Here's what Warren Buffett said when Tony Robbins asked him how he got so rich
Billionaire Warren Buffett hasn't always been as incredibly rich as he is today - in fact, 99% of his wealth was earned after his 50th birthday.
The investing legend has been slowly building his fortune over the years, and today, the 85-year-old billionaire is one of the richest men in the world, with an estimated net worth of over $60 billion.
How did he come to earn such a mind-blowing amount of money?
Motivational speaker and author of "MONEY: Master The Game," Tony Robbins, decided to ask him.
"I asked Warren Buffett - I said, 'What made you the wealthiest man in the world?'" he tells entrepreneur and business coach Lewis Howes in an episode of his podcast,"The School of Greatness."
"And he smiled at me and said, 'Three things: Living in America for the great opportunities, having good genes so I lived a long time, and compound interest."
Buffett has always been an advocate of keeping things simple and focusing on the long-term - that's why he recommends low-cost index funds.
One of the keys to Buffett's wealth is simply time - 60 plus years of smart investing has allowed him to reap the benefits of compound interest.
Compound interest is when the interest earned on your investments earns interest itself - it's what causes wealth to rapidly snowball, and in Buffett's case, snowball to billions and billions of dollars.
- Luxury “floating” beach unveiled in France, termed an “ecological aberration”
- Scientists think they’ve spotted 60 potential alien power plants in the Milky Way!
- Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction
- Debt, equity holders approve merger of IDFC with IDFC First Bank
- Sunrisers Hyderabad to take on Punjab Kings as they look to grab the second spot in IPL points table
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market