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What Buffet is listing is also in the book "The Millionaire Next Door".
It comes down to ...don't live above your means and pay yourself first.
We have a consumer society that is very materialistic.
What it comes down to...
It's not how much you make or how much you spend. It's how much you keep.
But, the "pay yourself first" doesn't work if one is barely getting by. It is easy for those with money to give advice to those without it, but their advice is generally useless.
Quote:
Originally Posted by ClaraC
Almost all the working poor's jobs are manual labor, or physically demanding jobs that ruin knees and backs. They "work hard" in a way that the middle and upper middle class do not do.
Construction, landscaping, waitressing, housekeeping, medical caretaking, etc.
Good post ClaraC! They bust their butts doing the above jobs, for those that want to give them advice on how they are wasting their money! Sadly, these are the people who hold up those that are "paying themselves first", and underpaying the rest of the people to be able to do it. I don't know how many times I see how we need illegal aliens and others to work for cheap wages so they don't have to pay more when they eat out, to have their children cared for, someone to do their housekeeping, someone to take care of Grandma so they can keep working and getting those extra dollars to "pay their selves first"!!!!! Oh, and so they don't have to pay more for $250,000+ house! Meanwhile the rest of the working being criticized are supplementing them by paying taxes for low income housing, SNAP, daycare, medical, etc.
But, the "pay yourself first" doesn't work if one is barely getting by. It is easy for those with money to give advice to those without it, but their advice is generally useless.
Good post ClaraC! They bust their butts doing the above jobs, for those that want to give them advice on how they are wasting their money! Sadly, these are the people who hold up those that are "paying themselves first", and underpaying the rest of the people to be able to do it. I don't know how many times I see how we need illegal aliens and others to work for cheap wages so they don't have to pay more when they eat out, to have their children cared for, someone to do their housekeeping, someone to take care of Grandma so they can keep working and getting those extra dollars to "pay their selves first"!!!!! Oh, and so they don't have to pay more for $250,000+ house! Meanwhile the rest of the working being criticized are supplementing them by paying taxes for low income housing, SNAP, daycare, medical, etc.
Well Buffet is not addressing that audience.
He's talking to people that have money but p*ss it away every month in discretionary spending.
Buffet does not give poor people advice so just take them out of the equation here.
See your ability to earn income as crucial to your financial success, and once you earn it, be very thoughtful in how you spend it and save as much as possible.
Learning how to discipline one's random wants needs to be taught to every kid. It was a hard lesson for one of ours. Those credit card companies work hard to get customers who carry a balance. She was a good math student, but could not grasp the damage done to her pocketbook by paying that interest on credit card. She was 25 before she learned if you can't pay the entire amount when the bill comes, you cannot afford to buy the item.
Years ago, a childhood friend worked for Sears. He was the one who approved credit card applications. He told us Sears hardly made any money off selling merchandise. The profit came from credit cards that carried a balance.
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....
So you clearly have a problem with being exhibiting personal responsibility. Why is that?
What makes you draw that conclusion, I felt his list applies to those above the poverty level?
Warren Buffet doesn't give advice to welfare poor people.
Why would you think that ?
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