“The biggest suggestion I have is to avoid credit cards. Interest rates are very high on credit cards. Sometimes they are 18 percent. Sometimes they are 20 percent. If I borrowed money at 18 or 20 percent, I’d be broke… So if I had one piece of advice for young people generally it would be to just avoid credit cards.”
And what advice does Buffett have for a new investor?
“I would do a lot of reading before I invested. In other words I would prepare for it. I wouldn’t jump in the water until I know how to swim… I read every book the Omaha Public Library had about investing by the time I was 11.
On qualities Buffett looks for in employees?
“The biggest thing I look for is if they have a passion for whatever they are going to do.