3 Lessons Learned By Bill Gates From Warren Buffett

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3 Lessons Learned By Bill Gates From Warren Buffett

In this article you will explore 3 valuable lessons a billionaire teaches another billionaire, Warren Buffett teaches Bill Gates, it’s that Teachings that allowed Bill Gates to reach and maintain the # 1 position of the richest man in the world for many years. When they asked successful entrepreneurs what is the best advice they can give to new generation youth, the answer is almost always: ‘get a mentor”, somebody who teaches and guides you to the right path.

They know that when an experience is coupled with the innovation and burning desire to uncovering your talents, the results can be amazing. ‘Mentor-student’ relationships that have been historical. A stranger to many was Steve Jobs (Apple) and Mark Zuckerberg (Facebook). When Jobs died, these were the words of Zuckerberg on his wall:

‘Steve, thanks for being a mentor and a friend, thanks for showing me that what you built can change the world, I’ll miss you.’ When we think of successful people Bill Gates is on the list, he is currently the second richest man in the world after Jef Bezoz of Amazon, Mr. Gates with a fortune exceeding $ 96 trillion (May / 2019) and his legacy with Microsoft has shaped the lives of all directly or indirectly.

Being one of the greatest entrepreneurs in history, we tend to think that in a mentor-student relationship, he is the teacher; But this is not the case. Bill Gates has stated his dialogues with Warren Buffett, the third richest man in the world (82 billion in May / 2019), founder and CEO of Berkshire Hathaway; They have been invaluable.

They are now great friends, share their taste for table tennis and philanthropy; to the point that Warren has donated more than $ 2 trillion to the Bill & Melinda Gates Foundation, and let’s see 3 lessons learned by Bill Gates from Warren Buffett.

1. It is not just about investing.

For Bill Gates is to admire the way in which Warren looks at business, Not in vain do they nickname the ‘oracle’ and have combined a fortune of more than 80 billion dollars. Bill highlights the 7 strategies that Warren Buffett uses to invest. Before investing, Warren Buffett focuses on the competitive advantage of the company and what it can achieve in the future. He does not get carried away by the market moment; he overcomes it and takes advantage of its mistakes: the undervalued companies.

2. The employees are the base.

Companies slowly understanding the importance of excellent treatment for their employees; as they begin to see how a happy employee is a more productive employee.

‘The Berkshire system maximizes the possibility of having very experienced people running the business, giving them autonomy and letting them do their thing for decades … Even if they make mistakes, they know that Warren supports them. This is how you can put together an excellent team of workers, ‘writes Bill Gates on his blog.

3. Rate the time.

One of the things Bill Gates admires most about Warren Buffett is the use of his time. In spite of understanding that the day only has 24 hours and that money does not buy time, Warren optimizes his day by being very careful with the things he schedules; but he has no qualms about attending to his trusted people.

For Bill, this is a great advantage since Warren has been a great adviser since the beginning of the Bill & Melinda Gates Foundation. ‘It turns out that the way in which Warren sees the world is so useful to attack hunger and disease as to build businesses,’ says Bill. Some information about Bill Gates

You might ask yourself when did bill gates become a billionaire? At 31 Bill Gates became the youngest billionaire ever. At 39 he was the richest man on earth. What have some of the milestones along his path been? As with other outliers, Gates has had an unusual confluence of circumstances, family, luck, personal qualities, and perfect timing that have shaped his path.

From age 8 Gates had access to a computer at his school, where he could learn to program – a luxury very few people at all had at that point in history – which just so happened to be the dawn of personal computing. This opportunity for an early start and his own ambition and perseverance (which got him banned from school for a while for hacking), helped him clock in the (Malcolm Gladwell approved) 10,000 hours of practice before even finishing high school.

What qualities made Bill Gates successful?

The key is to not lose key qualities like a humble attitude, vision, or empathy in the process. Great leaders like Bill Gates are successful in staying grounded which enables success. His qualities and achievements set a great example for rising leaders.

This is the difference in mentality between the poor and the rich. According to Oxfam Intermón, by 2015, 85 people were accumulating the ‘wealth’ that gathers 3,500 million people in extreme poverty. Curiously, in 2010, that same wealth was distributed among 388 people. It is true that inequality goes in a remarkable increase, we cannot deny it. However, the following question arises. Why do we always blame the government and the rich?

For this reason, we will not stop to analyze the consequences that this brings; we will look at the difference in mentality between the poor and the rich. Many lucky ones are born as they say with a Silver spoon in their mouth and inside multimillionaire empires, but others are born in nothing and are in charge of creating their own path to wealth, but how?

Money Blueprint

T.Harv Eker, entrepreneur, motivational speaker Gives an example of how many lottery winners end up losing everything because their ‘ money blueprint ‘ does not let them make more progress.

In addition, it gives examples of millionaires who have lost everything but soon recover it again and go even further. After analyzing and studying the minds of millionaires, Eker shares some thoughts that make the difference in mentality between rich and poor.

The Difference Between Rich vs Poor Mindset.

The rich people:

They are convinced that they create their lives; poor people believe that life is a sum of events that they cannot control.
They play the money game thinking about what they can earn, the poor people play thinking about what they can lose.
They are fully committed to being rich, poor people simply want to be rich or they would like to be rich.
They think big, poor people have small goals.
They focus on opportunities, poor people focus on obstacles.
They admire successful people, poor people feel envious.
They surround themselves with positive and successful people, poor people with negative people.
They are willing to promote themselves and their values, poor people do not.
They are bigger than their problems; poor people believe that their problems are bigger than them.
They are excellent receivers; the poor people dwell on negative thinking
They choose to be paid for their results; poor people prefer to be paid for their time.
They focus on their assets, poor people on their salary.
They manage their money, the poor people miss use it or waste it.
They make their money work hard for them; poor people work hard for their money.
They act despite fear and uncertainty; poor people let fear stop them.

Our thoughts are what define our actions and what we bring into our lives. That is why it is important to change our way of thinking. In addition, it is important to remember that we are all able to educate ourselves financially, creatively and motivationally. The problem is that few of us are willing to be the best version of themselves

Conclusion

If you learn to invest, you treat your employees well and take care of your time; You are attacking vital flanks to have a stable life. That will allow you to be well economically, and have peace of mind and family stability, to enjoy what you earn.

We hope these teachings also resonate in your life as they do in the life of Bill Gates And remember, if you are really interested in creating your own business, you can read our book ‘How to create a company while you work: Discover how to manage your time, manage your money and motivate yourself while you create a company and work for another’, where you will find all the information You need to start your own business, without having to quit your job

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