What Warren Buffett and Tony Elumelu’s legendary lives tell us, By Adeola Akinremi

Warren Buffett's time-tested strategy for amassing wealth extends beyond the grasp of mere mortals, or so the common belief goes. However, in an interview with CNBC's Becky Quick, the billionaire investor shared a straightforward approach that anyone can follow to grow their retirement savings.

Buffett's favored investment vehicle is a low-cost S&P 500 index fund. This financial instrument provides broad exposure to a diverse range of American businesses, allowing investors to reap the benefits of their collective success. The simplicity of this strategy is emphasized by Buffett's own recommendation, which is essentially a "buy and hold" approach to investing.

To build your own retirement nest egg using Buffett's blueprint, start by opening an account with a reputable brokerage firm. Next, transfer funds into your account and purchase shares of an S&P 500 index fund, such as the Vanguard S&P 500 ETF (VOO) or iShares Core S&P 500 ETF (IVV). These funds can be purchased for a relatively small fee, and they typically have low expense ratios, making them an affordable option for most investors.

Once your initial investment is in place, resist the urge to make frequent changes to your portfolio. Regularly adding or removing individual stocks can lead to unnecessary transaction costs and potentially undermine your long-term performance. Instead, maintain a disciplined, long-term perspective and let your investments grow steadily over time.

For those seeking an even more hands-off approach, Vanguard's Digital Advisor offers a personalized investment solution that automatically rebalances your portfolio based on your goals and risk tolerance. This service can help you stay on track with your retirement savings without the need for constant monitoring or manual adjustments.

In summary, following Buffett's simple playbook for retirement investing involves selecting a low-cost S&P 500 index fund, making a single purchase, and allowing the fund to grow over time with minimal intervention. By following this straightforward approach, ordinary Americans can tap into the historical advantages of investing in productive American businesses and work towards achieving substantial retirement wealth.