Day: September 24, 2024

When you think of Warren Buffett, you probably imagine him as one of the richest men in the world, with billions in his bank account. But have you ever wondered what he was like as a kid? Well, even at a very young age, he was thinking like a mini-mogul and had accumulated an incredible $2,000 by the time he was 15 years old! That may not seem like much now, but back in 1945, it was a small fortune.

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To put it in perspective, that $2,000 would be worth almost $35,000 in today’s money! That’s more than many people have saved up in their savings accounts and it’s certainly a lot more than most teenagers carry around.

Warren Buffett stood apart from most teenagers. Even at that delicate age, he was already a smart business owner who considered investments, profits and optimizing his early business ventures.

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So, what made young Warren succeed? His family was certainly well-off, but he still hustled in somewhat surprising ways, at least by today’s standards.

He sold chewing gum and Coca-Cola door-to-door in his neighborhood, delivered newspapers before school and even set up his business to sell used golf balls and stamps.

His biggest success came from turning a plain teenage job – delivering newspapers – into something more significant and a foundation for greater things. He found ways to be more efficient, deliver faster and even sell extra subscriptions and calendars on the side.

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With the proceeds of this venture, Buffett was able to buy a 40-acre farm in Nebraska for $1,200, which he rented out for a steady income.

Buffett, who just turned 94, has an estimated net worth of around $143.7 billion. He’s averaged around $4.18 million every day of his life! Of course, he didn’t make that much every day from the start – most of his wealth came later. But it’s still an incredible way to think about how much he’s achieved over the years.

Despite all that, his definition of success goes beyond money or fame. In a 2019 interview, he explained that if you’re 65 or 70 and the people you care about truly love you back, then you’re successful. He’s seen incredibly wealthy people who are still miserable because no one loves them.

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He lives modestly and has pledged 99% of his wealth to charity, showing that success is about much more than a bank account – it’s about investing in yourself, your relationships and living a meaningful life.

But when it comes to his children, he believes in tough love. His daughter Susie once asked him for a $41,000 loan to renovate her kitchen and his response suggested she “go to the bank like everyone else.”

Despite his often frugal behavior, Susie never felt he was stingy and appreciated his philosophy. Once, she said, “I actually agree with his philosophy of not dumping a bunch of money on your kids.” She agrees it’s wiser not to leave them billions, as it would be “crazy” to do so.

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This article Can You Guess How Much Money Warren Buffett Saved Up By The Time He Was 15? Hint: It’s Much, Much More Than Your Son Or Nephew Has originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The US Justice Department went after Visa (V) on Tuesday in a federal antitrust lawsuit alleging that the company illegally used the scale of its vast card processing network to block competition.

Visa owns and controls the largest debit card processing network in the US, which processes more than 60% of the nation’s debit card transactions.

According to the DOJ, Visa leveraged its ecosystem of consumers, banks, and merchants to penalize merchants for choosing an alternate debit network.

“Collectively … Visa’s systematic efforts to limit competition for debit transactions have resulted in significant additional fees imposed on American consumers and businesses and slowed innovation in the debit payments ecosystem,” the complaint said.

According to the DOJ, Visa fashioned a “web of contracts” with major banks and merchants that required merchants to choose Visa’s network or pay higher fees to Visa for sales transactions.

In 2022, Visa debit processing fees drove $7 billion in revenue for the company. Visa stock dropped more than 5% Tuesday.

US Attorney General Merrick Garland said Visa’s illegal conduct discouraged potential rivals, particularly fintech companies like Square’s CashApp, from entering the debit processing market.

“While Visa is the first name many debit card users see when they take out their card to make a purchase, they do not see the role that Visa plays behind the scenes,” Garland said.

“There, it controls a complex network of merchants, financial institutions, and consumers … It is charging a hidden toll on each of trillions of transactions, adding up to billions of dollars of fees imposed annually on American consumers and businesses.”

Specifically, the DOJ said Visa illegally held on to monopolies in two markets: the debit network services market, which is used to withdraw funds directly out of a consumer’s bank account, and the card-not-present debit network services market.

The latter is a narrower market within the broader services market that includes traditional debit card transactions, as well as fintech transactions.

Visa’s general counsel, Julie Rottenberg, responded to the lawsuit by saying that it ignored Visa’s “many competitors” in the growing debit space.

“Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,” Rottenberg said.

Alden Abbott, a Mercatus Center research fellow and former general counsel for the US Federal Trade Commission, said the Visa case is unique for an antitrust case in that the Dodd-Frank Act set a cap on debit card fees.

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Any antitrust analysis of Visa’s arrangements should take the law’s impact into account, Abbott said, because it may have discouraged rivals from entering the market, weakened then-existing rivals, and led to fewer poorer Americans having debit cards.

“It is certainly possible that Visa’s growing debit card market share is due to this statutory price cap, rather than anti-competitive actions by Visa,” Abbott said.

The DOJ is asking for the federal district court in Manhattan to block Visa from using the allegedly harmful contracts and to block it from bundling credit services or credit incentives with debit network services.

