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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
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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...
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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....
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"I don't understand. But I don't care, so it works out."
(set 14 days ago)
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Quote:
Originally Posted by VA Yankee
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....
I agree. This list would be beneficial to young couples starting out and trying to save for their first house. This isn't appropriate for the generational poor, who wouldn't ever have a top of the line car within their grasp.
This list reminds me of Dave Ramsey's teachings, except the smoking. People who smoke are usually just doing the best they can, and are taking what little pleasure they can find, and have a rough life.
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.
Personally, he's not looking at the (even bigger) picture.
I definitely would identify as poor probably poverty class my mother was high poverty poor. I was never taught physical responsibility, or power through education, or being fiscally responsible.
So when you get someone who's 35 to 40 and poor, you've already come too late to a time to change usually. Now if they had kids, and the kids were like 10, yes you could change them, but the parents are doubtful for major retirement savings
Then you could start living fiscally responsible teaching your kids it might take a generation or two but by the end your grandkids would probably be in a much better situation than you were.
I mean I know the poor have credit cards but as such they're probably extremely limited on the amount they could charge, I really doubt they're going out there and wanting to work out when they're not willing to work hard at a job.
Of course that goes hand in hand with not smoking and living a life of healthy choices, which they obviously don't do.
I agree. This list would be beneficial to young couples starting out and trying to save for their first house. This isn't appropriate for the generational poor, who wouldn't ever have a top of the line car within their grasp.
This list reminds me of Dave Ramsey's teachings, except the smoking. People who smoke are usually just doing the best they can, and are taking what little pleasure they can find, and have a rough life.
Plenty on this list is relevant to those who are actually poor.
Status:
"I don't understand. But I don't care, so it works out."
(set 14 days ago)
35,652 posts, read 18,006,664 times
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Quote:
Originally Posted by Disgustedman
Personally, he's not looking at the (even bigger) picture.
I definitely would identify as poor probably poverty class my mother was high poverty poor. I was never taught physical responsibility, or power through education, or being fiscally responsible.
So when you get someone who's 35 to 40 and poor, you've already come too late to a time to change usually. Now if they had kids, and the kids were like 10, yes you could change them, but the parents are doubtful for major retirement savings
Then you could start living fiscally responsible teaching your kids it might take a generation or two but by the end your grandkids would probably be in a much better situation than you were.
I mean I know the poor have credit cards but as such they're probably extremely limited on the amount they could charge, I really doubt they're going out there and wanting to work out when they're not willing to work hard at a job.
Of course that goes hand in hand with not smoking and living a life of healthy choices, which they obviously don't do.
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.
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