Learn from the rich

Secret Millionaires Club – Warren Buffett’s 26 Secrets to Success in the Business of Life

Secret Millionaires Club - Warren Buffett's 26 Secrets to Success in the Business of Life

The Secret’s Out …!

Hi kids! My name is WARREN BUFFETT, a local investor around these parts.

I want to tell you about a very a special club where four 14-year-olds and a robot help other kids—and adults—answer questions and solve problems about money and business, as well as offering some really good advice that will serve you for a lifetime!

The club is extra special, not only because we help solve money problems for people all over the world, but also because it’s a secret.

And that’s why we call it Secret Millionaires Club!

Besides me, the club members are: RADLEY HEMMING, an African-American computer whiz; STARTY, a very cool robot that Radley built; ELENA RAMIREZ, a warmhearted teenager who dreams of working for the United Nations; JONES a freewheeling sports-guy who goes everywhere on his skateboard; and LISA, a Chinese exchange student who wants to be a fashion designer.

The kids might all have different dreams, but everyone in Secret Millionaires Club has one thing in common: an interest in learning about business and how it can teach valuable lessons that they can use as they embark on life’s amazing journey.

Our meetings are held in a cool underground, high-tech conference room where we maintain our website, connect to the world, and stream the latest social networks on a giant video screen.

Speaking of video screen, we also have “D.E.B.”, which stands for DEMAND EDUCATIONAL BASE—an online anthropomorphic encyclopedia that gives us access to all the knowledge that is out there by way of our laptops, digital tablets, smartphones, and other devices.

You might be wondering, how did Secret Millionaires Club form and what was the very first secret the kids learned?

Well, I’m glad you asked. . .

 

Secret #1 – Don’t Be Afraid to Make Mistakes

SECRET #1 Try to learn from your mistakes —better yet, learn from the mistakes of others!

Hi again. I’m glad you want to learn more about Secret Millionaires Club! In fact, the first lesson is all about learning!

When you own a business or manage a company, the last thing you want to do is make a mistake. You can loose customers and loose money by making too many mistakes. But sometimes slip-ups happen and a successful business manager learns from his or her mistakes.

It’s the same thing in life. Learn from your mistakes—better yet; learn from the mistakes of others!

 

Secret #2 – Don’t Borrow Money

SECRET #2 Think twice before you either borrow money or loan money to someone— especially a friend.

Has anyone ever asked to borrow money from you—or, have you ever wanted to borrow money from another?
A business can get into a lot of trouble if its owners borrow too much money. This is especially true if money is borrowed to help a business grow, but then new sales drop and the company can’t pay back its loan.

Borrowing too much money can get people into trouble too. If you borrow money to buy things that you want and don’t earn enough money to pay it back, you can get into a big “money mess.”

So remember: The best way to pay back a debt is to never have one.

 

Secret #3 – Love What You Do

SECRET #3 Following your passion is the key to success.

When someone decides to follow their dreams, they have a better chance of being successful. Take for example, MRS. ROSE BLUMKIN, affectionately known as Mrs. B.

Mrs. B came from Russia with a dream to build a successful furniture business in America and she had a very simple approach: be honest, deal with integrity, and give the customers a bargain. Mrs. B followed her dream with excitement and passion—and absolutely nothing stopped her.

Starting with $500 Mrs. B built Nebraska Furniture Mart into the largest home furnishing store in North America and worked at the store until she was 103 years old!

 

Secret #4 – Make Time for Both Work and Play

SECRET #4 It is important to make the right trade-offs between work and play so we live a balanced lifestyle.

Ever hear the expression: “Live a balanced life”?

In the business world, it’s important for managers to be aware of the right trade-offs to be successful. You always want to invest in a business with managers who make good decisions.

Evaluating trade-offs and making the right decisions are also important in life —like choosing when to study, watch TV, be on the computer, or play video games. I recommend studying every day and trying to learn something you didn’t know before.

So remember: It’s important to make the right trade-offs between work and play so you can have a balanced life.
A few months ago, the Secret Millionaires Club kids learned this lesson when Lisa showed up for a meeting very distracted and run-down. It was clear that between homework, softball practice, taking pictures for a photography contest, and running in the Feetathon Race for Charity, Lisa was trying to do way too much.

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