Buffett filed his first income tax return, deducting his bicycle as a work expense.

By this time he had earned over $5,000 delivering newspapers.

He was offered a job at J.C. Penney after college, but turned it down. He graduated from college in only three years by taking his last three credits over the summer. His savings had reached $9,800 by then.

He took a train to Washington, D.C., and knocked on the door of its headquarters until a janitor allowed him in. After asking if anyone was working, he found a man on the sixth floor, who turned out to be the Financial Vice President of the company. They talked for hours while Buffett questioned him on the business and insurance in general.

Buffett graduated and wanted to go to work on Wall Street. Both his father and Ben Graham urged him not to. Warren offered to work for Graham for free but Graham refused.

Buffett purchased a Texaco gas station as a side investment, but that venture did not work out as well as he had hoped. Meanwhile, he worked as a stockbroker.

Buffett married Susan Thompson in April of 1952. They rented an apartment for $65 a month, and had their first child, named Susie.

Benjamin Graham called Buffett and offered him a job at his partnership. His starting salary was $12,000 a year.

Warren and Susan Buffett had their second child, Howard Graham Buffett.

Graham retired and folded up his partnership. Since leaving college six years earlier, Buffett's personal savings grew from $9,800 to over $140,000.

The Buffett family returned home to Omaha . On May 1st, Warren Buffett created Buffett Associates, Ltd. Seven family members and friends put in a total of $105,000. Buffett himself invested only $100.

ver the course of the year, Buffett created two additional partnerships, eventually bringing the number under his management to three.

Buffett added two more partnerships to his collection. He was then managing five investment partnerships from his home.

With his wife about to have her third child, Peter, Buffett purchased a five-bedroom, stucco house on Farnam Street for $31,500. He has lived there ever since.

Buffett was introduced to Charlie Munger, the man who would eventually become the Vice Chairman of Berkshire Hathaway, and an integral part of the company's success. The two got along immediately.

Buffett asked one of his partners, a doctor, to find 10 other doctors who will be willing to invest $10,000 each into his partnership. Eventually, 11 doctors agreed to invest.

With the partnerships worth millions, Buffett made his first $1 million investment in a windmill-manufacturing company.

Buffett returned to New York with his wife Susan for a few weeks to raise capital from his old acquaintances. During the trip, he picked up a few partners and several hundred thousand dollars. The Buffett Partnership, which had begun with $105,000, by this time was worth $7.2 million. Warren and Susan Buffett personally held over $1 million of the assets.

Buffett merged all of the partnerships into one entity known simply as Buffett Partnerships, Ltd. The operations were moved to Kiewit Plaza , a functional but less-than-grand office, (where they remain to this day). The minimum investment in the partnership was raised from $25,000 to $100,000.

Buffett consulted Munger on Dempster, the windmill company. Munger recommended Harry Bottle, a move that turned out to be very profitable. Bottle cut costs, laid off workers, and caused the company to generate cash.

Buffett discovered a textile manufacturing firm, Berkshire Hathaway, that was selling for under $8 per share. He began to buy the stock.

Buffett sold Dempster for three times the amount he invested. The almost worthless company had built a portfolio of stocks worth more than $2 million alone during the time of Buffett's investment. The Buffett partnerships became the largest shareholder of Berkshire Hathaway.

Buffett's net worth reached $6,849,936.

Berkshire paid out its first and only dividend of 10 cents. In October, Buffett wrote to his partners and told them he found no bargains in the roaring stock market of the '60s. His partnership was worth $65 million. He briefly considered leaving investing and pursuing other interests.

American Express hit over $180 per share, making the partnership $20 million in profit on a $13 million investment. Berkshire Hathaway acquired National Indemnity Insurance at Buffett's direction. It paid $8.6 million.

Buffett became a trustee of Grinnell College, a prestigious liberal arts college in Iowa. He remains a trustee to this date, and is credited for guiding the college's immense endowment through the seventies and eighties; Grinnell College now has the highest endowment of any liberal arts college in the United States.

Buffett's net worth was now more than $10 million.

The Buffett Partnership earned more than $40 million, bringing the total value to $104 million. Buffett is placed on the Board of Trustees at Grinnell College.

Following his most successful year, Buffett closed the partnership and liquidated its assets to his partners. Among the assets paid out were shares of Berkshire Hathaway.

Buffett's personal net worth reached $25 million.

The Buffett Partnership was completely dissolved and divested of its assets. Buffett owned 29% of the stock outstanding in Berkshire Hathaway. He named himself chairman and began writing the annual letter to shareholders. Berkshire Hathaway made $45,000 from textile operations, and $4.7 million in insurance, banking and investments (Buffett's side investments made more than the company's primary business).

At his wife's request, Buffett purchased a $150,000 summer home at Laguna Beach.

Stock prices began to drop. At Buffett's direction, Berkshire borrowed money by issuing notes at 8%.

Berkshire began to acquire stock in the Washington Post Company. Buffett became close friends with Katharine Graham, who controlled the company and its flagship newspaper, and became a member of its board of directors. Graham, in her autobiography, credited him with giving her the equivalent of a business degree through his personal tutoring and frequent advice, and said that she often called him several times a day in the early years of their friendship.

Buffett purchased Nebraska Furniture Mart for $60 million and ended the year with $1.3 billion in corporate stock portfolio.

Berkshire began the year trading at $775 per share, and ended at $1,310. Buffet's net worth reached $620 million, placing him on the Forbes 400 for the first time.

Buffett shut down the Berkshire textile mills after years of operation. He refused to allocate additional capital to it.

For $315 million, Buffett purchased Scott & Fetzer, which produced commercial products such as Kirby vacuums and the World Book Encyclopedia. Buffet helped orchestrate the merger between ABC and Capital Cities . He was forced to leave the Board of the Washington Post because federal legislation prohibited him from sitting on the Boards of both Capital Cities and Kay Graham's Washington Post.

Buffett and Berkshire Hathaway faced difficulties over their General re Insurance unit, which was accused of questionable dealings with American International Group. Buffett makes many acquisitions during the year, including Business Wire, Russell Corporation, PacifiCorp, ISCAR Metalworking, and Agro-Logic agricultural manufacturing company. Iscar and Agro-Logic are both Israeli companies that Buffet purchased within a week of eachother, indicating the moguls interest in the area.

"We are investing $4 billion in an amazing band of people from Israel ," Buffet said of Iscar, which is the largest purchase he has ever made outside of the United States . Also in 2006 Buffet began taking time out of his schedule to entertain parties of business students from across the country, from such schools as the University of Tennessee and the University of Delaware.