Warren Buffett is generally considered one of the most successful investors in the world. Typically building a net worth of $76.1 billion, after all, takes some savvy investing.
As it turns out, that knack for investing starting young — very young.
The Berkshire Hathaway CEO recently brandished a copy of his very first tax return during an interview with PBS NewsHour. Filed in 1944 when he was just 14 years old, the return reveals Buffett made $592.50 delivering newspapers along a route in Northwest Washington, D.C. (Translated into 2017 dollars, that's a whopping $8,221.18! Impressive for a paper route, no?)
What’s even more impressive is how meticulous the young Buffett was with his money.
He paid $7 in taxes and also declared $228 in interest and dividend income (he bought his first stock when he was 11). Today, that would be $3,163.59 in investments. Buffett also tracked his professional expenses, noting the $10 it cost him to repair his watch and $35 for "Bicycle - Misc" on the document's second page.
Buffett and LearnVest are simpatico: We believe the sooner you start strategically managing your money, the better off you'll be. Thanks to compound interest, it’s particularly true when it comes to retirement and large savings goals, like purchasing a home.
It's also a great anecdote for parents who want to teach their kids a thing or two about savings: Suggest that your child spend his or her summer job income on more than just movie tickets. Better yet, help little Sam or Suzie open an IRA or high-yield savings account.
Don't let eye rolls deter you; he or she will thank you 40 years from now.