How to Get RICH Like Warren Buffett

SPEAKER_1 (0:00)

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Michael Zuber (0:31)

All right, folks, I'm going to read you a fact about Warren Buffett, and hopefully you hear the message behind the numbers. And we're going to have this conversation with the one and only and, yes, legendary coach Carson. How are you doing, coach?

Carson (0:45)

Doing well, Michael. Thanks for having me.

Michael Zuber (0:46)

Absolutely. So, folks, if you don't know this already, he is keynoting the Bigger Pockets event, which is just under a month away. Can't wait to see coach up there rocking it on the main stage at Bigger Pockets.

Any tease you want to give us? Give the audience it's going to be there, or maybe see it on replay?

Carson (1:03)

Yeah. Well, it's going to be Small and Mighty is the topic, and why go smaller, go home is the key.

Michael Zuber (1:12)

Go smaller, go home. I love that. That is so small and mighty. Well done. Well done. Well, let's get in this Warren Buffett fact. And again, I hope people hear it, but they really pick up the message behind it, and I know you will lead us there. So here we go. Warren Buffett just turned 96

His net worth is 144 billion. Here's the incredible part. Ninety-eight percent of his wealth was accumulated after his age of 65

Warren Buffett said, My life has been a product of compound interest. What do you think of all that, Coach?

Carson (1:55)

It's incredible. Ninety-eight percent after 65 years old. I mean, he started investing in his teens, right? Yeah, he did. This isn't someone who started late either.

Michael Zuber (2:03)

Yeah, exactly. He didn't start in 64

Carson (2:08)

I have a book on my shelf back there, The Snowball, about work, about this life. And the metaphor there, the snowball is the metaphor for compounding, and how when you start rolling a snowball up, it gets smaller, it's small, but it just keeps accumulating and accumulating. And that's a lot what wealth is, too, is that there's just this magic, almost magic of the longer it stays invested, the bigger the snowball that you can attach more interest and dividends and rent to. And it's, yeah, I think I aspire to be able to invest that way myself. Patience is like what is not always my virtue as a human being. Like I'm impatient. I want to get things done. But I feel like one of the things that Warren Buffett exhibits is patience in the short terms when he's looking at deals. He's not going to jump on a deal just because everybody else says he should jump on it.

He'll give you a number. Here's my number. It does work. Great. I'm just going to sit on my hands and do nothing. So he's like super patient at acquisitions, but he's also super patient because for the most part, he and Charlie Munger held stuff for the long term. They both sold a few things, but they like to have a holding period of forever.

SPEAKER_1 (3:16)

And I like that idea.

Carson (3:18)

Yeah.

Michael Zuber (3:19)

Again, I've read snowball. If you want to read the best Warren Buffett book, there's actually one that was written before that called The American Capitalist. It was non-approved or whatever, but somebody else did a biography of Buffett. I think that's the best Buffett book, but snowball is awesome as well. And again, in the book, I think it opens with the idea that if he had to do this all over again, he would go find the tallest hill with wet and sticky snow and then just let the thing go.

And that's what I want people to hear from this. Because again, I think a lot of people get involved with investing and they think it's linear. How many times have you had an investor go, Well, I can make 200 bucks a month per rental. I need 10 grand a month, so I need 50 rentals. That's not how this game is played.

Carson (3:58)

Bad math. Yeah, that's not the way. It doesn't work that way.

Yeah.

Michael Zuber (4:02)