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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.
Great list, thanks for sharing. I didn't realize tattoos are expensive.
Most people in the US are financially irresponsible and borderline financially illiterate. It's probably got something to do with how wealthy we are and how easy it is to "make it" to a certain degree in the US.
You often see this effect when comparing native-born residents immigrants from less developed nations. The immigrants often realize the potential for wealth creation and do so, while the native-born squander and complain about how hard it is to make it.
Great list, thanks for sharing. I didn't realize tattoos are expensive.
Most people in the US are financially irresponsible and borderline financially illiterate. It's probably got something to do with how wealthy we are and how easy it is to "make it" to a certain degree in the US.
You often see this effect when comparing native-born residents immigrants from less developed nations. The immigrants often realize the potential for wealth creation and do so, while the native-born squander and complain about how hard it is to make it.
In Japan there is a tradtion on New Years Day (otoshidama) in which children are given an envlope (pochbukuro) often with money inside from parents and relative.
It's not uncommon for parents to open a bank account for the child, depost the money and the child use the money during the year when needed. The idea being this teaches the importance of saving.
And there's kakeibo
Quote:
The kakeibo was invented back in 1904 by Hani Motoko, Japan’s first female journalist, and was designed to help busy women keep on top of their finances. Kakeibo gets its name from a Japanese term meaning “household financial ledger.”
Kakeibo is a financial philosophy centered on mindful, deliberate spending and saving. It combines tracking purchases with the habit of mindfulness in order to reign in unnecessary spending and help you achieve savings goals. This budgeting method is designed to help you think about your relationship to money and understand why you’re making each purchase. https://medium.com/shelterme/kakeibo...ey-4f90918b951
Status:
"Let this year be over..."
(set 29 days ago)
Location: Where my bills arrive
19,252 posts, read 17,124,258 times
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Quote:
Originally Posted by TMSRetired
Warren Buffet doesn't give advice to welfare poor people.
Why would you think that ?
What makes you say that? I posted that I thought his list applied to lower middle class but the title of the OP's link says "Warren Buffett: 12 things poor people should stop wasting money on to accumulate wealth" .Still waiting to hear why the poster I responded to said what they did.
What makes you say that? I posted that I thought his list applied to lower middle class but the title of the OP's link says "Warren Buffett: 12 things poor people should stop wasting money on to accumulate wealth" .Still waiting to hear why the poster I responded to said what they did.
That's the article title so that's the journalist saying "poor".
If you need a paycheck to survive (which most do) then you do have limited income.
In Japan there is a tradtion on New Years Day (otoshidama) in which children are given an envlope (pochbukuro) often with money inside from parents and relative.
It's not uncommon for parents to open a bank account for the child, depost the money and the child use the money during the year when needed. The idea being this teaches the importance of saving.
And there's kakeibo
I remember when parents would get their kids savings bonds for the future. Now its give them am AMEX card. I grew up with the understanding that saving money is very important. But easier and painless to just borrow money instead. People have nice new things and they did nothing to earn them.
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.
I bought rental property in 1996, 2005 and 2011. Ended up with eight SFH. Now, it was imperative that I not only stay employed but wire 4k-6k a month to my BOA in the Sates. I did this for years
My wife and I both cut out all unnecessary spending. I stopped going to Starbucks in the morning and brought my own lunch to work.
I have worked six days a week for years. I was an adjunct ESL teacher in Tokyo and taught every class I could get. The average part-time professor taught 14-17 classes per week. I never taught less than 25-26. Vacations? I visited and stayed with my mother in the States.
I should mention while I taught a lot of classes I also had 9-10 weeks off (which was paid) before the start of the spring/fall semester. This helped keep me sane.
I grew up without money as did my wife and I was fortunate to have married a woman who was willing to cut back. She worked to covered our apartment utilities and her own day-to-day living expenses. I paid the rent (was renter for 40 years.)
This allowed me to save, save, save, while buying more properties. I did this from 1996 through the end of Dec. 2018. I returned to the US and retired from teaching - Jan. 2019.
Today my wife and I are financially secure in our retirement.
Most people I’ve met throughout my adult life created their own finanical problems. Poor choices and/or unwilling to make the sacrifices needed to get ahead.
My older sister? Bless her heart but I have no idea where her money goes. *She doesn't gamble or have expensive taste.
My guess is for years she's been giving more than the customary 10% (tithe) to her church which cuts into her discretionary spending. O.k. that's her business but….
Last summer, she came out to visit and I had to lend her $500. Yet, she inherited over 100k four years ago. WTF? Don't tell me that money is already gone.
*She was an elementary public school teacher (retired this year) who also taught college classes during the evening. The father of the two girls provided a nice check each month while they were growing up. And she paid just 86k for a 2300 sq ft house in Dallas -1990.
There was always enough money which is why I suspect she’s been giving more than 10% of her income to her local church.
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.
Surey. I've never heard anyone mention the cost of a tattoo. I've only ever heard one person mention getting one. It did not occur to me to ask the cost.
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