The Oracle of Omaha, Warren Buffett, is known for many things. Most notable, probably, is his financial acumen that has amassed him a fortune north of $139 billion. But at Berkshire Hathaway’s annual shareholder meeting last year, the 93-year-old billionaire offered advice that goes beyond monetary success.
“Write your obituary,” Buffett told shareholders, “and try and figure out how to live up to it.”
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That guidance, which Buffett believes “everyone needs to hear,” came at a time when the investor had been increasingly reflective on mortality following the passing of his longtime friend and business partner, Charlie Munger.
According to a report issued by CNBC last month, Buffett’s approach is simple. Imagine the legacy you want to leave behind, then work backward to achieve it. “You’re entering the best world that’s ever existed,” he said, encouraging listeners to find the right “educational paths” and “social paths” to reach their goals.
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The concept aligns with Buffett’s well-known strategy of avoiding major mistakes, both in business and in life. He suggests that starting with the end in mind can lead to more intentional choices about one’s journey.
Buffett’s advice extends beyond personal achievement. He spoke about the importance of surrounding oneself with the right people. “Who do you feel you’d want to spend the last day of your life with?” he asked. “Figure out a way to start meeting them tomorrow, and meet them as often as you can.”
The focus on relationships echoes what Buffett has expressed in the past. According to the CNBC report, at a 2001 presentation at the University of Georgia, he said that true success should be measured by “the number of people you want to have love you actually do love you.”
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“If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster,” Buffett said. "The only way to get love is to be lovable. It's very irritating if you have a lot of money. You'd like to think you could write a check: I'll buy a million dollars worth of love. But it doesn't work that way. The more you give love away, the more you get."
The billionaire’s emphasis on kindness and love may seem at odds with his reputation as a hard-nosed business owner. Yet it aligns with his famously frugal lifestyle and his pledge to give away the majority of his wealth.
Buffett’s advice on writing one’s obituary is part of a broader philosophy that includes starting to invest early, holding investments for the long term, and living below one’s means.
“Start early,” Buffett once said, explaining his wealth accumulation. “I started building this little snowball at the top of a very long hill. The trick to have a very long hill is either starting very young or living to be very old.”
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This article Advice From Warren Buffett That 'Everyone Needs To Hear': 'Write Your Obituary' originally appeared on Benzinga.com
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