Warren Buffett is adept at giving advice.
He was the chairman of Berkshire Hathaway for decades sat in front of a full arena During the company’s annual shareholder meetings, he asks investors questions ranging from artificial intelligence to the ins and outs of the insurance business to marriage advice.
On “Warren Buffett: The Life and Legacy,” airing Jan. 18 at 3 p.m. ET on CNBC, Becky Quick asks the Oracle of Omaha about the toughest questions and best advice she’s ever given. Finally, Buffett gets to the challenge he sets for college students.
Buffett asks students to consider a scenario in which five of them could earn 10% of their lifetime earnings, given a class of about 300 peers. Who do they choose and why? And who are they selling short to? He says the people you choose aren’t necessarily the best looking or the smartest or the most athletic.
“Of course, I explained at the end, you can be the one to buy,” Buffett says. “There’s nothing impossible. Because if you can throw a football 60 yards, that’s … not the highest IQ. You can be one of the top five.”
How to get on the list
So what can add you to the list of people with high life expectancy?
“It’s luck, a lot of it. If you pick the right parents, you’re going to be rich when you get out,” Buffett said. “You won the lottery—the mother lottery.”
But Buffett told the students they could be one of the people in the room their classmates had to bet on.
“You can do it by being a good person, by studying more, by spending less than you earn,” he says. “I told them once you can spend 110% of what you earn and then you use it. You will spend the rest of your life under water.”
Buffett emphasizes the latter point. While certain types of loans, such as mortgages, may make sense in some situations, you generally want to avoid going into debt, Buffett says.
“After a certain point, if you’re in a hole or something, it’s hard to dig out,” he says. “It’s not impossibleand I give people credit for doing that. But do it the easy way.”
Of course, if you don’t work hard and focus on self-improvement, you won’t be one of the top earners among your peers, Buffett says. He recalls his longtime partner Charlie Munger’s habit of “selling himself” during his most productive hour of the day—spending an hour each morning just improving his mind and selling the rest of his work to clients.
“It’s not stupid,” says Buffett. “Your future is your future, and you can’t expect someone else to make it for you.”
Want to advance your career with artificial intelligence? Subscribe to CNBC’s new online course, Beyond the basics: How you can use AI to power your work. Learn advanced AI skills like building custom GPTs and using AI agents to improve productivity today. Use coupon code EARLYBIRD for 25% off. Offer valid from January 5 to January 19, 2026. Terms apply.
