Money Buffett: Your most important decision is not financial

05:31  15 may  2018
05:31  15 may  2018 Source:   cnbc.com

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Berkshire Hathaway CEO Warren Buffett has made his fortune through smart investing. But if you asked the self-made billionaire about the most important decision he has ever made, it would have nothing to do with his investments.

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Regardless, we all make countless decisions constantly. However, there is one decision which will rank above all the others: who you are going to marry. In fact, Warren Buffett names meeting and marrying his first wife, Susan Thompson, as the second most important thing that ever happened to

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In HBO's 2017 documentary, "Becoming Warren Buffett," the investing legend says the biggest decision of your life will be whom you choose to marry.

There have been "two turning points" in his life: "One when I came out of the womb and one when I met Susie," Buffett says of his first wife, who died in 2004. "What happened with me would not have happened without her."

Buffett addressed the topic during a 2017 conversation with Bill Gates at Columbia University, too. "You want to associate with people who are the kind of person you'd like to be. You'll move in that direction," he said. "And the most important person by far in that respect is your spouse. I can't overemphasize how important that is."

That's life advice the 87-year-old has been emphasizing for years. As he said at the 2009 Berkshire Hathaway annual meeting, "Marry the right person. I'm serious about that. It will make more difference in your life. It will change your aspirations, all kinds of things."

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  This is what the Warren Buffett empire looks like, in one giant chart Buffett currently owns 36.8% of Berkshire – and at the time of publishing, Berkshire Hathaway is worth an impressive $480 billion, employing 377,000 people across many different industries.Jeff Bezos got rich off Amazon Inc.(AMZN) , Mark Zuckerberg made his billions off Facebook Inc. (FB) and Bill Gates earned his fortune through Microsoft Corp. (MSFT) But Warren Buffett, who serves as the chairman and CEO of Berkshire Hathaway Inc. (BRK) can attribute his wealth to hundreds of companies, ranging from a textile mill in Rhode Island to Coca-Cola Co. (KO) .

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The most important management act, Buffett believes, is allocation of the company’s capital. It was not just that Bob Shaw made good financial deci - sions , he also made strong product and business decisions by adapting to changing market conditions.

Research agrees that who you marry can significantly affect your level of success. People with supportive spouses are "more likely to give themselves the chance to succeed," according to a study published by psychologists from Carnegie Mellon University.

Another study by Brittany C. Solomon and Joshua J. Jackson of Washington University in St. Louis shows that having a conscientious spouse can boost your salary by $4,000 per year and increase your chances of getting promoted.

"Significant others can help you thrive through embracing life opportunities," Brooke Feeney, lead author of the Carnegie Mellon study, tells CNBC Make It. "Or they can hinder your ability to thrive by making it less likely that you'll pursue opportunities for growth."

Related video: Surprising facts about Buffett from before he was a billionaire


Should I raid my RRSP to pay off my line of credit? .
It’s tempting to cash out RRSPs but watch out for the tax biteI currently participate in a DB pension and am in a fairly safe/steady employment position. My RRSP is currently sitting at $150,000 and my salary is approximately $115,000.

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