One of the greatest investors in the world, Warren Buffett is famous for his plain simple financial advice. Listen to his advice and be careful not to make money mistakes.
Avoid Credit Card Debt
Buffett is big on the no-no of using credit cards to go into debt. Even though he picked up his American Express card in 1964, most of the time when Buffett spends money it’s with cash. ‘98% of the time I pay cash: Why Afterpay will not find a place Rebecca Henderson lives in Sydney, with her fiance Tony — who quickly pinpointed one reason why they did not need flexible payment options on Tuesday.
Invest in Yourself First
While he would only tell you to buy what you know, Warren Buffett often talks about the best investment as an investment in yourself. In an article by Inc., he states “I just think your self-education is kind of like interest— it compounds over time. One of his most popular nuggets is to make sure you go through what he calls the day “to bed smarter than when you woke up” He reads about 80% of his day and advises to read a clear-cut number: 500 pages, every single day. You should reconsider your approach if you are concentrating on stuff unrelated to self-betterment.
Select Quality Over Quantity
As Buffett himself wrote in a recent letter, ‘It’s better to buy a wonderful company at an okay price than it is to buy an okay company for cheap. This translates to investor Michaelsaunders rules like, cheap is not an investment and this could also be a valuable lesson in your life advice. In short, buying low-quality might be the cheaper option, but it end up being more costly considering they last.
Spend Wisely
It’s just that Buffett isn’t a cool gadget guy — or luxury brand aficionado. For years, Eddings had an old-style $20 flip phone before finally getting a new iPhone in 2020. His straightforward advice: “Do not save what is left after spending, but spend only when you’ve saved.
Buy Used Cars
Buffett only wants to pay less for a used car, knowing full well that new cars lose value very quickly. Forbes quoted him as saying: “I hardly ever buy new cars, and the most miles I’ve put on a car in one year was 3500…”.
Look for Deals
Even Buffet loves a concession. He ate with Bill Gates once and whipped out a coupon to help cover the bill. In one later column, Gates looked back on just how much Buffett loved a cheap meal — even at fast food joints.
Stay Away from Gambling
Never forget — Buffett doesn’t like casinos At a meeting in 2007, he dubbed it “socially regressive” and said gambling for the most part is taxing folks lazy. He feels that it is foolish to waste money on gambling.
Keep Life Simple
Living simply, Buffet has a simple diet. In the biography The Snowball, he is quoted as saying that when it comes to mornings, if left alone he could eat the same thing day after relentless day: a ham sandwich. He isn’t a fan of elaborate dinners or over-the-top evenings. Create Your Opportunities Building your opportunities can take some time but the more small successes you have, the easier it will be to grow. Buffett also did odd jobs like delivering newspapers, selling used golf balls, and shining cars when he was younger(Source: GOBankingRates) He also looked for opportunities — and when he could not find any, he created them.
Live Within Your Means
Each time you go to buy something ask yourself, “Do I need this? In a meeting with students at Emory University in 2009, Buffett said that he was not working to have someone else look at his success and say wistfully. He also cautioned that health and love cannot be bought, noting there are high living expenses whilst the quality of life is not good.