title

Custom Search

 

[ Correct English | Common Errors | Words Differentiation | Sample Letters | Glossary of Correct Usage | Common Sentences | Q & A ]

[ English Compositions | Movie Reviews | High School Vocab | Advertisements ]

Sponsored Links

<<Prev

Summary

Next>>

   
TOEFL Vocabulary
English Conversation
English Grammar
American Idioms
English Comprehension
English Summary
English News
Business Idioms
 
The self-made millionaire
 

Warren Buffet is not only one of the richest men in America but also in the world. It is not another rags-to-riches story. Neither is it a story of a man who through a stroke of luck became an overnight billionaire. It is the story of an enterprising man who, through his resilience and resourcefulness, managed to make his money grow and ultimately carve a niche in the business world.

Even as a child, Buffet knew the value of money and was preoccupied with the idea of becoming rich. His money-making ventures were many and varied. He left no stone unturned in his endeavors to become rich. In fact, he channeled all his energies into making as much money as he could. Even when he was 5 years old, he set up a stall in front of his house selling chewing gum. Next, he turned to selling lemonade in another part of town. His other business ventures during childhood included selling used golf balls and going door-to-door selling soda pop during summer. As a teenager, he saved as much money as he could.

While boys of his age were fascinated by model aircrafts and other electronic toys and gadgets, Warren was interested in the stock market. He closely monitored the prices of shares and at the young age of 11, Warren made his first investment when he purchased $114 worth of shares. Three years later, he invested $1200 in a 40-acre piece of farmland, which he rented out.

As a teenager, Buffet was earning $175 a month delivering newspapers to 500 homes. Unlike other boys of his age, Buffet did not work at part-time jobs to supplement the family income or to increase his own pocket money. He worked for only one reason-to save money and this he did.

By the age of 21, Buffet had an accumulated savings of $9800. He invested his savings in the stock market. Unlike most other stock investors, Warren did not purchase stocks by mere speculation. He would first do a thorough research of a company's assets and earnings and study the company's prospects of expansion. He would spend hours poring over business manuals and other materials. He would invest when the stock prices nosedived to far below their real value. In other words, Warren would purchase shares when other investors were hesitant.

Warren Buffet's first major investment was in New York when he invested the bulk of his savings in the shares of the Government Employees Insurance Company, of which he is now the owner. The ordinary man in the street could not have done it. But Buffet was no ordinary man. He had studied business and finance at the University of Nebraska and, the Columbia Business School. His knowledge in both these fields of study sharpened his business acumen.

Buffet scored his biggest coup in Omaha where he set up his very own company, Buffet Associates Ltd. in 1956. Within a span of a few years, Buffet raked in millions of dollars in profits. His independence of mind, ability to focus on his work and the confidence he had in his own judgment all helped him to amass a fortune.

______________________________________________

Summarize how Warren Buffet became a millionaire and the qualities which enabled him to become a successful businessman.

 
Sponsored Links
 
Answer
 
Warren Buffet became a billionaire because of his resilience and resourcefulness. He is not only one of the richest men in America but also in the world. His moneymaking ventures which started when he was still a young boy, were many and varied and included selling lemonade, used golf balls and soda pop. When he was 11, he invested $114 in shares and three years later, he bought a 40-acre piece of farmland which he rented out. As a teenager, Buffet delivered newspapers and did other part-time jobs to increase his savings. When he was 21, Buffet invested the bulk of his savings in the stock market. He bought shares only when their prices fell sharply and after assessing the company's assets and prospects of expansion. He had studied business and finance and this helped him. A shrewd businessman, Buffet only invested in businesses he was familiar with. The setting up of his own company enabled him to make huge profits. ( 164 words )
     
 
 

001    002    003    004    005    006    007    008    009    010    011    012    013    014    015    016    017    018    019    020    021    022    023    024    025    026    027    028    029    020    031    032    033    034    035    036    037    038    039    040    041    042    043    044    045    046    047    048    049    050    051    052    053    054    055    056    057    058    059    060    061    062    063    064    065    066    067    068    069    070    071    072    073    074    075    076    077    078    079    080    081    082    083    084    085    086    087    088    089    090    091    092    093    094    095    096    097    098    099    100    101    102    103    104    105    106    107    108    109    110    111    112    113    114    115    116    117    118    119    120    121    122    123    124    125    126    127    128    129    130    131    132    133    134    135    136    137    138    139    140    141    142    143    144    145    146    147    148    149    150    151    152    153    154    155    156    157    158    159    160    161    162    163    164    165    166    167    168    169    170    171    172    173    174    175    176    177    178    179    180

 
Sponsored Links
 
 
 
American Slang
English Proverbs
English Exercises
Common English mistakes
Ancient Chinese stories
Junior English essays
High School English essays
Lower Secondary English essays