On Saturday, May 3, at the annual Berkshire Hathaway shareholders meeting, a shareholder from China sought advice from the 94-year-old Buffett on how to deal with setbacks in life.
“I focus on the good things, not the bad,” Buffett replied. “Life is often exciting – but there are also times of adversity.”
When another young woman asked for advice on investing for young people and the lessons he learned in the early stages of investing, Buffett said it was a very good question. He also wished that when he was young, someone could have given him such advice – that is, to work with people who aspire to be outstanding individuals.
“Who you associate with is crucial. Your life will move towards those you work with, respect, and become friends with,” the 94-year-old man said.
He added that these relationships not only bring success in business but more importantly, they teach young people how to succeed in life.
“Embarking on life’s journey with like-minded individuals is incredibly valuable. Unfortunately, these truths are often only fully appreciated later in life. When you get older, you will understand that these are the truly important things,” he said.
Buffett specifically mentioned two former directors, Tom Murphy and Walter Scott.
He said that having people like them around you would definitely make your life better. However, this does not mean following wealthy individuals or replicating their lifestyles but rather learning from truly intelligent and wise individuals through contact, learning from them, seeking advice from them, and working with them.
He advised young people to spend time with excellent individuals, learn from their paths to success. If you temporarily cannot find such opportunities, continue to do what needs to be done, keep working hard and persist, eventually, you will find those who live as seriously and thoughtfully as you do.
Buffett recalled a story from his early years when he encountered a life mentor. When he first went to the insurance company Geico, the door was locked, and he was unsure what awaited him. After a 10-minute conversation, he realized that the person who opened the door was very helpful to his life.
“Of course, if someone is willing to help you, you should actively find ways to repay them. This way, kindness and good deeds will accumulate,” he said.
Buffett also advised young people to find a job they love, rather than rushing to make a lot of money.
“What you truly seek in life is a job that you can stick with even if there is no money involved,” he added, emphasizing that young people should not live solely to chase wealth or others’ praises.
He advised that if someone in the workplace makes you do things you don’t want to do or shouldn’t do, then don’t associate with them. But once you find a direction that excites you, work hard at it, especially if it’s a career you’ve always wanted to pursue.
Buffett stated that there are many successful people in the world, but not everyone makes the right choices. The quickest path to success is to find truly outstanding individuals and collaborate with them.
He said to focus more on the good things in life than the bad that has already happened. He joked that he drinks his favorite Coca-Cola every day and exercises rarely. Many people say that is not healthy, but nothing too bad has happened to him yet.
“Happy people live longer than those who do things they don’t like. That’s why it seems my life is longer too,” Buffett said.