Feb 02, 2017 07:29 AM EST

This Is How Warren Buffett Earned Money As A Teenager

Close

Some people were born with a silver spoon in their mouths, while other people made their fortunes the hard way. Billionaire Warren Buffett falls into the latter camp, as he did various side jobs to earn money at a tender age before amassing his fortune.

According to CNBC, Buffett’s early money-making efforts were chronicled in the 2008 biography “The Snowball: Warren Buffett and the Business of Life.” Written by Alice Schroeder, the book tells how a young Buffett’s quick-thinking ways helped him earn money in unconventional ways.

In the biography, it was said that Buffett started earning money at just 6 years old by selling sticks of gum in the neighborhood. Later, he found that he was earning more by selling his favorite beverage, Coca-Cola, door to door in the summer.

At 13, Buffett delivered newspapers and sold magazine subscriptions on the side. After two years, he managed to save $2,000 and invested that in a 40-acre farm where he had a profit-sharing agreement with a farmer.

Soon after, Buffett began his own company called Buffett’s Used Golf Balls. The enterprising young man would buy refurbished golf balls at $3.50 a dozen and sell them for $6. He also set up Buffett’s Approval Service, which sold sets of collectible stamps to collectors who lived out of state.

Buffett also had a car-shining business, and at one point, he claimed to be a representative of a fictional company called Mr. Wilson’s Coin Operated Machine Company. He bought old pinball machines and had his friend restore them, then Buffett would ask barbers to let them put the machines in the waiting area in exchange for half the profits.

Buffett has come a long way since his hustling days, as he is now estimated to earn an average of $2 million a day. Now, he encourages young people to start small businesses as he shares his wisdom in the animated series “Warren Buffett’s Secret Millionaire’s Club.”

The web series features Buffett as a mentor to a group of entrepreneurial kids who solve financial and business problems while they go on adventures. Some webisodes feature special guest stars such as Jay-Z, Shaquille O’Neal, Gisele Bundchen, Kelly Rowland, Nick Cannon, and Bill Gates. Kids can watch the SMC webisodes with their parents here.

For more, check out Jobs & Hire’s report on what Warren Buffett eats for breakfast every day.

Get the Most Popular Jobs&Hire Stories in a Weekly Newsletter
© 2017 Jobs & Hire All rights reserved. Do not reproduce without permission.
TRENDING ON THE WEB

Join the Conversation

Real Time Analytics