#199

Warren Buffett announced his retirement last week.

And while the headlines focused on the billions, I stumbled (hat tip to Will Bachman from Umbrex.com) on a little-known moment from nearly 20 years ago - May 2005 - when a university student asked him, “When did you know you were rich?”

Buffett’s answer wasn’t about billions. It wasn’t even about millions.

It was about freedom.

“I really knew I was rich when I had $10,000,” he said.
“Because I knew I’d spend my life doing work I loved, with people I liked. That’s rich.”

Not yachts. Not sports teams.
Not fame, followers, or Forbes lists.

Just the ability to do what you love, with people you enjoy, in a place that suits you.

Now sure, $10,000 today doesn’t go far. Cost-of-living is a different beast.
But what hasn’t changed is the deeper idea that being rich is less about what you have, and more about how you live.

So maybe, it’s possible to ask yourself a different kind of financial question:

Are you already ‘richer’ than you think?

A few provocations from Buffett’s perspective:

1. What does being "rich" truly mean to you - beyond money? Is it only about money for you? And is ‘being rich’ aligned with what actually fulfils you? e.g. for me, being ‘rich’ in health and relationships takes a higher precedence.
2. What’s the minimum you need to feel secure and free? Buffett’s $10,000 enabled independence. Have you worked out your ‘enough’ number? Work in progress for me.
3. Are you spending/investing your time with people you admire and enjoy? Who’s boosting or draining your energy? Time to do a relationship audit?
4. If you removed status, salary, or external validation (appreciating these are important for people at certain stages in their lives) - would you still choose this path? And even if you would/wouldn’t at least you’d know some of the important parameters for you.

Buffett’s riches weren’t just financial—they were philosophical.
He didn’t wait to be rich to feel rich.
He defined wealth on his terms—and then lived by it.

And that might be the richest insight of all.

So, this week, as the world talks about succession plans and shareholder letters - you might quietly ask yourself:

What does it mean to be truly rich?

And are you already closer than you realise?

Full Buffett quote here if you’re curious