Starting with no savings at 50 might seem daunting, but Warren Buffett's investment approach for Berkshire Hathaway (NYSE: BRK.B) offers a proven pathway to wealth creation.

The Oracle of Omaha's focus on buying high-quality companies at fair prices and holding them for the long term has delivered market-beating returns for several decades.

And even with a shorter investment horizon, adopting his methods could help you build a solid retirement nest egg and possibly retire earlier than you thought.

Buffett's long-term focus

A cornerstone of Warren Buffett's strategy is his dedication to the long term. Berkshire Hathaway's leader avoids short-term trends and speculative plays.

Instead he invests with a time horizon measured in decades. This patience allows his investments to benefit fully from the power of compounding, which can turn modest gains into substantial wealth over time.

If you're starting at 50, your timeline may be shorter, but that doesn't mean Buffett's methods aren't applicable. With 15 or more working years ahead, there's still time to let a buy and hold strategy work its magic. By prioritising quality over quick wins, you can steadily build wealth and set the stage for financial freedom.

Finding high-quality ASX shares at the right price

Warren Buffett's approach to stock selection is important. He looks for businesses with strong competitive advantages, solid balance sheets, and reliable cash flows.

Examples of these on the ASX boards could be shares such as Goodman Group (ASX: GMG), CSL Ltd (ASX: CSL), Xero Ltd (ASX: XRO).

However, he looks to buy these stocks when they are trading below their intrinsic value. Investors may want to look out for opportunities when high-quality companies like these fall out of favour due to short term headwinds or get dragged lower by a falling market.

Building wealth from scratch

Even starting from zero at 50, it is possible to create a substantial nest egg by consistently investing.

For example, putting aside $1,000 a month and achieving an average annual return of 10% could grow your portfolio to $400,000 in 15 years. At this point, you could pull in some meaningful passive income by focusing on investing in ASX dividend shares.

A 5% dividend yield across a $400,000 investment portfolio would pull in $20,000 of dividend income each year.

As mentioned above, Warren Buffett has a long history of beating the market. If you can use his methods to also do the same, you could potentially be in a position to retire early even if you start late in life.

Foolish takeaway

Overall, I think this shows that even if you're starting at 50, Warren Buffett's strategy show that it's never too late to build wealth. With patience, discipline, and a focus on quality, you can turn things around and secure your financial future.