Warren Buffett is one of the most famous billionaires in the world, with good reason. Hes a very impressive man, and before that he was a very impressive young man. Buffett earned a staggering $53,000 by the time he was sixteen. How did he accomplish that feat?
Here are several of his methods listed below.
1. Warren Buffett sold soda pop and chewing gum.
At the tender age of six, Warren Buffett made his first sale. He started off selling packs of chewing gum, before moving on up to the more profitable cartons of Coca-Cola.
2. Warren Buffett delivered newspapers.
At a young age, Warren did what a lot of boys did to make some money: he had a paper route. As an avid reader of the news, like the rest of the family, the part-time job was a perfect fit. But, unlike most boys, Warren Buffett juggled three different paper routes for two rival newspapers. What really made him stand out though, is how he utilized his brain doing this somewhat mindless chore. Here is an excerpt from his biography,The Snowball: Warren Buffett and the Business of Life.
3. Warren Buffett sold golf balls.
Along with his friend Stu Erickson, Warren Buffett sold used golf balls at the Elmwood Park golf course. They got in trouble with the cops for doing it, but Warrens parents didn’t mind. They were mostly just proud of their sons ambition.
4. Warren Buffett sold peanuts and popcorn at football game.
A born salesman, Warren Buffett walked through the stands of the University of Omaha stadium yelling, Peanuts, popcorn, five cents, a nickel, half dime, fifth of a quarter, get your peanuts and popcorn here!
5. Warren Buffett sold stamps.
Buffett’s Approval Service offered stamps to out-of-state collectors for a price.
6. Warren Buffett made money off of pinball machines.
Warren bought a broken pinball machine for twenty-five dollars, and went to his friend Don Danly to fix it. Together they started Wilsons Coin-Operated Machine Company. They asked a local barber if they could put the machine in the back of his shop, in exchange for half the money they raised. In just a single day, enough customers at the barbershop played pinball to make four dollars. Within a week Warren had enough money to buy more pinball machines, which he negotiated into other barber shops, building a small empire before he could even legally vote.
7. Warren Buffet made money at the horse tracks without even gambling!
Warren Buffett and his friend Bob Russell were too young to gamble, but that didn’t stop them from cleaning up at the horse tracks. They looked everywhere for discarded tickets that might be worth something. Buffet describes this in his own words,
8. Warren Buffett built a bigger snowball.
At the very beginning of theThe Snowball, author Alice Schroeder writes about how Buffett would catch snowflakes at the age of nine. He’d proceed to scoop up handfuls of snow. He turned those into balls of snow, and placed what he’d collected on the ground. He pushed and picked up more and more snow, building a bigger and bigger snowball.
Thats how Warren Buffett made $53,000 by the age of sixteen: continuing to add to what he already had, until he’d cultivated a small fortune. Years later, that small fortune would grow to one of the biggest net worths in the world. To speak metaphorically, its all due toWarren Buffett’s dedication to building a bigger snowball, one tiny snowflake at a time.