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- Want to be a self-made millionaire by your 30s like Warren Buffett? The secret may be simpler than you think—and it all starts with surrounding yourself with the right people.
Warren Buffett is known for his love of Coca-Cola, with the billionaire drinking upwards of five cans of the sugary soda each day in his prime.
However, the billionaire’s fondness for the product is more than just the taste—it’s the life-changing impact it had on his career. Buffett’s first-ever job was selling Coke bottles door-to-door, which helped lay the foundation to make him a millionaire by age 32 (some $10 million in today’s dollars), and others can be on that path, too, he said, if they just follow a straightforward line of advice:
“Figure out what your strengths are and then pick the right people and don’t be afraid of making mistakes,” he told CBS News.
The Berkshire Hathaway boss was asked for his advice on becoming a self-made millionaire—and while his thoughts were more abstract than concrete steps to start a business, the notion of not being afraid of making mistakes may especially resonate with Gen Zers.
The generation has faced a rocky start to their careers thanks to the pandemic and economic uncertainty, with some failing to meet expectations in the workplace. But those who take on adversity as a head-on challenge may be the ones that come out with greater wealth on the other side.
The right business partner can make or break your success
Surrounding yourself with the right people is a philosophy Buffett has held throughout his career—with intelligence, energy, and integrity being the three top characteristics he looks for in a work partner.
The catch? Spotting those traits early in someone is key—because Buffett warns, trying to instill them later is a lost cause.
“Marrying someone to change them is crazy, and hiring somebody to change them is just as crazy,” he said to Fortune in 2014. “And becoming partners with them to change them is crazy.”
Charlie Munger is a prime example of someone with whom Buffett clicked with and created a partnership that lasted a lifetime.
Munger was Buffett’s right-hand man for over four decades, serving as vice chairman of Berkshire Hathaway from 1978 until he died in 2023. Their relationship thrived so much that Buffett recently noted Munger as “part older brother, part loving father.”
Together, their investments made billions of dollars—and the secret lies in their mutual respect and their ability to make each other think in different ways.
“Every time I’m with Charlie, I’ve got at least some new slant on an idea that causes me to rethink certain things,” Buffett said to CNBC. “We’ve had so much fun in the partnership over the years.”
Choosing the wrong person to work with in business can be costly, and there may be no better recent example than Sam Bankman-Fried. The once-billionaire was seen as a genius by his thousands of employees and followers who viewed his now-bankrupt cryptocurrency exchange as a model for the future of finance. And while customers are set to get their money back, the time and trust can never be recovered.
The path to millions—or billions—is like a choose your own adventure
If rolling up your sleeves and becoming a door-to-door salesperson like Buffett doesn’t sound like a fun way to start your path to becoming a millionaire, don’t worry; there are endless ways in today’s market.
Bill Gates started out coding a computer program to monitor street traffic. Jeff Bezos flipped burgers at McDonald’s. Jimmy Donaldson, known as MrBeast, uploaded Minecraft and Call of Duty videos to YouTube.
While each is an example of how hard work can pay off tremendously in the end, it’s important to remember that failure is inevitable in business; having the tenacity to get back up time and time again is what can set you apart from others.
And while Buffett joked that the true best way to become a millionaire is to be born into wealth, he said there’s one investment advice that exceeds all others: “Invest in yourself.”
Fortune reached out to Buffett for comment.
This story was originally featured on Fortune.com
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