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Seems like most of his list applies to lower middle class who are living above their means, those that are truly poor are not buying new cars or getting gym memberships. I wonder what he recommends when your out of money and have a family to feed or house if you shouldn't use a credit card....
Since I feel certain this will get controversial, I am putting this here. Can't believe tattoos didn't make the list. Maybe Buffett has no idea how expensive they are.
Warren Buffett: 12 things poor people should stop wasting money on to accumulate wealth
...
Frequently visiting bars and pubs
Visiting bars and pubs frequently can add up. For this, Buffett suggests alternatives like home get-togethers that can help one save a significant amount.
Chasing tech
Buffett has a history of sticking to functional rather than flashy tech, says the report. Before buying the latest gadget, one needs to see if the upgrade is really providing added value for the price...
Has Warren Buffet ever been poor before?
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Today's young (woke) people fresh out of college, continue to waste their entry level paychecks on alcohol, marijuana, restaurants, brunch, concerts/entertainment, travel while living in extremely expensive metros with incredibly high rent and no chance to ever save up for a down payment to own a single family house.
Then they wonder why they can't afford to purchase a house and start a family - like their parents did.
Don’t forget the avocado toast . Young people spend way too much money on avocado toast.
What are you talking about? I am paying for them now. Only 47% of the people in this country are even paying federal taxes. And I pay a lot of them. I don't want to support people who make bad choices. Why should I?
Whelp, those tax cuts for the wealthy ain't goin' pay for themselves either.
You know, social programs to benefit the uber wealthy and all that junk.....
Buffett is one of the few frugal billionaires and by and large practices what he preaches.
No billionaire of course but I've got a bit of savings in the bank. If we wanted my wife and I could afford to go out for dinner three times a week. To own a 45k car and vacation in Europe once a year. But that's just not us. We shop at Costco and drive a 22k car bought in 2019 and usually eat at home. (Although every Friday we go out to a restaurant for breakfast.)
I'm happy I can help my father-in-law who provided financial assistance when his daughter and I were starting out. I was broke and couldn't afford the deposit on an apartment. He lent me 4k.
Today he's ill and my check book is open when needs money (gave him 10k over the summer.)
The one thing my wife and do more often is fly. We live in AZ and going to Las Vegas this January. We'll fly and be there in 45 mins. The same with LA, SF or SD. Fly and we're right there.
Today's young (woke) people fresh out of college, continue to waste their entry level paychecks on alcohol, marijuana, restaurants, brunch, concerts/entertainment, travel while living in extremely expensive metros with incredibly high rent and no chance to ever save up for a down payment to own a single family house.
Then they wonder why they can't afford to purchase a house and start a family - like their parents did.
I agree with you and don't agree with you at the same time.
Younger people, many, have started to realize that their futures are being spent by geriatric politicians of today. I think for some it's about enjoying life right now while they can. A lot of younger people tried the FI/RE movement ( Financial Independence/Retire Early) which really meant living super lean and trying to retire by 40 to have a "second life" free of work obligations. But the current economic structure has made that harder and harder to do.
I do think a lot of young people waste money relative to their situation.
I also believe lots of young people don't plan on marriage nor kids and just want to live life while they are young and have the means. I've known plenty of people in my life who slaved away for 40 years and were too broken and battered and old by the end to enjoy that "retirement" I'd say balance is really the key, if that's possible. A little for the future and a little for today.
They're not asking for support. They're living in a way that Buffett feels is foolish, spending their money on things he doesn't see as valuable, rather than saving their money.
By the time these people are retired, you and I will be long gone.
They're not?
Where have you been?
Biden's Loan Forgiveness?
Rent moratoriums? (that lasted about 3 years too long.)
Overall anti-corporatism mentality with the WOKE kids.
etc.
Cigarette/pot smoking and junkfood, a big part of why poor people never get ahead.
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