Amazon (Nasdaq: AMZN) founder, chairman and CEO Jeff Bezos is the richest man in the world… and not by a small margin.
Bezos’ net worth zeros in on $200 billion – more than $80 billion above Bill Gates, who sits in second place on Forbes‘ Real-Time Billionaires list.
Bezos also has access to some pretty elite financial advice…
In a meeting with Warren Buffett, he took the opportunity to pick the Oracle of Omaha’s brain on investing. He asked…
“Your investment thesis is so simple. You’re [one of the] richest guys in the world, and it’s so simple. Why doesn’t everyone just copy you?”
Buffett just smiled and said, “Because nobody wants to get rich slow.”
No more important words on investing have ever been spoken…
So if you truly want to get rich, listen to what the greatest investor said to the world’s richest man.
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Patience Builds Portfolios
In 2000, I moved to Bermuda and worked with a public accounting firm. That firm lent me out to a hedge fund administrator to do monthly net asset valuation work.
It was a strange assignment. From Monday through Thursday, I had very little to do. Then on Friday, we busted it all day and worked from 7 a.m. until 9 p.m.
But while I was chained to a desk for four days a week, I didn’t get bored… I had Warren Buffett to keep me company.
I discovered his annual letters to Berkshire Hathaway shareholders. For weeks, I read those letters and took notes from them. I fell in love with investing.
Buffett’s wisdom clicked. Without question, I learned more from reading his letters than I did from seven years of post-secondary education.
And in his conversation with Jeff Bezos, Buffett shared one of the main lessons I learned…
Don’t be in a hurry to get rich. Let time be your friend.
Warren Buffett didn’t get rich quickly. He used the power of compounding to do it over time…
(source: wealthyretirement.com)
Buffett wasn’t even a household name at age 50. He needed more time to let his wealth grow. It grew slowly at first… then skyrocketed into the billions.
[Extra: They Laughed, Yet FIVE of the Stocks He Named Went on to Soar Over 1,000%]
Do You Really Want to Build Wealth?
Compound interest works just like a snowball rolling down a hill. The snowball builds gradually, and the longer it rolls, the bigger it gets.
No wonder the name of Buffett’s biography is The Snowball…
That’s why Chief Income Strategist Marc Lichtenfeld recommends a tried-and-true long-term dividend investing strategy that makes use of a dividend reinvestment plan (DRIP).
This technique minimizes your risk and sends the compounding machine into overdrive.
Don’t be like everyone else. Have the patience to get rich slowly, and chances are that you actually will – maybe even sooner than you think.
Today, one sector offers investors an opportunity that requires patience… but it could see them double their money in just a few years.
When you next hear from me, I’ll direct you to that sector – and to another investing legend who agrees with me.
Good investing,
Jody
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