‘Write your obituary, then live it’: Barefoot’s inspiration from Buffett
The world's most famous investor has signed off with an unexpected twist — and it's not about getting rich or beating the market.
My hero, Warren Buffett, officially “went quiet” this week.
After 60 years of writing to shareholders, and having the world hang on his every word, he delivered his final piece of advice. And what he chose to say will surprise you … especially if you feel like life is passing you by.
Yet I’m getting ahead of myself.
In a world drowning in financial influencers, best selling authors (gulp), and alpha-male gurus telling you how to get rich, Buffett has always been the one voice worth listening to.
Not just because of his billions, but because of how he earned them: living in small-town Nebraska, in the same house for decades, driving an average car, tap dancing to work each morning.
So what did he choose to say in his swan song?
Not a word about stock picks. Not one insight about beating the market.
Here’s what one of the most successful people in history has worked out over his 95 years:
“Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless.”
Look, I’m well aware that billionaires can sell a perfect image of themselves to the world … yet you can’t fake what your kids think of you. And I’ve spent time with Buffett’s children. He sent them to public schools, encouraged them to follow their passions, and raised good humans instead of trust-fund brats. As a result they’re humble, kind people who help others. Just like their dad.
And his final lesson?
It’s not too late for you.
He told the story of Alfred Nobel. When Nobel’s brother died, a newspaper accidentally published Alfred’s obituary instead. Nobel read his own death notice and was horrified: the world saw him as a merchant of death who’d made millions from explosives.
He changed his life completely that day, and today we remember him for the Nobel Prize, not dynamite.
Here’s what Buffett wrote:
“I’m happy to say I feel better about the second half of my life than the first. Don’t beat yourself up over past mistakes – learn from them and move on. It is never too late to improve.”
It’s never too late.
So tonight, instead of scrolling past another content creator farming your attention for ad revenue, close your eyes and think about your funeral.
What do you want people to say about you?
No one will bother talking about your car. Your house. Your title at work.
They’ll tell stories of you being humble and kind.
Here’s Buffett’s advice:
“Decide what you would like your obituary to say and live the life to deserve it.”
So, open your notes app on your phone, and write your own obituary.
Then go give them some stories to tell.
Tread Your Own Path!
Help! I’ve Ruined My Husband’s Life
Hi Scott,
I’m overwhelmed, emotional and don’t have any closer friends I can speak to or confide in. My husband and I recently brought a new house but the loan is eating up most of my pay. (He loves cars and we have 4 at the moment, but only use 2 at any time!) My husband said to me yesterday that he hates his life and that he hates never going on holidays and having fun like everyone else. He’s intimated that he’s had a dreadful life since he’s met me, and to be fair that’s not wrong. And to top it off, I’m just recently pregnant. Please help.
Sandra
Sandra,
This isn’t a money problem. This is your husband telling his pregnant wife that she’s ruined his life … while he parks four cars in the driveway.
You’re building a nest. He’s building a hot wheels collection. And now he’s blaming you for the fact that his choices have consequences. It sounds like you’ll soon have two babies to look after.
Here’s what needs to happen:
You both sit down and have an honest conversation about what actually matters now. You will soon have a baby. You want them to grow up safe and secure, without the two of you fighting and stressing about money.
Tell him: “Here’s what’s important to me: Our baby. Our family. And not living under constant financial pressure.”
Then be specific: “We need to sell at least two of these cars. We need a budget that doesn’t eat my entire pay. And we need to stop pretending we can afford a lifestyle we can’t.”
Sandra, this must be incredibly stressful. The natural reaction is to sweep this under the rug and hope it gets better. Don’t do that.
Given you don’t have close friends to confide in, I want you to reach out to a financial counsellor (1800 007 007). You need someone in your corner. In time, hopefully this will include your husband, but for now, you’re in crisis and you need support and quickly. You need this sorted well before the baby comes.
What’s the Catch?
Hi Scott,
Long time reader, first time writer! After comparing super funds I was contacted by Sue from (a financial planning firm) and after answering a lot of questions they’ve suggested I move my $70k Rest super (growth index) to an AMP super where they say they can manage it and improve my return from 9% (500k retirement) to approx 15% (1M+ retirement) due to the larger variety of investing options. The only catch is a one off transfer fee of $3,300 and I’m certain they mentioned another fee of about 1.65% which I believe was recurring. What do you think?
Barry
Barry,
No. No. No.
Barry, just … no.
We are not doing this. Not on my watch. You haven’t been reading me for this many years to get screwed by some cocker spaniel cold caller.
They are lying to you.
The catch isn’t just the $3,300 one off fee. That’s gerbil feed in the scheme of things.
The real snatch is that they are TRIPLING your annual fees. That will end up costing you hundreds of thousands of dollars over your working life.
From your super account to Sue’s savings account.
Barry, stick with your low cost industry fund.
If you want to boost your returns, cut your fees. You could consider moving your current investment option to high growth index funds.
Don’t take the call, make the call: to your super fund.
A Reminder from a Survivor
Hey Scott,
I read your book at 21, bought a home at 26 … then got cancer at 34. Following the Barefoot steps made my diagnosis manageable. Three months of saved expenses (Mojo) saw me through treatment until my Income Protection kicked in. No financial pressure to return to work whilst I continue immunotherapy.
However, sharing my story with friends (most with large mortgages and small children), it terrifies me how many don’t have adequate Income Protection.
My message: spend 30 minutes checking your super fund’s default cover. Ask yourself if it’s enough when the worst happens. You never want to claim it, but if you need it, it’s a financial life raft.
Ellie
Hi Ellie,
This is important.
I don’t want to put the mozz on anyone, but Ellie didn’t think this was going to happen to her either.
I consider this a Public Service Announcement from a tough as nails survivor.
Act accordingly.
DISCLAIMER: Information and opinions provided in this column are general in nature and have been prepared for educational purposes only. Always seek personal financial advice tailored to your specific needs before making financial and investment decisions.
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Originally published as ‘Write your obituary, then live it’: Barefoot’s inspiration from Buffett
