Self-made billionaire Thomas Tull on becoming rich, and how Warren Buffett changed his thinking. (via CNBCMakeIt)
Here, Tull talks to CNBC Make It about becoming rich, how Warren Buffett changed his thinking and more.I grew up in a small community in upstate New York. I was raised by a single mom and we were poor. I have two younger sisters. [My mom] worked two jobs, and I worked from a very young age trying to help pay bills, from shoveling snow and mowing lawns and all kinds of jobs in my teens.
The repair center was going out of business. I think most of the equipment that was in it was going to be repossessed. I [told the equipment owners], 'Hey, you're gonna have to take it and sell it for pennies on the dollar. Why don't you just keep this together and let me see what I can do with it?Through my 20s those were some of the businesses that I had. That's kind of how it started.I certainly didn't have any experience with [money].
He interrupted me. He said, "Charlie [Munger] and I always take the reverse view. We say to ourselves, 'What's the dumb thing you could do here?'" I really thought deeply about that because I was always thinking in the direction of, how can you be faster, better and smarter? Which I think is important for innovation.
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