About the 2 Items in Warren Buffet's Wallet. Is he correct?

Have you ever wondered what’s in billionaire Warren Buffett’s wallet? 

I hadn’t. 
But yet…I clicked on an article that told me his 2 items.
 
However, the author of the article “buried the lead”. 
As it turns out, Mr. Buffett has habits which had me cheering wildly as I read them.

Here are just a couple of points about Mr. Buffett you might want to know.

  • He drives an “average” car.
  • He has lived in the same house for 60+ years, bought for $31,000.
  • 98% of the time he uses cash when purchasing items.

Wow. 

Burying The Lead

I was pleasantly surprised by what I learned.  No, driving a Ferrari or moving to a new home every 5 years isn’t wrong.  But “burying the lead” is that this billionaire lives semi-frugally when he could buy almost anything he wanted.

How Many Times Have You:

  • gone clothes shopping (shoe shopping, groceries, etc.) and didn’t remember what you needed? So you bought something that you already something in your closet that would have worked just fine?
  • seen a sale and thought “if only I remembered what I needed, I’d buy in this great sale?”
  • bought more than you needed?

More importantly, how many times has your teen already experienced this?

What About YOU, Your Teen . . . and ME?
What’s in OUR wallet?

After finishing reading, go ahead and pull out your purse or your wallet.  It tells a tale about who you are.  What do you see? 

The ONE Item in My Purse/Wallet You’ll Want to Copy

I’ll not regale you with all the extraneous items in my constant possession, but there is one thing that I do think you’ll want to copy.

Keep a list.  Every time you:

  • go in your closet and look for that same pair of shoes – that you don’t have – write it down
  • run out of something, write it down
  • discover you need milk, write it down

Remember:  be specific in describing what you need

Why a list?

  • You will save time, money, and stress. Simple as that. 
  • You’ll be able to wait on sales because you know that pair of black shoes can wait a bit BUT when a great sale comes up – you are ready.
  • You will avoid being overwhelmed by too many choices and your desire to “just buy something”. 

Now About Your Teen

Teaching them this simple concept is what we call a “positive parent” move. 

  • They are more likely to want to keep the list in their cell phone than on a manual list.
  • Encourage them to keep their list spot handy and write down their item

This EASY yet profound move is all part of helping them with building a future of spending that encourages thinking and with less emotion.  If you have been following us for any length of time, you already know that scientist research strongly suggests that teen brains have nearly completed their “emotional” growth, and reasoning/language is still a work in progress.  

The Warren Buffett Link

In case you want to know what those 2 items he “always” carries in his wallet, click here >>>. What's in Buffett's wallet?

Our opinion of the 2 items in his wallet?  Since he usually pays with cash we give him a thumb's up.  A credit card?  Sounds like he is responsible, watches his money, and uses it rarely.  Yes, another thumb's up for Mr. Buffett.   We wonder if Mr. Buffett uses a list?  

The Parent Move/Bottom Line:

Our parent move for today:  encourage a “list”. 

List:  the four letter word that we want them to use.

Have a great week . . . and . . . Happy List Creation . . . AND

                        YES, You CAN Have Success in the Middle of it ALL

Pam and Holly

Extra Teaching Ideas:
What are some of those bigger nuggets to teach your child before they fly? Here are 8 we feel are really important.  

Who Is JellyGeneration?

Pam Hardison, MBA, BBA in Finance and Business Education, has created and co-owned a national mail order catalog which at one point was the 21st fastest growing customerbase in the nation.  As a mom of two college-post college daughters, considers it a privilege and to meet other students and parents along the same road.   After teaching high school and college students for years, her commitment to helping them with topics most schools can't cover is the light that drives her.  

Holly Powers, Attorney-At-Law (Jameson & Powers, P.C.) has been actively practicing law since 1985 and is a shareholder with the law firm of Jameson & Powers, P.C.  The firm specializes in transactional law, health care law, and general business law.  Holly has taught students precepts concerning the legal world for over 10 years.  With 4 children, she understands what teens need to know and has a passion to help others faced with teens and aging parents.

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