Warren Buffett’s house is the object of endless fascination when people learn about him — and for good reason. Buffett is one of the richest people in the world; therefore, it’s always surprising to learn that he’s lived in the same house for most of his adult life.
Looking more closely, Warren Buffett’s house can teach you a lot about success and what’s important in life.
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When people think of the name Warren Buffett, they almost instinctively envision the billionaire business man and one of the richest men in the world. But, it is surprisingly to find out that Buffett’s home in Omaha, Nebraska is one that he has lived in for most of his life. He purchased the home in 1958 for $31,500. The stucco house has 5 bedrooms and 2.5 bathrooms. Buffett calls his Nebraska home his third best investment of his life, just behind two wedding ring purchases.
Biggest Lessons From Warren Buffett’s Home
In today’s materialistic world, Buffett’s home tells you nothing about his wealth. Unfortunately, the public’s perception of wealth is not about how much money people have in their banks, but at how much money they spend and show off to the public. According To Forbes, Buffett’s estimated net worth is $68 billion dollars. He definitely fits the idea that you can never judge an individual’s wealth by the houses they own or the cars that they drive. He purchased the home, not as a financial investment but as a home that he could actually afford at the time. The most interesting point of his home is that Buffett purchased the home for living and not for financial gain. In a recent interview in The Real Deal, Buffett stated, “My family and I gained 52 years of terrific memories with more to come.” He feels when you mix your home purchase with financial speculation, only bad things can result.
Possessions Don’t Bring Happiness
Buffett wrote in his Giving Pledge, “Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.” With all of his money, he focuses on his family, friends, and giving billions of his fortune to multiple charities. In fact, Buffett has taken the pledge to donate 99% of his wealth to charities and also encourages other billionaires to follow in his footsteps.
While reading this article, I realize what is truly important when it comes to families purchasing or selling their homes. I have met with many clients during interviews that have lived in their homes for many years and have raised many children in them, just like Buffett. They sometimes get fixated on the idea of merely monetary values. I sometimes point to the fact that many homeowners received invaluable gains that are worth more than any net proceeds check they can, and will, receive at closing. Buffett paints a clear picture of how people should look at purchasing and selling a primary residence and what is truly important in our lives. I will continue to instill Buffett’s philosophies in my real estate career and in my personal life. I hope that you do the same.
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