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Warren Buffett is one of the richest people in the world. Despite the huge gap between its wealth and what you can expect to achieve
You see, Buffett is 88 years old, and he's still working. As CEO Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B), he has no plan to call it quits in the future future. If you're willing and able to plan for it, you too can design a future that keeps you active, and well into your golden years.
Image source: Getty Images.
It's not so simple as "just keep working"
Staying employed in your 80s is no small accomplishment. As anyone who works in a demanding field, you need to be careful. Buffett has created a strong structure around the world.
While you may be ever CEO of a multinational company like him, you can still be in your own time. The key factors to Buffett 's success include:
- A strong ownership stake in the company he works for
- Sufficient control over his money so that it works for him
- A job he clearly enjoys
- Work that he can accomplish even as his body ages
These factors all work together to enable Buffett to remain employed, and they can work for you, too.
Stronghold stake
Buffett owns around 283,000 shares of Berkshire Hathaway 's Class A stock. At around $ 314,477 per share, that's around $ 89 billion tied up in the company he leads. Like any owner of the stock, he has a say on the company's board of directors and leadership team, and because he is a substantial shareholder, his vote is particularly impactful. As a result, as long as he wants to remain CEO and his mental and physical health, he will remain CEO.
Although it is unlikely that you will be able to keep it that way, you will be able to maintain your own business. If you have not been an entrepreneur before, you might find buying a franchise or a small business of someone else who 's ready to retire a smoother path than starting a new company from scratch.
Going that road, you're really buying yourself a job. And if you buy a business model or buy into a franchise, you are in your business or franchise. Still, if your goal is to remain active, you are well-off, and you are well off.
Solid control over money that works for him
With a net worth of around $ 89 trillion, Buffett could spend more than $ 2 trillion a year more than he earns and still be incredibly likely to not outlive his savings. Still, he's famous for living in the same house he bought in 1958 for around $ 31,500 and eating his breakfasts for $ 3.17 or less at McDonald's (NYSE: MCD). By having money that works for him and keeping control of costs, Buffett is financially independent.
That's valuable to your quest to get rid of Buffett, even if it's worth less than 0.005% of his. Cash flow management is an essential skill for any household or small business. Bankruptcy of spending more than you, after all, is one of the only things you can do.
You do not need Buffett's trillions in financial flexibility to control your own finances, but you need a solid grip on the money going out and the money coming in. As long as you get more money, you have enough flexibility to cover your own needs. That's good enough to be in your control of your finances to keep yourself active.
A job he clearly enjoys
With somewhere in the neighborhood of $ 89 billion to his name at age 88, you might want to make it happen. Yet he still shows up to work and says he has no plans to withdraw anytime soon. Clearly, he loves his job, and he's going to work more than anything else he chooses.
Likewise, even in your golden years, you still have 24 hours in your day and seven days in your week. If you are able to fill your time with yourself, why stop? Many retirees report boredom as one of the unexpected side effects of life after work. With a meaningful job you enjoy, you can fill your days far more productively than simply rocking on the porch, watching the world go by.
Work he can accomplish even as his body ages
Buffett has received that he is not what he used to be. If he were in a demanding job as a warehouse worker or a construction worker, he could have been forced to leave it. As it is, its chief responsibility is capital allocation for Berkshire Hathaway. For that work, he needs a sharp mind, which is possible to keep an eye on the body.
Likewise, as you look forward to your own career, that is a standard retirement age, you should plan for work that you'll be able to manage as your body changes age. Remember that being the boss via a strong ownership position and control over your own cash flow. You can do as much as you like, you are not the only person you can do.
Want to remove like Warren Buffett? Get started now
Buffett has the ability to keep working well in the future. He is an owner and in control of his own cash flows. He clearly enjoys what he does, and the work that he is doing.
Even if you are the CEO of a multinational company, you will be able to improve your chances of becoming a long-term employee. The first and most important step is to make sure you're in control of your cash flow. From there, you can set the rest in motion and set the stage for many productive decades to come.
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