WHILE UNABLE TO READ IN ENGLISH, SHE EARNED THE RESPECT OF WORLD-CLASS INVESTORS, WARREN BUFFET AND CHARLIE MUNGER – WEDNESDAY’S RAINBOW OF ROLE MODELS SERIES
When you ask young people to name a role model, they often name an entertainer, like Beyonce, Lebron, or Lady Gaga (I do like that name). This series celebrates a rainbow of role models, including physicians, scientists, entrepreneurs, school teachers, and, yes, a few entertainers. They all have a few things in common: hard work and a spirit of never giving up. I love learning from inspirational people who inspire me to drop MY EXCUSES and DO IT! Role models who stretch my ambitions and make me reach for the impossible.
There is dignity in achievement and success—in becoming a great factor in civilization.” Carter G. Woodson.
I hope you will share these short articles; perhaps a few people will be curious to learn more.
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
Mrs. Rose Blumkin—A Legacy Built on Grit and Determination – A RAINBOW OF ROLE MODELS {WEDNESDAY SERIES}
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Her business instincts earned her the respect and admiration of two of the most successful investors — Warren Buffett and Charlie Munger!
Today, there’s an overemphasis on a college education (many in useless degrees). Education alone has never been the only path to success and greatness. Mrs. Rose Blumkin – “Mrs. B,” founder of Nebraska Furniture Mart, exemplifies this truth. Despite her inability to read or write in English, her business instincts earned her the respect and admiration of two of the most successful investors of all time—Warren Buffett and Charlie Munger.
The Power of Determination
Born in Russia, Rose Blumkin immigrated to the United States in her early twenties. Her story began with modest means, but her ambitions were far from ordinary. In 1937, she founded Nebraska Furniture Mart with a mere $500 loan from her brother and her savings. The Mart began humbly, yet Blumkin’s relentless work ethic quickly set it apart. She was known for her sharp mind, particularly her ability to perform complex mental arithmetic.
Charlie Munger, Berkshire Hathaway’s legendary vice chairman, often spoke of Mrs. B with admiration. Despite her educational limitations, her knack for numbers and ability to outthink competitors impressed him and Warren Buffett. Both men believed that Mrs. B’s entrepreneurial skills were the cornerstone of Nebraska Furniture Mart’s growth, eventually making it North America’s largest home furnishing store.
Lessons from Mrs. B
Mrs. B’s story challenges the notion that formal education is a prerequisite for business success. Her success stemmed from qualities NOT taught in classrooms—grit, resilience, and a tireless work ethic. Munger once humorously noted that Mrs. B would call her sons “bums” if they worked fewer than 100 hours a week, regardless of their financial success. She led by example, working around the clock to grow her business. Her toughness wasn’t just a personality trait but her business strategy.
It’s no wonder that in 1983, Warren Buffett’s Berkshire Hathaway purchased Nebraska Furniture Mart, a deal Buffett would later call one of the best of his career. For Buffett, Mrs. B represented the kind of no-nonsense, hard-working entrepreneur he admired most. Buffett reflected in his 2013 letter to Berkshire shareholders, “Aspiring business managers should look hard at the plain, but rare, attributes that produced Mrs. B’s incredible success. If they absorb Mrs. B’s lessons, they need none from me.”
A Legacy of Integrity and Hard Work
Mrs. B’s story is also a testament to the importance of integrity in business. She had a simple philosophy when it came to pricing—she sold furniture at low margins. Her honesty earned her the trust of customers and competitors alike, and her willingness to work tirelessly for the success of her business kept her ahead of the competition. Buffett often marveled at her ability to combine such intense competitiveness with unwavering ethics.
An unwavering commitment to hard work was at the heart of Mrs. B’s success. In the male-dominated world of business, she refused to be underestimated. Her work ethic became the standard for everyone in her family, and even after Berkshire Hathaway acquired the company, Mrs. B continued to run Nebraska Furniture Mart well into her 90s. She passed away at 104, leaving behind a thriving business and a legacy of resilience, integrity, and perseverance.
Inspiring Future Generations
Mrs. B’s life is a potent reminder that the qualities defining successful entrepreneurs often transcend formal qualifications. In a world that places increasing emphasis on degrees and certifications, Mrs. B’s story proves that success is equally rooted in work ethic, determination, and a refusal to give up.
Her influence on Berkshire Hathaway goes beyond the acquisition of Nebraska Furniture Mart. Her approach to business shaped Berkshire’s culture. Buffett and Munger have spoken about how Mrs. B’s principles—focusing on value, integrity, and hard work—became ingrained in the company’s long-term strategy.
Her story inspires aspiring businesspeople and anyone looking for proof that grit and determination are crucial to success.
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St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder, Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
