Lessons from Warren Buffett
By: Angie Ditsler
This week, my husband and I had the incredible opportunity to travel to Omaha, Nebraska to meet Warren Buffett. We were guests at a special event hosted by one of Mr. Buffett’s companies. Prior to leaving on the trip we were given a copy of one of Mr. Buffett’s books and told to come prepared to ask him any questions we had. I assumed there would be hundreds of people at this event, and at most, we could maybe get a good seat in an auditorium during one of his talks. I couldn’t have been more wrong! In fact, it was a very intimate setting at a local country club. Mr. Buffett arrived early and mingled with the guests before dinner, signed some autographs, and snapped pictures with the attendees. During dinner, he traveled from table to table and discussed every topic under the sun from politics and current events to investments, family, and even fashion! I was blown away by his wit, off-the-cuff remarks, and incredible sense of humor. At one point, he even got down on one knee and pretended to propose to one of our travel companions!
Perhaps what blew me away most about this man was his brilliant intellect and wealth of knowledge on so many topics. I can’t even fathom the amount and depth of information that passes through his head each day. While my husband was busy asking Mr. Buffett his reasoning behind his most recent acquisition of Burlington Northern railroad, I was trying to muster up the nerve to ask him about his philosophy on philanthropy. I’ve known for some time that Warren Buffett has a reputation for living a relatively frugal lifestyle and gives much of his wealth away to charity. For somebody with hundreds of billions of dollars, it may come as a surprise to most that he lives in a $150,000 home and drives himself places. (Rumor has it that when his children were babies, he thought spending money on cribs was a waste of money so his children slept in drawers!) When Mr. Buffett finally discussed the topic of philanthropy, what he said really struck a chord with me. His response was (paraphrased):
I have a tremendous amount of respect for individuals and organizations out there involved in philanthropy- even more so that your average businessmen and women. The main difference between business and philanthropy is that in business problems are more clear-cut and problem-solving typically happens more quickly and frequently given the right amount of the inputs: money and intellect. Philanthropy, on the other hand, attempts to solve complex problems that have eluded both intellect and money for centuries. We must be patient in philanthropy. Successes will come much more seldom, but when they do, they will be worth celebrating much more than any business success.
I think these words are important to remember for any worker, donor, or volunteer engaged in philanthropic work.