The Billionaire and the Batboy: What Warren Buffett Learned from Eddie Bennett

Warren Buffett, the great investor who is the chairman of Berkshire Hathaway and now the richest person in the world according to Forbes, told a story about a batboy in Berkshire Hathaway’s 2002 annual report.

The batboy was Eddie Bennett, who was 19 years old in 1919. He began his career with the Chicago White Sox, who went to the World Series that year.

The next year, Eddie moved to the Brooklyn Dodgers. He had the Midas touch. They also won their league title that year. Two in a row for Eddie.

But once again, Eddie saw a better opportunity. So he joined the Yankees in 1921. They won their first pennant ever. Eddie knew he was in the right place so he stayed put. The Yankees won five American League titles in the next seven seasons. 

What did this mean to Eddie? He made as much during the World Series as he made all year. So by choosing the right team with whom to associate, he doubled his income.

And he became perhaps the best known batboy in baseball history.

5 lessons Eddie Bennett teaches us

#1 – Sometimes it pays to switch teams.
If you’re with a team that doesn’t look like a bigg winner, and you see a better one, then go for it!

#2 – Don’t have a scarcity mentality.

People who think like this can’t work with others because they don’t think there’s enough to share. Eddie shows us that we may actually make more money BY working with others than we could on our own.

#3 – You don’t have to be the star to be a star.

Eddie became famous in his own right. He’s written about just like Babe Ruth and Lou Gehrig. In fact, he’s the first of that great trio that we’ve blogged about!

#4 – Every job is important.

A supporting role is just as important as the starring role. Eddie knew his place and the importance of what he did. He knew that if he did a good job in his role, other people would thrive in theirs. And he would reap the benefits along with them!

#5 – He had a passion for what he did.
The fans knew it and the players knew it. They respected him for the role that he played. It’s reported that Eddie and Babe Ruth became good friends because they were both at the top of their game.

What Warren Buffett learned from Eddie

In the annual report we referenced earlier, Warren Buffett describes himself as the batboy for Berkshire Hathaway. He turns the heavy-hitting over to the leaders of the businesses in which he invests. He plays a supporting role so they can step up to the plate and hit home runs.

It’s a lesson in management and leadership – give your people the tools they need when they need them and watch them succeed bigg!

Speaking of giving your people tools, share Bigg Success with them.
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We thought it only fitting for our bigg quote today to come from Warren Buffett.

“To be a winner, work with winners.”

Otherwise, you risk striking out!

Next time, we’ll discuss tips for spotting your bigg opportunity. Until then, here’s to your bigg success!

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Like, If You Want to be Liked, You, Like, Have to Read These 5 Traits!

Some people are just likeable. There’s just something about them. You sense it instantly and it draws you to them.

Being likeable is important personally, but it’s also very important professionally. Here are five things we’ve observed from meeting people who are likeable:

#1 – People who are likeable are confident in themselves.
This confidence exudes from inside themselves. They are comfortable with themselves and as a result you feel comfortable with them. If you want other people to like you, you have to like yourself. That’s the starting point.

#2 – People who are likeable are welcoming.
From their posture, their body language, and how you see them interact with others, they seem to invite other people to reach out to them.

#3 – People who are likeable give you a warm reception.

They have a good handshake and let’s face it, there is such a thing as a bad handshake. They smile and greet you sincerely. They instantly make you feel like a friend.

#4 – People who are likeable are engaging.
Sure, they have plenty to say, but they don’t dominate the conversation. They ask you a lot of questions and listen attentively to your answers. They take a genuine interest in you.

#5 – People who are likeable are just plain fun.
They’re light-hearted. They don’t take themselves too seriously – often exhibited by a certain self-deprecating humor. Or they just look at life through a lens that brings a comedic sense to the things we all experience.

The underlying secret to being likeable
The thread that holds all of these things together is that people who are likeable …

… make other people feel good about themselves.

It’s really very simple, if you make people feel good about themselves, they’ll feel good about you. They’ll like you!

And the reward is that by being genuinely interested in other people, you’ll learn more from them than you can learn any other way. From what they do, to what they’ve experienced, to their philosophy on life. You’ll come away from almost every conversation enriched.

What do you think makes people likeable?
Leave a Comment below!

