Millionaire Spotlight

Tonight we are going to take a brief look at who Warren Buffett is and why he is in our Millionaire Spotlight. I am sure many of you have heard of Warren Buffett, his name has been in the news for years, you may have heard some of his comments on the economy and investing. Since he is so often quoted and watched in the news, I thought it would be beneficial to find out more about who Warren Buffett is and why he is so often quoted.

Warren Edward Buffett is an American investor, industrialist and philanthropist. He is one of the most successful investors in the world and is currently ranked the third richest person in the world by Forbes in 2010, after Carlos Slim Helu, and Bill Gates. Warren Buffett is called the "Oracle of Omaha" and is well known for his value investing philosophy and for his personal frugality. As a child, Warren Buffett was interested in making and saving money. He used to go door to door selling gum, Coca-Cola or magazines. He worked in his grandfather's grocery store for some time. While in high school, Buffett and a friend pooled their money to purchase3 a used pinball machine which they they put in a local barber shop. Within a few months, they purchased several more pinball machines and placed those in different barber shops.

By 1962, Warren Buffett officially became a millionaire, mainly due to his partnerships which had an excess of $7,178,500 (of which $1.025 million belonged to him). Is is currently ranked second richest man in the United States after donating billions of dollars to charity in 2009. His net work is up to $47 billion. What is interesting is that his children will not inherit a significant amount of his wealth. He wants to provide just enough for his kids so that they feel they could do anything, but not too much so that they don't do anything. Warren Buffett has been very wise in his investing and does not invest unless he has researched the opportunity. He does take calculated risks, but again, not unless he has carefully studies the particular company's management along with the company's Income Statement and Balance Sheet. It is not the numbers alone that interest Warren Buffett.

The lessons with Warren Buffett are very similar to what we have seen with other millionaires; even though you earn a lot of money, it is not necessary to spend all of it. The key to becoming wealthy is to earn money, save most of it and reinvest it again to continue building profits and income. In 1957 he purchased a 5-bedroom stucco home for $31,500 in 1957 and still lives there today.

If you are looking for second income opportunities in order to further grow your savings, we may have something that will work well for you. After reviewing our website, please feel free to e-mail us with any questions regarding the income opportunities listed. Hopefully you enjoyed this week's Millionaire spotlight. If you are interested in learning more about Warren Buffett (there is a lot of information that cannot be easily encapsulated here), there is a wealth of information and biographies on the Internet.

Until tomorrow...