say. Actually, the Romans said it. Probably my favorite early Buffett story about boldness has to do with what he decided to do on a January weekend in 1951.

Having learned that Graham, his investing hero and professor, was chairman of Government Employees Insurance Company, or Geico, which was to Buffett at the time "an unknown company in an unfamiliar industry," he decided to take the train to Washington, show up at the company, and ask about it.

Serendipitous result: Lorimer Davidson, who would later become CEO of Geico, gave Buffett a four-hour explanation and tour of the insurance industry. Many years later, Buffett's company, Berkshire Hathaway, became the owner of Geico.

"You only get one mind and one body. And it's got to last a lifetime," Buffett famously told a group of students. "But if you don't take care of that mind and that body, they'll be a wreck 40 years later..."

"It's what you do right now, today, that determines how your mind and body will operate 10, 20, and 30 years from now."

The interesting thing is that Warren Buffett is not famous for being active or having healthy habits. He even says he eats like a 6-year-old to eat as much candy, red meat, and Coca-Cola as Buffett does. However, he is now 93 years old and still going strong.

In his letter to shareholders, Warren Buffett mentioned an important choice he made: working with Charlie Munger. Charlie Munger passed away last year, but he was Buffett's partner for many years.

Buffett also talks about other important partners and relationships. One of them is Thomas Murphy. He was the chair and CEO of Capital Cities / ABC Inc. Another important person is Chuck Feeney. He was a billionaire but later decided to give away most of his money. 

No one lives forever. As Warren Buffett got older, he started to think about this more. He is now close to being 90 years old. Even though he often jokes that he is different from most people, he knows that everyone has to face this reality.

In 2021, Buffett talked about what will happen to his company, Berkshire Hathaway, after he is gone. He said that Greg Abel will take over. Greg Abel is currently the head of all non-insurance businesses at Berkshire Hathaway.

Many people never learn an important lesson. As someone once said, they spend their whole lives in the wrong place instead of admitting they may have made a bad choice.

For Warren Buffett, a well-known investor, one big example of this was when he realized that the textile business, which was the main part of Berkshire Hathaway for over 100 years, was no longer successful in the United States. After trying for many years to make it work, he understood that is was time to move on.

Buffett's decision shows that sometimes we must accept when something is not working. It can be hard to let go of something we have invested a lot of time and effort into. However, recognizing when to change is important for success.

In life and business, we often face choices. Some choices lead us to success, while others may lead us to failure. It is essential to learn from our experiences and be willing to change our paths when needed.

Buffett's story teaches us that it is okay to admit mistakes. Instead of staying in a situation that does not work, we should be brave enough to find new opportunities. This lesson can help us grow and succeed in the future.

Life is happier when you laugh more.

Warren Buffett is known as Oracle of Omaha, and he enjoys this title. In his letters and talks, he often gives advice and shares lessons he has learned. It seems that teaching is something he loves to do.

One of my favorite pieces of advice from Buffett is something he repeated in his letters to shareholders in 1987 and 2003. He might have thought that new readers needed to hear it. The advice is simple: "Develop your eccentricities when young." This mean that it is important to embrace what makes you unique when you are young.

Buffett believes that being different can help you in life. Instead of trying to fit in, you should celebrate your own qualities. This can lead to success and happiness. When you are young, you have the chance to explore your interests and find out what makes you special.

By developing your unique trails early one, you can build confidence and become a stronger person. Buffett's advice encourages young people to be themselves and not be afraid to stand out.

This one is important: Warren Buffett, a famous investor, believes that making good decisions is very important for success. However, he also says that sometimes the best choice is to do nothing when you don't see any good options.

Many people say, "Don't just stand there, do something." But Buffett suggests the opposite: Don't just do something, stand there!

Actually, let's use his precise quote: "The trick is, when there is nothing to do, do nothing."

Let’s talk about Chuck Feeney again. He was a very rich man who made it his life goal to give away all of his money. Feeney’s actions inspired Warren Buffett to work with Bill Gates. Together, they started something called the Giving Pledge. This pledge got more than 200 other rich people to agree to give away their money too.

Buffett will be remembered not just for his money or his advice, but for these important actions. Many years from now, people will think about how he encouraged others to give and help those in need.