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If I gave you a car and it was the only one you ever had , you would take care of it like you couldn't believe it. You'd fix any scratch right then and there . You would read the user manual . You'd have a garage and all that stuff. And you would have exactly one mind, one body, and one soul in this world.
And you can't just start taking care of it when you're 50, I mean. So you should make sure to remember that you only have one mind and one body to live life and make the most of it. And what about life advice? Well, the advice for life is, you know, the most important thing is who you associate with.
You want to associate with people who are better than you. I mean, basically, you'll go in the direction of the people you associate with. And you want to have the right heroes. If you want to emulate someone, you'd better choose very carefully who you want to emulate. And, uh, and when, obviously, you can't choose your parents.
They're going to have a huge influence on you, but you can't choose that. But you have options as you move up the line and decide who you admire, who you want to emulate . And the most important thing for most people in terms of that decision is their spouse. It's also important in terms of a business partner, but a life partner is the most important.
You know, you want to choose a spouse who is a little better than you. What are the biggest mistakes people make when investing? Well, they try, they just don't realize that all you have to do is buy a representative sample of the United States and then not listen to people like me or read the newspapers or do anything after that.
And they believe that, since you can trade, you should. You buy a farm, you buy an apartment building, you can't resell it tomorrow and, you know, the cost of moving or... Now, they give you something, liquidity, that is instant. You can sell them; the cost to do so is pennies, compared to other types of investment activities.
So, since they can move so easily, they do move, and moving is not a smart investment. You have a pretty good morning routine in terms of what you eat for breakfast and how thriving you feel. What's that ? Well, like exactly what I like to eat. If someone offered me a deal when I was 20 and said, " You're going to live one more year, instead of living to 88, you'll live to 89, or whatever, if you eat nothing but broccoli, Brussels sprouts, onions and all that stuff." You know, I'm going to take my last year off.
It probably won't be that good anyway. I eat what I like. Is it worth studying business? It depends on the person. But much more than school. I wouldn't worry. Some people will benefit greatly from higher education, and others will benefit very little. I don't even think it's important for everyone to go to university.
We have all kinds of jobs that cost between $70,000 and $80,000 a year, and a university education is useless . And I, in fact, wasn't very interested in going to university. Yes, my father encouraged me to do it. I could make him do it anyway, but...and I knew I could have fun , and I liked investing, and I really didn't feel like I could read the books, uh, uh, so no, you know, it's a big commitment that takes 4 years and the cost involved and maybe the loans involved and everything.
I think it depends on what your interests are in life, uh, I don't think it's for everyone. I think it's for a lot of people. But there should be a reason why you're going, and I really didn't see much reason for it. Warren, how would you define true success? Well, I've said many times that if you reach 65 or 70 years old and more, and the people you want to truly love you do , you're a success.
I've never seen anyone reach that age, I'm not talking about someone who is in extreme poverty or suffering or something like that, but I've never seen anyone who, if they have many people who love them, is not happy . And I've seen very, very rich people who are given letters of recommendation and have the names of schools and all that written on them .
Nobody wants them, you know? What advice would you give to people trying to succeed at this? Well, I think the best investment you can make is in yourself. I mean, that, and you invest in yourself, nobody can take that away from you.
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