If you’re aiming to grow your wealth to extraordinary levels, it’s wise to take a page from Warren Buffett’s playbook. As one of the richest individuals in the world and a legendary investor, Buffett has mastered the art of smart financial decision-making. And his numbers speak for themselves. Buffett is currently estimated to have a net worth of about $141.5 billion — an amount you don’t accumulate by accident.
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Because of this, it’s no surprise that celebrities and high-net-worth individuals often turn to Buffett’s insights to build and preserve their fortunes. From A-list actors and elite athletes to influential CEOs, many listen closely when the Oracle of Omaha shares his wisdom. His advice spans far beyond stock picks, touching on everything from nurturing relationships and honoring commitments to investing in companies you truly believe in.
If you are looking to make better financial choices and pad your bank account as much as the rich and famous have, it’s time to tune in to Buffett’s timeless principles.
Strong Relationships Build Wealth
Bill Gates and Warren Buffett don’t just share a spot on the list of the world’s wealthiest individuals, but they also share a decades-long friendship. One of the most meaningful lessons Gates says he’s learned from the legendary investor is the value of relationships. “Warren Buffett talked about how, in the end, it’s how your friends truly think of you and how strong those friendships are that really matters,” Gates once shared.
This isn’t the first time that the co-founder of Microsoft, with an estimated net worth of $116.8 billion, has spoken warmly about Buffett’s relationship advice. Reflecting on their history, Gates has said, “I’ve learned many things from Warren over the last 25 years, but maybe the most important is what friendship is all about.”
For both Gates and Buffett, building wealth doesn’t have to come at the expense of meaningful connections.
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‘A Brand Is a Promise’
A-list actress and Grammy-winning singer Jennifer Lopez revealed that her fragrance, Promise, was directly inspired by advice from Warren Buffett. The name stems from one of Buffett’s most well-known branding philosophies: “A brand is a promise.” Lopez embraced that idea wholeheartedly, building a powerful personal brand that has helped her amass an estimated net worth of $400 million.
Buffett has shared this concept of “keeping promises” at several Berkshire Hathaway shareholder meetings, emphasizing the importance of trust and consistency in business. Lopez said the message deeply resonated with her. “He said a brand is a promise. And I just feel like everything that I put out into the world has to be a promise,” she explained. “We have to have promises with ourselves. It’s really the foundation that keeps us going. It really made me think about life in a bigger way.”
Invest for the Long Term
World-renowned alpine skier Mikaela Shiffrin is among the many high-profile individuals who closely follow Warren Buffett’s investment philosophy. Known for prioritizing long-term value over short-term market trends, Buffett consistently advises investors to put their money into businesses they genuinely believe in.
In the 2022 Berkshire Hathaway Annual Report, Buffett emphasized this approach:
“Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers.
“Please note particularly that we own publicly traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie [Munger] and I are not stock pickers; we are business pickers.”
Buffett’s strategy highlights the importance of patience, trust and belief in a company’s fundamentals, principles that resonate with Shiffrin and many others seeking financial growth.
Protect Your Customers and Protect Your Brand
During an interview with Barron’s Editor-at-Large Andy Serwer, American Express CEO Stephen Squeri shared a critical piece of advice he received from Warren Buffett. “Warren is our largest investor, and I talk to him quite a bit,” Squeri said. “And during the pandemic… his advice to me [was] to ‘protect two things. Protect your customers and protect your brand.'”
It was this advice that shaped how Squeri led the company during a time of economic uncertainty. While many companies were scaling back, Buffett’s words encouraged American Express to lean in. “It would have been pretty easy to pull back even more,” explained Squeri, “but we invested [in] more value propositions for our customers. We invested in our colleagues. And we invested in our brand.”
The results speak for themselves. American Express emerged stronger, with profits continuing to soar.
Final Take To GO: Apply Buffett’s Principles To Build Lasting Wealth
You may not have the fortune of a celebrity, A-list athlete or legendary investor, but that doesn’t mean you can’t start building your own. By following timeless advice from experts like Buffett — focusing on long-term investments, strong relationships and brand integrity — you can lay the foundation for lasting financial success. It may take time, but with discipline and the right mindset, your wealth-building journey can begin today.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 5 Warren Buffett Tips Celebrities Use To Build Lasting Wealth
