Oracle of Omaha Warren Buffett dispensed some essential guidance for budding investors – associate with the right people and engage in work that you are passionate about.

What Happened: Buffett, at the Berkshire Hathaway’s (NYSE:BRK) Annual General Meeting on Saturday, underscored the significance of being in the right company.

Answering to a question at the meeting, he said, “Who you associate with is just enormously important, and don't expect you'll make every decision right on that. You're going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends." 

Buffett went on to stress that these associations can contribute to more than just professional success. “You'll not only learn how to be successful in business, you'll learn how to be successful in life,” he elaborated.

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"there are people that make you want to be better than you are and you want to hang out with people that are better than you are and that you feel are better than you," Buffett added.  

The billionaire investor also encouraged young investors to seek work they love, roles they would take up even if they weren't financially dependent on it. He warned against associating with individuals or organizations that compel you to engage in activities that you shouldn’t be partaking in.

Buffett credits a significant part of his contentment and longevity to being in the company of the right people and doing what he enjoys.

“A happy person lives longer than somebody that's doing things they don't really admire that much in life,” he added.

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