Written by Sharvan Kumar
Buffett emphasizes that the most important investment you can make is in your own knowledge and skills. He recommends reading daily and growing smarter over time, similar to how compound interest works.
Buffett dislikes credit card debt and prefers paying with cash whenever possible. He uses his American Express card infrequently and advocates for being cautious with borrowing.
Buffett advises investing in high-quality assets, whether it’s stocks or everyday purchases. He believes it’s better to buy something great at a fair price than to get something cheap but of lower quality.
Buffett doesn’t indulge in the latest tech gadgets or luxury items. He recommends saving first and spending only what’s left afterward, not the other way around.
Cars are depreciating assets, and Buffett suggests purchasing used vehicles rather than new ones, especially since new cars lose a significant amount of their value within the first year.
Buffett is known for finding bargains and uses coupons even for meals with billionaires like Bill Gates. His philosophy is to always look for a good deal, even when making everyday purchases.
Buffett calls gambling a "tax on ignorance" and strongly advises against it, urging people to avoid wasting money in this way. He views it as a poor financial habit that leads to lost opportunities.
From East West Hunt