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Published on March 17, 2008

He bought his first company share at the age of 11 and he now regrets that he started too late. "Things were very cheap at that time. Encourage your children to invest."

He bought a small farm at age 14 with savings from money earned delivering newspapers. "One can buy many things with very little money. Encourage your children to start some kind of business."

He still lives in the same small three-bedroom house in mid-town Omaha that he bought after he was married 50 years ago. He said he has everything he needs in that house. His house does not have a wall or a fence.

He drives his own car everywhere and does not have a driver or security people around him. He almost never travels by private jet, although he owns the world's largest private-jet company.

His company, Berkshire Hathaway, owns 63 other companies. He writes only one letter each year to the chief executives of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.

He has given his CEOs only two rules:

Rule number 1: Do not lose any of your shareholder's money.

Rule number 2: Do not forget rule number 1.

He does not socialise with the high-society crowd. His pastime after he gets home is to make himself some popcorn and watch television. Warren Buffett does not carry a cellphone, nor does he have a computer on his desk.

Bill Gates, at the time the world's richest man, met him for the first time only five years ago. The software king did not think he had anything in common with Buffett, so he had scheduled only half an hour for the meeting. However when Gates met him, the discussion lasted for 10 hours and Gates became a devotee of Buffett.

His advice to young people:

"Stay away from credit cards and bank loans and invest in yourself, and remember:

"Money doesn't create man - it is  man who creates money.

"Live your life as simply as possible. Don't follow brand names - just wear those things in which you feel comfortable.

"Don't waste your money on unnecessary things - just spend on those things you really need.

"After all, it's your life so why allow others to rule you?"

The Nation