Unusual Habit of Warren Buffett That Is Going On For 75 Years

  There is a strange detail that I came across while reviewing "Warren Buffett Predicts the Future". And I think that speaks volumes about his childhood and current financial success. Of course, he's been keeping this unusual habit for so long that it's almost impossible for anyone to break that record. We are conveying this habit, which Buffett mentioned in his 1995 Berkshire Hathaway shareholder letter, and through his mouth. "You may think this is odd, but I keep copies of all the tax returns I've filled out since 1944." Think about it, Buffett is only 13 years old and has been holding his tax returns for over 75 years, when his income only came from newspaper distribution.

His first trip is a $ 35 expense he pays for the bike and the total amount of tax to be paid is $ 7.

We already know that Buffett has maintained its decades-old financial history with great precision. If we start from his past gains, we need to look at the first time that the insurance company Geico, which he called "my first love," bought and sold its shares. Buffett takes a train ride to Washington to visit the company shortly after learning that his mentor and hero, Benjamin Graham, is the president of the company Geico. Buffett gets to the company on Saturday to persuade the gatekeeper in order to get in, and then talk to a manager who will later become the company's CEO for hours. Buffett is making this visit at a time when he places less emphasis on long-term investment than it is now. We understand this because the following year he sold all his shares of Geico for $ 15,259. (equivalent to about $ 149,000 today.) Even if it wasn't a bad move for a 21-year-old at the time, in the next 20 years this small share would grow to about $ 1.3 million. (You probably already know this, but Berkshire Hathaway now owns 100 percent of Geico.) The story about keeping old documents for decades seems worthwhile as it is a bit of a Buffett habit.

However, there are a few good takeaways from this, of course!

First, an inference can be made as to how the habits we developed as children (especially those related to business, financial, and entrepreneurship) can survive into adulthood. When Buffett was only 7 years old in 1936, we heard from his mouth again how his reading "A Thousand Ways to Earn $ 1,000" inspired him to think about the business. Warren Buffet notes his entry into the high-margin retailing adventure as the six-pack Coca-Colas that his grandfather bought him for for 25 cents, and when he started selling them in the neighborhood for 5 cents each. The second implication is how things we record are measured and then how things develop. You can compare Buffett's habit with the official recommendation of the American Revenue Service, which says that in most cases you need to keep tax records for three years after they are posted. As a final historical note, we can say that Buffett most likely has the record keeping of tax records spanning multiple years in the history of the United States that any individual can keep. (Of course, along with the fact that Buffet is 90 years old and started working and earning money at an early age, the widespread diffusion of tax returns to the middle class due to the costs of war is a necessity during the times of World War II.)   Unusual Habit of Warren Buffett That Is Going On For 75 Years! Source: https://www.inc.com/ You may also be interested in:

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