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Old 05-04-2014, 06:54 PM   #1
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Man Asked Neighbor To Manage His $67,000 savings. Guess Who That Neighbour was?

In 1965, A Man Asked His Neighbor To Manage His Modest $67,000 Savings. Guess Who That Neighbor Was... | Celebrity Net Worth


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In the mid 1960s, a husband and wife named Dorothy and Myer Kripke faced a difficult problem. A problem that is fairly common for many middle-aged couples. How do you properly plan for retirement? Dorothy and Myer were actually way ahead of most of their peers when it came to retirement planning. Thanks to diligent saving habits and a small inheritance, by 1965 they had managed to sock away roughly $67,000 which is equal to roughly $500,000 today after adjusting for inflation. That was the good news. The bad news was that they now needed to protect and grow the savings so it would still be there when they were ready to retire in a decade or two. After months of stressful debating, Dorothy offered her husband some simple advice:

"Myer, invest the money with your friend, Warren."

This friend Dorothy was referring to was a neighbor who had recently gained a good local reputation for managing money in their small town of Omaha, Nebraska. The Kripkes had come to know the man over casual bridge games and family get-togethers at holidays. Myer was too embarrassed to ask for help, but eventually relented. The neighbor, Warren Edward Buffett, agreed without hesitation. Guess how this story turns outů



As you have probably ascertained by now, Dorothy and Myer Kripke accidentally stumbled upon a man who would eventually be considered one of the greatest financail investors of all time. A man whose local investment business would one day manage roughly $500 billion in assets. A man who is the fifth richest person in the world today with a personal net worth of $58 billion. Of course, we are talking about the Oracle of Omaha himself, Warren Buffett.

Myer Kripke was very hesitant at first to ask the young upstart money manager to handle their life savings. For one thing, Myer thought it would be seen as a major imposition. Secondly, Myer worried about mixing business and friendships. But most importantly, Myer knew that at the time Warren's minimum investment limit was $150,000. So there was no point in even bringing it up!



Thankfully, Dorothy didn't let those hesitations get in the way. But believe it or not, Myer resisted reaching out to Warren for THREE YEARS! Finally, Myer relented. Warren agreed to manage the money without hesitating for a second. In Warren's own words:

"I liked Myer [and] I wanted people who if it went bad, we could still be friends."

Fortunately for both men, things did not go bad. Over the next thirty years, Warren's business expanded and at exponential pace. And along the way, Myer and Dorothy Kripke's $67,000 life savings ballooned just as quickly. In Myer's own words:

"We got in fairly early with a modest amount of money. Then it mushroomed like an atomic bomb."

Pretty soon, the Kripkes were millionaires. Then multi-millionaires. Incredibly, by the mid 1990s, their $67,000 life savings had mushroomed into more than $25 million (roughly $40 million after adjusting for inflation).

As they became wealthy, Myer and Dorothy continued to live a very humble life. They even continued living in their modest three bedroom Omaha apartment that cost just $900 a month! Myer, an ordained rabbi, even continued working at his local synagogue earning a salary of $30,00 a year.

The Kripke's biggest indulgence turned out to be philanthropy. Throughout their lives, this amazing couple donated millions of dollars to a number of charities. They donated $7 million to help rebuild a library at the Jewish Theological Seminary in Manhattan. The Kripkes first met each other as students outside this very same library decades ago. They eventually donated an additional $8 million to their alma mater.

Dorothy Kripke died in September of 2000 at the age of 88. Myer Kripke died this week at the age of 100. Hat tip to the NYTimes for helping us learn of this incredible story.
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Old 05-04-2014, 07:12 PM   #2
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Warren Buffet, the guy that openly supports apartheid to the tune of 2 billion dollars. Not someone to be proud of in mentioning.

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Old 05-04-2014, 07:12 PM   #3
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These days you'd wake up the next day and your neighbour left town
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Old 05-04-2014, 07:21 PM   #4
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I was expecting to open this thread and ready it was Anthony...
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Old 05-04-2014, 07:24 PM   #5
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Came in here expecting the neighbor to have ran away with the money... then I saw Buffet playing the banjo

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Old 05-04-2014, 09:19 PM   #6
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I can't see how my own neighbors can make me rich. They either drive corollas or civics
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Old 05-04-2014, 09:48 PM   #7
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To blindly give a good friend your entire life savings to invest takes a lot of faith. I don't think I would have the courage to do that. Especially since it would be about $500,000 in todays market
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Old 05-04-2014, 09:54 PM   #8
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^times were simpler then
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Old 05-04-2014, 09:55 PM   #9
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Originally Posted by PeanutButter View Post
To blindly give a good friend your entire life savings to invest takes a lot of faith. I don't think I would have the courage to do that. Especially since it would be about $500,000 in todays market
That's why the guy resisted for 3 years.
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Old 05-04-2014, 09:57 PM   #10
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Warren Buffet, the guy that openly supports apartheid to the tune of 2 billion dollars. Not someone to be proud of in mentioning.

