Warren Buffett’s financial advice that celebrities love

Finance


AP/REX / Shutterstock.com

AP/REX / Shutterstock.com

Warren Buffett, the so-called “Oracle of Omaha,” is known for providing excellent financial advice.

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After all, he is one of the richest people in the world. He was reportedly worth $117 billion last year, ranking among “his five richest people in the world,” according to CNBC’s Make It.

Not surprisingly, many celebrities rely on his advice to make or at least make their fortunes last longer. Drop in any kind of financial tips and everyone usually listens. He talks about everything from maintaining relationships and keeping promises to investing in companies you believe in.

We’ve scanned the internet to find out what advice celebrities like and why you should trust it.

friendship is important

Bill Gates and Warren Buffett aren’t just sitting at the world’s richest table, they’re also friends. I reported on the “most important things” I learned from the first person.

He explained in an interview with British Prime Minister Rishi Sunak: [how]after all, it’s what your friends really think of you and how strong those friendships are [that matters]”

This isn’t the first time a Microsoft co-founder has spoken favorably of Buffett’s friendly advice. In a 2016 blog, he retold their friendship that began in 1991, as reported by CNBC. Say.

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“Brand is Promise”

A-list actress and Grammy-winning singer Jennifer Lopez says her fragrance, Promise, is actually named after advice Warren Buffett gave her. The scent was inspired by his words, “A brand is a promise,” as described in a CNBC Make It article and reported by ABC News.

Buffett previously shared this concept of “keep your promises” at a Berkshire Hathaway shareholder meeting. Lopez said the idea “resonated” with her. She explains: And I feel that everything I put out must be a promise. We have to make a promise to ourselves. It’s the very foundation that keeps us going. It made me think about life in a much broader sense. ”

Long-term investment is key

World-renowned alpine skier Mikaela Shiffrin says she’s listening to Warren Buffett’s investment advice and she’s not alone.Billionaires like Elon Musk are as well, according to CNBC Make It is. Buffett is known to encourage long-term investments over short-term trends. He regularly reminds people that investing in stocks of companies they believe in is the best way to go.

As he explains in Berkshire Hathaway’s 2022 annual report:

He continued, “We own publicly traded stocks based on expectations of long-term performance, not because we view them as a sophisticated trading vehicle. Charlie and I are not stock pickers, we are business pickers.”

Protect your customers, protect your brand

American Express Chief Executive Officer Steven Squeri said in an interview with Editor-in-Chief Andy Sarwer that Warren Buffett gave him critical advice. he said:And during the pandemic he gave me advice [was] to protect two things. Protect your customers, protect your brand. ”

The CEO went on to say that the advice helped him make investment decisions during the pandemic. During the pandemic, he said, “it would have been very easy to pull back further, but we invested in more value propositions for our customers. We invested in our colleagues. And we invested in our brands. We invested.” The strategy worked as American Express’ profits continued to soar.

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This article originally appeared on GOBankingRates.com: Warren Buffett’s financial advice celebrities love



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