July 02, 2008 01:36 PM Eastern Daylight Time
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OMAHA, Neb.--(BUSINESS WIRE)--Youngsters wanting to make blizzards of money got valuable advice from financier Warren Buffett who was visiting his local Dairy Queen® for the launch of the new Girl Scouts Thin Mint Blizzard®.
Surrounded by a group of Girl Scouts in his hometown of Omaha, Buffett offered this tip for college students: “The biggest suggestion I have is to avoid credit cards. Interest rates are very high on credit cards. Sometimes they are 18 percent. Sometimes they are 20 percent. If I borrowed money at 18 or 20 percent, I’d be broke.... So if I had one piece of advice for young people generally it would be to just avoid credit cards,” he said.
And what advice does Buffett have for a new investor? “I would do a lot of reading before I invested,” he replied. “In other words I would prepare for it. I wouldn’t jump in the water until I know how to swim.... I read every book the Omaha Public Library had about investing by the time I was 11.”
On qualities Buffett looks for in employees? “The biggest thing I look for is if they have a passion for whatever they are going to do,” he said.
Buffett is CEO of Berkshire Hathaway (BRKA/BRKB) which owns International Dairy Queen.
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