Warren Buffett Says Poor People Waste Money On These 12 Things


Olde Hornet

Olde Hornet

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Neglecting Personal Development​

According to Buffett, the best investment one can make is in oneself. Enhancing skills and education can boost earning potential significantly. Knowledge and abilities are assets that no one can take away from you.

Relying on Credit Cards​

Credit cards can be convenient, but high interest rates can quickly overshadow any benefits if you don’t pay the full balance monthly. Buffett advises against needless spending that could lead to credit card debt.

Frequenting Bars and Pubs​

Spending on social activities like drinking at bars can add up. Opting for more affordable social gatherings, like home get-togethers, can help save significantly.

Chasing the Latest Technology​

New gadgets may be tempting, but often, last year’s model serves just as well. Buffett himself has a history of sticking to functional rather than flashy tech. It’s important to assess if the latest upgrades genuinely provide added value for the price.
 

Kendrick said:
The majority of poor people spend their money on basics like food, transportation, utilities and housing.
econofact.org

How Do Low-Income Families Spend Their Money? | Econofact

In spite of the safety net, families residing in poverty devote a substantial share of their monthly expenditures to basic shelter, health, and nutrition.
econofact.org econofact.org
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I agree with you on this one. I think people who just at the cut of the so called middle class spend more on stuff like Buffet is talking about trying to prove they aren't poor. In America you either poor or in the top 10%. The other ninety percent one or two pay checks from hitting the bottom.
 
Americans are complaining about money, but they are spending like crazy!
Seth Meyers Lol GIF by Late Night with Seth Meyers
 
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