Our bigg quote today is by Mark Twain, who said,

“He liked to like people, therefore people liked him.”

So to connect with human beings, enjoy humans being.

Next time, we’ll blog about the billionaire and the batboy. What Warren Buffett learned from Eddie Bennett, perhaps the most famous batboy of all time. Until then, here’s to your bigg success!

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A Love Story with a Lesson

We’ve written this wonderful story in its full text here, but we highly recommend that you listen along to get its full flavor.

John was a bright young man who went off to a small college. One day, a pretty young woman named Lisa caught his eye. John fell in love. From that point on, he always kept his eyes open for her.

Now Lisa was very popular. Everyone liked Lisa because she was outgoing and very charismatic. Almost every guy in this small school wanted to go out with Lisa.

Before we go on with the story, we should fill you in on one more important detail about John – he had a severe speech impediment. From the time he started talking, John had never talked the way his friends did.

One day, as Lisa was walking across the campus, and John was hanging out with his friends on the lawn, he said to his friends, with his heavy speech disorder …

“I’m going to marry that girl.”

His friends laughed out loud. Please understand that they weren’t trying to be mean-spirited. They were just so shocked that John had the gumption to think that the most popular girl on campus would be interested in him at all, let alone marry him.

They thought he was aiming too high and they didn’t want him to get hurt. So they discouraged him, telling him what they thought he needed to hear. They said …

“John, she can have any guy she wants. There’s no way she’ll go out with you.”

John didn’t care what they thought. He only cared about what was in his heart. He wanted to marry Lisa. He also knew that he needed to start by getting a date with her … that was the first step.

But he wasn’t ready to ask her for a date because he wanted to impress her when he did ask her out.  So here’s what he did …

He began spending hours in front of his mirror every day. Rehearsing one single question over and over again …

May I please have a date with you?
May I please have a date with you?
May I please have a date with you?

Over and over. The hours turned into days … the days into weeks … and John kept practicing that one single question that cut to the essence of what he wanted Lisa to respond to …

May I please have a date with you?
May I please have a date with you?
May I please have a date with you?

The weeks turned into months … and John still kept practicing over and over again in front of his mirror so he could deliver that single question just the way he wanted.

The day finally arrived when he felt he was ready. He saw Lisa sitting and studying outdoors at the campus coffee shop. He was nervous, but he had worked too hard. He had to go through with this. He had to know her answer to his question. So he stepped up to Lisa’s table and delivered his line …

“May I please have a date with you?”

Only this time, John didn’t sound like he had a speech impediment at all. Lisa was stunned. She knew John because she’d had classes with him. She knew about his speech impediment.

She had never heard him speak clearly before. Now he was asking her on a date … and he could say the words so perfectly. She knew how hard he must have worked to be able to utter that single question … just to ask her out … and that made such an impression on her … that she said …


So John turned his adversity into his advantage. He got a date with the most popular girl on campus. And in case you’re wondering … Lisa also said “yes” to another question that John asked later … they got married!

Share this story with a friend.
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Our bigg quote today is by none other than the great Norman Vincent Peale:

“Life’s blows cannot break a person whose
spirit is warmed at the fire of enthusiasm.”

And remember that it only takes a spark to get a fire going.

Next time, we’ll share some characteristics of the charismatic. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

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9 Questions to Answer Before You Make Extra Mortgage Payments

Bigg Challenge
One of our listeners, Randy, is considering making paying his mortgage every two weeks instead of every month so he can pay it off faster. He wants to know if this is a good idea..

Bigg Advice
We can’t give you a direct answer, Randy, but we will give you nine questions that will help you determine if you should make the extra payments.

#1 – Do you have any other debt?
Chances are your mortgage is the cheapest debt you’ll ever find, after taxes are considered. So if that’s the case, you should pay off your other debt first.

#2 – Do you have an emergency cash reserve?
The general wisdom among financial planners is that you should have somewhere between three months to a year of living expenses in an account that’s readily available.

#3 – How good is your credit rating?
The better your credit rating, the better chance you have to borrow in the future at a reasonable cost should the need arise. When you make extra payments, you’re essentially investing in an illiquid asset. So if your credit score needs some improvement, work on that first.

#4 – How do you feel about debt?

