QuestionerI read in a book that you prefer talking to young people about life and financial concepts. Because we still have time to implement them, can you please share some of the concepts with us?
WarrenAll the trite stuff is what works. I mean, you avoid doing the really dumb things, like racing, moving trains to the crossing, experimenting with cocaine, risking getting AIDS or other unfortunate ailments. There are just a lot of standard. things that take people down and you just give those a wide berth. And then you want to develop a good character and good mental habits and you want to learn from your mistakes every single one as you go along. It's pretty obvious, isn't it?
QuestionerYeah, we would say even though we issue lots of credit cards, I think we'd say if, probably if I had one piece of advice to give to young people of, you know, that across the board it would be just don't get in debt.
WarrenThe game plays a lot easier if you're a little bit ahead of the game than if you're behind the game. And Ben Franklin said that long ago in better terms, which Charlie can recite. And, of course, you particularly want to avoid evil or seriously irrational people, particularly if they are attractive members of the opposite sex. Charlie knows more about this. expert.
CharlieThey, yeah, you know, it's better to hang out with people better than you.
WarrenI found that very easy to do over the years, but if you, if you're picking associates, pick out those whose behavior is somewhat better the years and you'll drift in that direction. And similarly, if you, if you hang out with a bad bunch, you're very likely to find your own behavior worse over time. Like Charlie says, the trite advice, which Ben Franklin was handing out a few hundred years ago, really works. You know, just, we've said it, but look at the people you like to associate with, you know, what qualities do they have that you can't have if you want to? Look at the people that you can't stand to be around. What qualities do you have that they have? Can you get rid of them? You can do all of that at a young age. It gets harder as you go along. It's not very complicated. And my final word of advice would be if this gives you a little temporary unpopularity in your peer group, the hell with them.