It also asked for the court to stop Visa from imposing pricing incentives for use of its network.

Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on X @alexiskweed.

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“It takes a village to do anything great in life,” says NBA star turned cannabis entrepreneur Al Harrington in an exclusive interview with Benzinga Cannabis, repeating a mantra that has guided him throughout his career. As he reflects on the recent opening of Village Dispensary in Hoboken, New Jersey, the significance of this moment is not lost on him. It’s a return home for Harrington, a personal victory tied to a broader mission: redefining the cannabis landscape, particularly for communities of color that have been disproportionately affected by the War on Drugs.

The Hoboken dispensary, Village Brands’ first East Coast location is more than just another store in the company’s growing portfolio. It marks a full-circle moment for Harrington, who recalls when the streets of New Jersey were hostile to young men like him. “I’m really happy that we finally got something here in my own state,” Harrington says, referencing the years of anticipation that led to this launch. “People for years have been asking, ‘When are we gonna be able to get some product?’ Now I can say, go to 516 Washington and buy as much as you can.”

A ‘Full Circle’ Moment

The Village Dispensary opened its doors in a location where Harrington was once stopped and frisked as a teenager. The shop’s presence in that same neighborhood is symbolic. “It’s a full circle moment to open a dispensary in the state where I was stopped and frisked as a kid who had never even touched flower,” Harrington said. He acknowledged the irony of not only opening a legal cannabis store but doing so with local government support, including the mayor and city officials.

Village Brands, founded in 2019 by Harrington and his business partner Dan Pettigrew aims to expand its cannabis footprint beyond Viola, their first brand, which was inspired and named after Harrington’s grandmother who found relief from glaucoma through cannabis. Viola became a symbol of the healing potential of the plant. Village Brands is the next step in their mission to make cannabis accessible and de-stigmatized. “When we started Viola, it was about changing the stigma. We saw how cannabis helped my grandmother, and we thought, why not use that story? It resonated with people,” Harrington told Benzinga.

Bridging Community And Business

For Harrington, opening a shop in New Jersey is not just about expanding his business, but righting historical wrongs and offering communities – particularly those hardest hit by prohibition – a chance to reclaim something that was used to oppress them. “This is a way for us to get generational wealth,” Harrington said, emphasizing the need to provide opportunities for people of color to thrive in the cannabis industry. His advocacy for inclusion taps into a deeper desire for justice and representation in a space that has long excluded those most impacted by the war on drugs.

The new dispensary is meant to be a pillar of the community, providing more than just cannabis products. Harrington views it as a place where people from all walks of life can come together and feel a sense of ownership. “We want people from our community to feel like they can take ownership of our dispensaries,” he says, highlighting Village Brands’ mission to create spaces that are not just commercial but communal.

A New Chapter For New Jersey: ‘Things Happen In God’s Time‘

For Harrington, this store opening is a powerful statement, especially in a state with a long history of criminalizing cannabis use, particularly among communities of color. The fact that a Black entrepreneur like Harrington is now leading a legal cannabis venture in the same neighborhoods where he once faced discrimination feels deeply significant. But as Harrington is quick to remind, this is just the beginning.

The journey has had its challenges. “We were ready three years ago,” said Harrington, referring to delays caused by local jurisdictions taking their time to opt into NJ’s cannabis program. Though frustrating, Harrington believes the timing ultimately worked out for the best. “If you ask me, things happen in God’s time.”

The dispensary’s grand opening featured a ribbon-cutting ceremony with city officials, followed by a celebratory block party. “We threw a little mini block party to let everybody know that we’re here,” he says with pride. “We hope that we don’t rub anybody the wrong way because we did see a lot of people come through.”

Harrington’s focus remains on creating deeper experiences for his customers. His personal touch extends to the dispensary’s loyalty program, designed to offer unique rewards. “We have a loyalty program that’s gonna be very aggressive around winning different experiences, maybe even going with me to a Nets game.”

Harrington’s deep connection to his home state of New Jersey and his determination to right historical wrongs, fuel his drive to build something meaningful. “We’ve been bringing people together for the last 13 years through this magnificent opportunity to work with the cannabis plant, and it takes a village to do anything great,” Harrington said.

For Harrington, it’s also about ensuring that the cannabis industry includes those who have been marginalized. “We don’t forget the people that were mostly harmed and negatively affected by it,” Harrington notes. His focus is on ensuring that the billions of dollars being generated in cannabis include opportunities for generational wealth in communities that need it the most.

As Village Dispensary becomes a beacon for cannabis reform and community empowerment, Harrington remains steadfast in his mission to make this new chapter in New Jersey not just a business venture but part of a much larger movement. “The strategy is always to find something that can be impactful first and make money second,” Harrington says, ensuring that the foundation of Village Brands is one of purpose, not just profit.

The success of Village Dispensary marks the beginning of many more chapters for Al Harrington and his ever-expanding cannabis empire.

Stay tuned for parts 2 and 3 of this 3-story series with Al Harrington.