Warren Buffett's Key to Getting Rich
If you want to get rich, it takes more than just hard work. You need to surround yourself with the right people.
That's the advice Warren Buffett – arguably the most successful investor ever – had for Gen Z investors.
Buffett started his moneymaking career early. At just 6 years old, he went door to door selling chewing gum and bottles of Coca-Cola.
By 32, he'd made his first million. And today, at 94, Buffett is worth more than $165 billion.
In an interview with CBS News, Buffett was asked about the "best way to be a self-made millionaire." Buffett replied, "Figure out what your strengths are and then pick the right people and don't be afraid of making mistakes."
Buffett didn't become one of the best investors overnight. He spent decades learning his trade and growing his wealth. And he didn't make 99% of his wealth until after age 50.
Today, Buffett isn't just an investor – he's a stock market signal. The mention of his name can bring companies back from the dead.
But he doesn't take all of the credit for his success.
Before his death in 2023, Charlie Munger was Buffett's longtime business partner and vice chairman at Berkshire Hathaway, Buffett's famous holding company.
Munger and Buffett first met in 1959, and it didn't take long for Munger to become Buffett's right-hand man. A major reason why is that Munger taught Buffett a simple fact for knowing which stocks to buy...
Quality works.
Here's what Buffett wrote in his 2012 annual letter to Berkshire shareholders, recounting a conversation with Munger...
More than 50 years ago, Charlie told me it was far better to buy a wonderful business at a fair price than to buy a fair business at a wonderful price.
Despite the compelling logic of his position, I have sometimes reverted to my old habit of bargain-hunting, with results ranging from tolerable to terrible.
I've followed Buffett's example for decades. Instead of trying to be the smartest person in the room, I surround myself with people who are the best at what they do. That way, I'm always learning how to do things better... whether it's being a better investor, winemaker, or boss.
Expert knowledge is a no-brainer way to help you on your wealth journey.
In Health & Wealth Bulletin, I've helped regular folks add new tools to their toolboxes... things like smart asset allocation, knowing the right way to trade options, and the power of compounding in your portfolio.
And I'm not alone in that goal...
Regular readers are familiar with my friend Marc Chaikin, founder of our corporate affiliate Chaikin Analytics.
Marc is a legend, having spent more than 50 years working on Wall Street. He started as an analyst and then went on to create proprietary stock indicators that are still used by the biggest Wall Street firms and traders all over the world – like the industry-standard "Chaikin Money Flow."
If you've ever used an online broker to manage your money, you've likely already benefited from Marc's work without even knowing it.
But today, Marc's goal isn't to help bigwigs on Wall Street fatten their wallets. After seeing the ruin Wall Street caused average investors during the 2008 financial crisis, Marc decided it was time for a change. As he has explained before, he developed a system "specifically designed to turn trading and investing into a fair fight for people who aren't Wall Street elites."
If you want to follow Buffett's advice and surround yourself with people who can help make you a millionaire, Marc is a guy you want in your corner.
And right now, Marc is predicting a major market reset.
Starting May 9, he believes chaos could erupt... And investors who aren't prepared could be casualties in the fallout. Even if you're hiding out in cash today, you're vulnerable to the impending disaster.
However, a market reset like this gives you a rare opportunity. And with Marc's help, you could double your portfolio faster, with far less risk than you'd expect.
Click here to get all the details.
Now, let's get into this week's Q&A... As always, keep sending your comments, questions, and topic suggestions to feedback@healthandwealthbulletin.com. My team and I read every e-mail.
How to Make Sure You're Well Hydrated
Q: How can I figure out how much water I need? – A.D.
A: For decades, the traditional medical establishment has told us that we need to drink 8 ounces of water eight times a day to stay healthy and hydrated – what's known as the "8 x 8" rule.
But an international study published in Science debunks that rule as an oversimplification. It found that folks' water needs vary greatly based on personal and environmental factors, including:
- Body size
- Physical-activity levels
- Socioeconomic status
- Air temperature
- Humidity
- Altitude
So, for example, a large, sedentary man living near the ocean will likely need to drink less water than a small, physically fit woman living at a higher altitude... The 8 x 8 rule is too rigid to fit both of those individuals' different needs and circumstances.
And while drinking 64 ounces of water a day won't harm most people, it may cause you to spend more time in the bathroom than you really need to... or distract you from other wellness goals.
So instead of focusing on the number of glasses you're knocking back, pay attention to how you're feeling... Is your mouth dry? Do you feel thirsty? Does a cool glass of water sound appealing? If so, have something to drink. If not, you're probably not thirsty.
Also, do what I do and eat plenty of fruits and vegetables throughout the day that contain lots of water... foods like lettuce, watermelon, broccoli, grapefruit, carrots, and apples. And don't discount other fluids you drink throughout the day like tea and milk.
The color of your pee is a great indicator of how hydrated you are. If the color ranges from a lemonade shade of yellow to a light beer shade, you are properly hydrated. If your pee is a darker shade of yellow – amber or burnt orange – you are dehydrated and should drink some water with essential minerals (also called electrolytes – like sodium, calcium, and potassium).
If your pee is clear (like water), you're probably overhydrated and could stand to drink a little less water. Overhydration can throw off the electrolyte balance in your body, diluting key minerals like sodium. It can lead to nausea, muscle weakness, brain damage, and even death.
What We're Reading...
- Did you miss it? It's time to move some of your money out of America.
- Something different: Mount Fuji climber rescued twice after going back for lost phone.
Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
May 2, 2025