December 6, 2023

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Warren Buffett: The Frugal Home I’ve Loved for the Past 60 Years

Warren Buffett: The Frugal Home I’ve Loved for the Past 60 Years

It is not without reason that he is considered one of the most successful investors in the world, and one would assume that Warren Buffett would live in luxury, like many other wealthy people.

But in reality, the billionaire lives in a relatively affordable home worth less than 0.001% of his total wealth.

The story behind the billionaire’s humble abode

With a fortune of $105.2 billion, the world’s tenth richest man still lives in the same house he bought in 1958, long before he made his fortune.

For six decades, Buffett lived in the same residence in the Dundee Central neighborhood of Omaha, Nebraska. The so-called “Oracle of Omaha” bought the house for $31,500, about $250,000 in today’s dollars.

“I wouldn’t change it for anything,” Buffett told CNBC of his frugal housing.

The self-made billionaire added that real estate is a valuable commodity “for a lot of people… If you know you’re going to live in a certain area, or you think it’s very likely, for a long time and you have a family, a house is great.”

And if you have to take out a loan, it’s “the best tool in the world,” Buffett advises.

So, what’s so great about Warren Buffett’s Omaha home?

As it turns out, the house was the “third best investment” (the top two being the wedding rings at his two weddings) he ever made, Buffett wrote in a 2010 letter to shareholders.

Admitting that he might have made a profit by renting the house and investing the money, he would have missed out on the most important things in life.

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“[Κέρδισα] 52 years of wonderful memories [σε αυτό] With more to come,” Buffett said.

The modest 6,570-square-foot home has 5 bedrooms and 2.5 bathrooms, according to Business Insider. The original 1921 stucco structure is located on a corner lot and appears to have some additions.

Zillow values ​​the property at $1,240 million, a very modest figure for the chairman and CEO of Berkshire Hathaway — the multinational holding company that manages $873 billion in assets.

As it turns out, Buffett’s house isn’t even the most expensive house in the area. In fact, the house next door is smaller, but it’s estimated to be worth $200,000 more than Buffett’s house, according to CNBC.

Buffett proves the American proverb that home is where the heart is.

“I’m happy there. I would move if I thought I would be happier somewhere else,” Buffett told the BBC when asked about his modest home in Nebraska.

He added: “How will I improve my life by owning 10 homes around the world? “If I wanted to be a housing supervisor…I could do it as a career, but I don’t want to manage 10 houses and I don’t want someone else to do it for me and I don’t know how the hell that would make me happier.”

Although he has deep pockets, a house in Omaha seems to be the only property he needs.

“I’m warm in the winter, cool in the summer, and I’m comfortable,” Buffett said. “I couldn’t imagine having a better home.”

Money is not everything in life..

In another interview, Buffett said that there is more to life than just materialism.

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“I have everything I want,” Buffett told CBS. “I have many friends who have much more possessions. But in some cases, I feel like I own the possessions, not the other way around.”

Buffett owns a vacation home in Laguna Beach

Although he was happy with his properties in Nebraska, Buffett had a vacation home in Laguna Beach, California, which he bought in 1971 for $150,000.

The beach house sold for $7.5 million in 2018, The Wall Street Journal reported.

The 288 square meter house consists of 4 bedrooms and 4 bathrooms. Located on Pacific Coast Highway in a private cul-de-sac, the home is still modest enough for a billionaire.

“I feel good about the couple who bought the house,” Buffett said after the sale. “[Ελπίζω] A family to enjoy as much as our family.

Source: OT