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Wednesday, January 9, 2019

Warren Buffett - HBO Documentary HD #Advexon



There's something magical about a great biography....whether you read it in book form....

or watch it on the telly.

This moment which you can enjoy starts at precisely the timestamp 3:47 in this youtube video which captures an HBO documentary about Warren Buffet.



Why did I stop the vid at precisely that moment? Because whole books could be written about just that one moment in time. Mr. Buffet's success is based upon focus....his ability to focus, recall financial data at will and have financial discipline.

He knew off by heart, from memory, what the cost is to the penny for his

three lowest cost favorite McDonald breakfast items. He plans before he drives to work,, as to which

breakfast item he will purchase from McDonald's . He asks his wife, for one of three amounts precisely in cash: namely $2.61 for two sausages, or $2.95 for a sausage mcmuffin with egg and cheese, or $3.17 for a bacon and egg and cheese biscuit. I would assume that his wife is accustomed to counting out precise cash amounts to accommodate his spending routines. He likes routines, and seems to thrive on the repetition of low cost behaviors.



What can we observe remotely from that simple 5 minute routine?

1/ Mr. Buffett shops for the best prices for items he knows he will buy on a daily basis.

 ( if you want to read about the late Hetty Green's thrifty meal habits...you will see similarities)

2/ He didn't buy a drink with his food.

3. He doesn't tempt himself by keeping extra cash on hand. He asks his wife to hand him precisely what he needs to pay for the breakfast in cash in full, with no extra cash for extra spending.

4. It appears that he did not tip the drive through cashier.

5. Mr. Buffett, with all his wealth, is not too proud to eat fast food.

6. Mr. Buffett, with all his wealth, is not too proud to fetch his own food.

7. Mr. Buffett, is not too shy to purchase low cost items locally. He feels no need to impress others with his wealth by overspending on necessities like food.

8. He is kind to the McDonald's workers. He does not appear to think of himself as above other people.

9. Even in humor, Mr.Buffet connects the products he buys with "how the market is doing"...and knew what the stock market was doing even before breakfast.

10. Mr. Buffett described how...on days when he chooses a lower cost McDonald's item, such as two sausages, he says that he puts the two sausages together. That illustrates that he doesn't consider himself above adjusting something in order to utilize lower cost items. He'll go the extra mile to spend less.



I wonder, do you or I see similarities in his breakfast habits? Are we similarly frugal and repetitious and efficient and kind all at once? Do we see value in routines that allow us the mental brain room to focus on other more important matters?



Many great men and women have seen the need to simplify and build simple routines in order to manage their "cognitive load" ( borrowed that word from Seth Godin). Dr. Mike Murdock also writes extensively about using routines, such as always going to the same Barber, in order save mental and emotional "energy" to address the more important decisions of life. Steve Jobs, always wore similar clothing in order to preserve his mental and emotional juice for his more important creative and business projects.



Do you get any ideas or inspiration from Mr. Buffett's breakfast routine? Can you think of any ways in which you can lower the cost of one of your daily routines, and keep it in a simple circular loop of habit? Do you feel that this routine could help you to spend less money or curtail time wasted making decisions about trivial matters?



Do tell. Looking forward to your responses to this vid.

Peacefully productive,

Carla



 


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