Warren Buffett offered to work for Ben Graham for free after business school. The speakers argue that investing in your own learning, even without pay, can matter more than immediate money early in your career.
Warren Buffett, he finished top of his class at Columbia Business School. Somebody finished the top of the class at Columbia, can get a job paying very well in most places. But guess what he did. He asked Ben Graham to let him work at his investment firm for free. Ben Graham was one of the goats of investing at the time, when Warren Buffett was just a kid coming out of college.
The chance to study under him, it shaped my professional life.
And guess what Ben Graham said to him when he asked him to work for him? He said, you're overpriced. Ben Graham knew, just as Warren Buffett knew, that even though he was working for free, it was going to cost Ben Graham more to deliver all of the skills and all of the things that he would need to be successful than the monetary compensation. But because Warren Buffett is smart, he realized that he was in a season of learning and not earning, yet he was willing to invest as one of the greatest investors of all time in the thing that was most important and valuable to him at the time, himself. And he did it for free.