Core Insights - Warren Buffett, known as the "Oracle of Omaha," is one of the wealthiest individuals globally, with a net worth of approximately $146.1 billion, ranking him No. 10 among the world's richest people [1] - Buffett became a billionaire at age 56, accumulating 99% of his wealth after turning 50, highlighting that significant wealth can be built later in life [2] Group 1: Investment Principles - **Be Patient**: Patience is crucial in the stock market, especially after age 50, as there is less time to recover from investment mistakes. Long-term investment in financially strong companies remains essential [4][5] - **Learn New Skills**: Continuous self-investment is vital. Buffett emphasizes the importance of developing money management skills and embracing new investment strategies and technologies to maximize returns [6] - **Don't Take Unnecessary Risks**: The concept of "margin of safety," learned from Benjamin Graham, is particularly important as age increases, making recovery from poor investments more challenging [7] Group 2: Wealth Accumulation Timeline - At age 21, Buffett had $20,000; by age 26, this grew to $140,000, and by age 30, he reached $1 million, illustrating the progression of his wealth accumulation [8]