Warren Buffet is famous for being the world’s 3rd Richest Person, but most recently made the headlines for deciding to donate the majority of his wealth to the Bill and Melinda Gates Foundation. Will this socially responsible decision signal the start of a new era, where the super-rich begin to use their fortunes towards making the world a better place? Should there be more pressure on other billionaires to do the same, or do you think people who have worked hard all their life, spend their money however they want?
Warren Buffet’s incredible began his career as an entrepreneur at an early age. He started working at his father's brokerage aged 11; the same year he bought some Cities Services shares at US$38.25 per share, his first of many stock market investments. He sold the Cities Services shares when the price hit US$40, then saw the price rise to $200 a few years later!This had a long-lasting effect on his investment outlook - invest in good companies for the long term!
At 14, he and a fellow high school student started a pinball machine installation company, eventually selling his stake for $1,200 and used the money to buy 40 acres of farmland which he rented to farmers.
He graduated near the top 20 in his class at the age of 16 and despite having already proved to himself his future potential as an entrepreneur, he reluctantly followed his father's advice and decided to attend the University of Pennsylvania and then the University of Nebraska.
With a small amount of his own money, and investment from family and friends, he started what became Buffett Partnership Limited, which gradually grew into a multi-billion dollar company, the significant turning point being the purchase of Berkshire Hathaway, a large manufacturing company in the declining textile industry that was selling for less than its working capital. Some analysts criticised the move, though Berkshire became one of the largest holding companies in the world: the rest is history!
Unlike many billionaires, Buffet lives a relatively humble lifestyle, continuing to live in the same house in Nebraska which he bough in 1958 for $31,500. What Warren Buffett will be remembered for, for many years to come, is his decision to donate his wealth to charity, with 83% of it going to the Bill and Melinda Gates Foundation. The donation amounts to approximately US$30 billion, the largest charitable donation in history.
"My thought on this, which iam very confident many would agree on this"
"Is some one humble enough to start this in india, i know it is very difficult, to standby the feeling, that the hard earned money would go waste, but every single penny donated actually comes back to the same person in quantums, but donating to the right person should be through a wise decision, even all criminals or people with undeclared income can help, and citizens of the country should help them do this, there is nothing in this world which is impossible", i have met people on roads, in trains, in flights, in hotels, in hospitals who have devoted their complete or majority of their lives in this.
Ajit Panicker
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