practical wisdom.

Mr Warren Buffet's various advices are undoubtedly sound and full of practical wisdom.

 

His profile in Wikpedia reads "Even as a child, Buffett displayed an interest in making and

saving money. He went door to door selling chewing gum, Coca-Cola or weekly magazines".

 

Iin our own Indian  community, it is not uncommon especially among the merchant class, to

raise their children with early exposure to money matters. which would sharpen their innate

instincts to exploit them to benefit in later life. But this may not particularly apply to our

Brahmin group. An elderly gentleman (of course in the days long gone by) would remark "give

a Brahmin boy four annas and he would spend it all. Give (another religion) boy the same four

annas, and he would be likely to double it by shrewd business dealings." The impact of training

the young mind from an early age towards making money and amassing wealth cannot be under-

emphasised if that is the ultimate goal in life.

 

It is however arguable whether anybody else would be able to emulate Mr Buffet's remarkable

personal experience/achievement that 'he bought his first share at age11' ('and now regrets that

he started too late'). Even allowing that this would have happened in 1941, would any broker take

the risk of doing business with a 'minor', and would any company register a minor as a shareholder?

I believe both these are not allowed in common law.

 

I wonder why these thoughts and doubts do not appear to have occurred to anybody,alhough this compilaion

of Mr Buffet's advice has been in circulation for quite some time now..

 

The above notwithstanding, I fully agree with Mr Buffet's advice to 'stay away from credit cards & bank loans'..

which will have to be repaid at some time, often with heavy penalties if late in payment &/or in default.

 

It would also be prudent to go easy on the 'never-never' (pay by instament) purchases when it is for things one

does not really need or cannot afford.

 

These are admittedly old-fashioned and perhaps out-dated ideas, but they could in the long run save a lot of

stress and worry.

courtesy;(123 iyer)