Some people don’t like having any debt at all. If you’re one of them, and if you’re happy with the answer to the first three questions, then make extra payments!

#5 – What’s your interest rate?
This question gets you ready to determine your best financial move. There are two things you need to know:

  • the interest rate on your mortgage
  • your tax bracket (i.e. how much you’ll pay in taxes on your next dollar of income, that’s called your marginal tax rate).

Multiply your interest rate by (1 – your marginal tax rate) to get your after-tax cost of interest.

#6 – How disciplined are you?

If you’re likely to just spend the extra money if you don’t make extra mortgage payments, then by all means just make extra payments. If you’re disciplined
(or set it up so you don’t have to be), then you’re ready for the next question.

#7 – When do you plan to retire?

In general, the longer you have until you retire, the more aggressive you can be. So if you plan to retire in a relatively short time, lean toward extra payments. If you have a relatively long time before you retire, you’re probably better off investing.

#8 – What could you earn if you didn’t pay off your mortgage early?
You figured out your after-tax interest cost in Question 5. That’s your cost of money. Now you’re going to look at how much you can make from your investments. That’s your projected return. If the return on your portfolio is greater than your cost of money, that’s a sign you shouldn’t make extra payments on your mortgage.

#9 – Will your current portfolio support your desired lifestyle?

If you already have enough money to keep you happy for the rest of your life, why do anything risky? Just pay off your mortgage and reduce your risk even more.

We’ve offered some general advice here. Find a certified financial planner or CPA to help you with your specific situation. 

Want to read more? Here are the
9 questions you should ask before paying off your mortgage
in more detail.

Our bigg quote today comes from Walter Savage Landor:

“We talk on principle, but we act on interest.”

But you shouldn’t pay down your principal unless it’s in your best interest.

Next time, we’ll share a love story with lessons. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

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I Don't Know How to Spell Millionaire, But I is One!

On the show, George shared a story from when he was a young man. So, obviously, this is an old story! He met a gentleman who was very successful in business and real estate investing. But you wouldn’t have known he had a dime to his name.

George said he can still picture this man sitting at the table in his coveralls with his cap. He was a great guy who said something George never forgot.

This man said, “I don’t know how to spell millionaire, but I is one.”

How did he become a millionaire?
He bought something!

Not a new wardrobe. Or a bigger house, a new car, a second house, or a boat.

He bought an income-producing asset. He bought a duplex.

What he bought is important
He put down a small amount of money and found a bank that helped him finance the rest of it. He improved the property by doing minor things like painting, putting down new carpet, and some basic landscaping.

So now he had a property that looked much better. So tenants were willing to pay more to live there. So he increased the rent.

Then he went back to the bank because he was making more money. They gladly refinanced his loan, because the income from the property would support it.

What he did next is even more important

He took this money from the bank and bought another investment property. A slightly bigger one. Which he then improved. He kept doing this over and over again until he became a millionaire. Eventually he owned a whole bunch of things.

What you don’t need to become a millionaire
You don’t have to be that smart to become a millionaire; just be sensible. It also doesn’t take that much money to get started. You don’t have to be a super savvy business person. And you don’t have to have a fancy education, although education is a good investment.

And you don’t have to wear flashy clothes!
4 tips that can lead you to a million dollars

#1 – Start small.
Don’t bite off more than you can chew. Assume you’ll lose everything, so don’t invest more than you can afford to lose.

#2 – Know your strengths and weaknesses.

Get help. If you’re handy, find someone who is financially savvy. If you’re financially savvy, find someone who’s handy. If you have time but no money, find a partner with money. If you have money but no time, partner with someone who has the time.

#3 – Make yourself accountable.

The CEOs of the biggest companies in the world answer to a Board of Directors. Get someone who will hold you accountable – be it a mentor, a coach, or a partner.

#4 – Logic, not emotion, rules.

Don’t fall in love with a property. You’re not looking for cute; you’re looking for cash flow. Don’t rent to a tenant because you like him or her; rent to them because of their good credit score.

Our bigg quote today is by Brian Koslow:

“Any self-made millionaire listens for opportunity. The average
person listens for what's wrong and why something won't work.”

Paying attention may just pay you a million!

Click on our Comment link below to share your thoughts 
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Next time, we’ll offer up nine questions to answer before you make extra mortgage payments.

Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

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