Warren Buffett's top advice for young people: This simple skill can ‘make a major difference in your future earning power’

Warren Buffett, Berkshire Hathaway CEO and chairman.

Warren Buffett has words of wisdom for young people early in their careers.

First, when looking for roles, "find the job that you would like to have if you didn't need a job," the billionaire investor said at Berkshire Hathaway's annual shareholders meeting earlier this month. It can be easier said than done, he admitted — you might not land the perfect goal right out of college, and your dreams can take time to come to fruition.

Second: In order to reach your goals, hone your communication skills.

Developing communication skills is "a modest improvement that can make a major difference in your future earning power, as well as in many other aspects of your life," Buffett told Gillian Zoe Segal in an interview for her 2015 book, "Getting There: A Book of Mentors."

It's an "essential" skill, no matter what job you're in, because you need to be "able to get others to follow your ideas," he added.

Understanding how to communicate can help you land a job or a promotion, experts say — and "communication" was ranked No. 1 on LinkedIn's Most In-Demand Skills list in February. A 2022 report published by job search website Joblist found that a quarter of participants with outgoing personalities had received promotions over the previous year — higher than any other personality group in the survey.

A $100 public speaking course changed Buffett's life

Tens of thousands of people trek to Ohama, Nebraska, to hear Buffett speak at Berkshire Hathaway's annual meeting each year. But Buffett once suffered from debilitating stage fright, he told Segal.

"Up until about the age of 20 ... just the thought of [public speaking] made me physically ill," he said. "I selected courses in college where I didn't have to stand up in front of the class ... If I somehow did, I could hardly say my own name."

After graduating from Columbia Business School and moving back to his hometown, he saw an ad for a $100 public speaking course, and figured that paying so much money — in cash — would keep him accountable and force him to get over his fear, he said.

The class met once a week for a couple of months. When it ended, Buffett sought out a teaching job at the University of Omaha to ensure his skills stayed sharp, he said.

"I knew if I did not speak in front of people quickly, I would lapse back to where I'd started," Buffet said. "I just kept doing it ... The impact that the class had on my life was huge."

Buffett doesn't have his diploma from Columbia or the University of Nebraska on display in his office, but he does have the public speaking course's graduation certificate visible, he told Segal.

It "gave me the most important degree I have," he said, adding: "It's certainly had the biggest impact in terms of my subsequent success."

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