The Wisdom of Warren

Some wisdom from Warren Buffett:

He wisely counsels that anything that happens to your finances is secondary to the important things in life – picking a suitable and compatible mate, developing a relationship with your children, and doing something that you enjoy.

Sounds like some good advice to me. My advice to students would echo his -- spend your twenties figuring out what you love to do and a way to make a career doing it and who you want to spend your life with.

If your career takes some experimentation and trying different things out (or changing majors while you're in school), don't hesitate to do so. I spent a decade in a career I didn't enjoy and wouldn't recommend that route to anyone.

Try to stay debt-free (or minimal debt) so you have more freedom to explore different career options and don't get stuck in a career you don't enjoy. Likewise, fully invest time and effort into finding a spouse that you are highly compatible with and who you deeply love. Stay single until you do.

These two choices will profoundly affect the rest of your life and your overall happiness. If you've already passed your twenties (like me) and haven't done this, start today. Coming back to school for my PhD and a career change was a big financial hit for me but also one of the best things I've ever done.

See my previous post on "Failing Forward" for related thoughts.

P.S. -- Here's a video of Buffett speaking to MBA students at my alma mater, the University of Florida Warrington College of Business.

(HT Greg Mankiw)