Why Warren Buffett, One of the Richest Names in the World, Doesn’t Use a Smartphone?

Elif Özçakmak

Elif Özçakmak

İTÜ - İşletme Mühendisliği | Editör @ceotudent

22 September 2021

Warren Buffett, one of the most important investors in the United States, has partnerships in many large companies around the world with the investment company Berkshire Hathaway. 90-year-old Warren Buffett, who is the richest person in the world after Bill Gates with a fortune of $ 100.4 billion, is very meticulous about consumption.
In recent years, people have been buying smartphones for crazy money. Especially iPhone phones produced by Apple have become an indicator of luxury and wealth. But Warren Buffett, who has a million-dollar fortune and owns shares in Apple, is not interested in this situation at all. So much so that the mobile phone he uses is not even a smart phone; From Nokia phones with clamshells and keys!
In an interview with CNN, Buffett says he likes to use something he just bought for at least 20-25 years. This is not because he is afraid to spend money, but because he wants to take full advantage of what he has bought. During the interview, Warren Buffett shows his phone and proudly says, “Alexander Graham Bell gave it to me.” says.
This habit is not just for the phone. We can all imagine the house in which this man, one of the richest people in the world, lives as a magnificent, palatial home, but he lives in a 3-bedroom house that he bought 60 years ago for $31,500.
Buffett does not recommend frequent buying and selling of shares, and he believes that when he buys shares, he should buy them if he can hold them for at least 10 years.
Warren Buffett shows the same meticulousness about his car. In an interview with CNN, he says he’s driven his Cadillac for 8 years and only drives 3,500 miles each day to keep it in good condition. In 2014 the CEO of General Motors convinced him to buy a new car and now he owns a private jet but only uses it for business meetings and very urgent meetings.
Many people respect this attitude of Warren Buffett, one of the richest people in the world, who is not involved in the consumption frenzy that spreads rapidly among people, tries to make the most of what he has, and is one of the richest people in the world.

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