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Warren Buffett: Money
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Warren Buffett was born in Omaha, Nebraska on August 30, 1930. He was quickly identified by his family and others as being exceptionally good with numbers. In his youth he made money by reselling cokes and delivering newspapers. At the age of 13 he filed his first tax return and deducted $35 for his bike as a business expense. Later, as a senior in high school, Buffett purchased a used pinball machine with a friend and set it up in a local barber shop.
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Warren Buffett grew obsessed with numbers and money from an unusually early age. It wasn't an obsession founded upon the lifestyle or the wordly goods money could buy. It was a collecters' obsession. Some boys in the 1930s and 1940s collected stamps. Some collected bird's eggs. Warren Buffett collected money.
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For years, Buffett mocked corporate ownership of jets as a wasteful executive perk. But in 1986, he bought a small used plane for Berkshire, then traded up to a more expensive model a few years later. He named the jet ''The Indefensible'' and made sport of its purchase in his 1989 report to shareholders: ''Whether Berkshire will get its money's worth from the plane is an open question, but I will work at achieving some business triumph that I can (no matter how dubiously) attribute to it.''
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Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes, while his employees paid 33% of theirs despite making far less money. Others explained this difference by saying lower tax rates for dividends and capital gains are necessary to avoid punitive double taxation, since the dividend income was already taxed at the corporate level, and the capital gains were from after-tax income that was invested. [14]
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Buffett said he used a loan on his home to keep “Spirit” alive as he raised money for the production from people and businesses. His father pledged $300,000 to the effort, or 10 percent of the costs.
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Buffett said the era of "dumb money" is over. He criticized what he called the "madness" of the complex structured financial products that have led to the recent turmoil in the mortgage and credit markets.
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