THINGS Poor People WASTE Their Money On

Warren Buffett, one of the most successful investors in the world, has a reputation for his simple yet profound financial wisdom.

POOR PEOPLE WASTE THEIR MONEY ON THE FOLLOWING:

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.

Overspending on Clothes
Buffett, along with other billionaires, leans towards simplicity in his wardrobe. Choosing classic, durable clothes over flashy, expensive brands can result in significant savings.

Buying New Cars
Cars are notorious for their rapid depreciation. Buffett recommends buying pre-owned cars and holding onto them for as long as they’re reliable, instead of falling for the allure of the new models.

Unused Gym Memberships
Buffett promotes an active lifestyle but cautions against unused gym memberships. Free or low-cost fitness routines can be just as effective if regularly practiced.

Unnecessary Subscription Services
Subscription services, if not carefully monitored, can become a financial drain. Review these regularly and cancel those that don’t provide value.

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Economy Coming to an End

Warren Buffett, whose economic insights are craved for Berkshire Hathaway Inc.’s deep ties to the American economy, had a gloomy prediction for his own businesses: the good times may be over.

The billionaire investor expects earnings at the majority of Berkshire’s operations to fall this year as a long-predicted downturn slows economic activity. He made his comments at the conglomerate’s annual general meeting in Omaha, Nebraska, after Berkshire posted an almost 13% gain in operating earnings to $8.07 billion for the first quarter.

“The majority of our businesses will report lower earnings this year than last year,” Buffett, 92, said, before crowds of thousands at the event on Saturday. During the last six months or so, the “incredible period” for the US economy has been coming to an end, he said.

Berkshire is often seen as a proxy for economic health owing to the expansive nature of its businesses ranging from railroad to electric utilities and retail. Buffett himself has said Berkshire owes its success to the incredible growth of the US economy over the decades, but his prediction for a slowdown at his firms comes as upheaval at regional banks threatens to curtail lending as inflation and higher rates continue to bite.

Buffett’s long-time business partner Charlie Munger, 99, who joined him on stage, said the more-difficult economic environment will also make it harder for value investors, who typically buy stocks that look cheap compared to the intrinsic value of the businesses.

“Get used to making less,” Munger said.

Geico Revived
Still, Buffett said he expects earnings at its insurance underwriting operations — which are less correlated to business activity — to improve this year. Berkshire already reported higher earnings at those businesses including auto-insurer Geico, which swung to profitability following six quarters of losses.  READ MORE...

Separating the Bravest From the Rest

Warren Buffett is not any stranger to fear. In truth, he was once terribly afraid of public talking. That is until he took a Dale Carnegie course to improve this crucial business talent. Since overcoming his worry of speaking, he is turn out to be one of the regularly quoted audio system in the world.

Now Buffett gives his followers a priceless lesson on braveness, acknowledged in 4 powerful phrases: face down your fears.

Buffett advises younger and old to not permit fear to restrict them from carrying out the issues they need to do to turn out to be profitable. And yet, fear paralyzes so many for various reasons.

No matter how expert you may be, fear is the one factor that can crush you and cease you from realizing your desires. It’s time to stop. Here are three things you should perceive to assist prepare your brain to overcome your fear:

​1. Your fear is not an actual threat
​President Franklin D. Roosevelt famously quipped, “The only factor we’ve to concern is concern itself.” Think again to what felt like an inconceivable feat you had been in a position to accomplish regardless of big obstacles in the means in which. Did concern hold you back? I wager. And but you were capable of overcome it and pull it off. The point is, that training your brain to simply accept that there isn’t any risk concerned will help you to modify off the concern response when the subsequent essential challenge comes your way.

2. Your worry is just drama and not based on reality
Most of us hijacked by worry fail to achieve perspective into our scenario and separate reality from fantasy. We need to understand that life will go on, and you are not going to die from a mortal wound when you get rejected when pitching your product in entrance of a bunch of traders.  READ MORE...