There's a meme for everything


http://i.imgur.com/kC30hzR.jpg
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Old 05-04-2014, 10:14 PM   #11
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I expected it to be Cement.

Pleasantly surprised
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Old 05-04-2014, 10:27 PM   #12
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I hate Warren Buffet! Anyone who listens to him as a tool.
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Old 05-04-2014, 10:30 PM   #13
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I hate Warren Buffet! Anyone who listens to him as a tool.
explain.
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Old 05-04-2014, 10:33 PM   #14
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For one, family doesn't mean shit to him. Treats his grand daugher like shit.
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Old 05-04-2014, 10:48 PM   #15
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For one, family doesn't mean shit to him. Treats his grand daugher like shit.


Great post, bro.

He didn't just "treat his granddaughter like shit".

What actually happened was he disowned his adopted grand-daughter after she spoke out on the family business in a documentary, which he is strictly deadset against (it is actually called the Buffett rule). He is a super private guy and absolutely the opposite of showy. He has lived in this house since 1956.


He's an old school guy who came from absolutely no money and has not let being one of the world's richest people change his way of life virtually at all. I don't begrudge him for asking his family to respect a code of silence to keep his life private, and he's well within his rights to not financially support his adopted grand-daughter regardless of whether or not she spoke out against him.

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Old 05-04-2014, 11:16 PM   #16
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^what car is that in the driveway?
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Old 05-04-2014, 11:25 PM   #17
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^what car is that in the driveway?
Looks like a 2003-ish Toyota Camry?
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Old 05-04-2014, 11:38 PM   #18
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looks like a camry to me
edit: honesttea beat me
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Old 05-04-2014, 11:38 PM   #19
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Great post, bro.

He didn't just "treat his granddaughter like shit".

What actually happened was he disowned his adopted grand-daughter after she spoke out on the family business in a documentary, which he is strictly deadset against (it is actually called the Buffett rule). He is a super private guy and absolutely the opposite of showy. He has lived in this house since 1956.


He's an old school guy who came from absolutely no money and has not let being one of the world's richest people change his way of life virtually at all. I don't begrudge him for asking his family to respect a code of silence to keep his life private, and he's well within his rights to not financially support his adopted grand-daughter regardless of whether or not she spoke out against him.

Mark
As you failed my post and pat yourselves on the back.

Your family should mean more to you than money.

Warren Buffet came from nothing, that's true. It's speaks to someone's character when they believe that they are right and no one else's opinion matters.

And don't lecture me about privacy when you post a picture of his home.
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Old 05-05-2014, 12:14 AM   #20
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Your family should mean more to you than money.
Some one should have told his adopted grand daughter.
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Old 05-05-2014, 12:36 AM   #21
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i hate buffet cuz the fact that all he does is lie to ppl (especially mainland chinese, they think hes like god over here), which is why i hate him (my aunt worked for ubs bank in hong kong & she say that this guy has screw so many ppl over with false info)

this has nothing to do with his family or his personally life, its just that hes not really a so called expert in his field
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Old 05-05-2014, 12:39 AM   #22
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I hate Warren buffet also. He didn't adopt me, fuker
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Old 05-05-2014, 01:16 AM   #23
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I hate Warren Buffet! Anyone who listens to him as a tool.
As a tool, he's fairly useless. But as a business man, he's quite brilliant.
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Old 05-05-2014, 02:40 AM   #24
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i hate buffet cuz the fact that all he does is lie to ppl (especially mainland chinese, they think hes like god over here), which is why i hate him (my aunt worked for ubs bank in hong kong & she say that this guy has screw so many ppl over with false info)

this has nothing to do with his family or his personally life, its just that hes not really a so called expert in his field
Whats his field?
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Old 05-05-2014, 05:47 AM   #25
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the couple didn't just hand their money to a friend. he was a money manager at that point who had gained a great local reputation who was also a friend.

if his kid became a crackhead and never even tried to get clean is he supposed to just blindly fund the kids drug addiction because he's family? or would he be an asshole if he cut off the kid. if his granddaughter wanted in on the gravy train, you keep your fucking mouth shut. i don't expect bill gates to give his kids the inheritance if his kids break his rules.

i know a few folks who didn't marry their own ethnicity and that got them cut out of the family fortune and basically disowned. you make your own choices in life and the granddaughter made her own. good or bad.

his money, his rules. that is called reality.
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