Warren Buffett :'12 Things POOR People Waste Money On!' financial independence , financial education

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Welcome to Athena Wealth,
where we empower you with Financial Wisdom, for a Prosperous Future.
Warren Buffett has mentioned 12 Things POOR People Waste Money On！
If you want to redeem a FREE ebook,
[ The Warren Buffett Way ],
kindly watch until the end.

1. Credit Card Debt
Credit cards do have benefits.
Many providers offer incentives to spend money using their cards like cashback points,
airplane miles, etc.
In this way, credit cards are a smart way to spend money,
only if you clear the full payment every month!
The problems with credit cards arise when you carry a credit balance.
The interest rate of the credit card is about 20%.
That means for every dollar you owed to your credit card company,
you’ll pay an extra 20 cents on top of it every month.
That’s an extra $200 of interest on a $1,000 credit card balance.
So, never carry a credit card balance!
This principle applies to any type of loan or financial obligation that requires paying interest.
Please make sure the loan is worth it.

2. Drinks At Bars
Money spent on pubs and bars amounts to thousands of dollars per year.
A bottle of beer usually costs up to $5 at a bar or restaurant,
sometimes closer to $10. If you buy from a grocery store,
you can expect to get a 6-pack of good beer for about $10,
which is at least 3 times cheaper than getting from bars.

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Warren Buffett :"12 Things POOR People Waste Money On!" financial independence , financial education

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Chapters of the video:

00:00 Warren Buffett :" 12 Things POOR People Waste Money On !"
00:29 Credit Card Debt
01:27 Drinks At Bars
02:14 Gadgets & Devices
03:21 Spending Too Much On Clothes
04:56 Buying New Cars
06:15 Not Using The Gym Membership
07:29 Cancel The Cable & Unused Subscriptions
09:26 Many Personal Care Products
10:13 Spending Too Much At Restaurants
11:30 Gambling
12:18 Junk Food
13:14 Smoking & Vaping
15:41 How to get the free e-book [ The Warren Buffett Way ]

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[nightmare.untold]

Must Watch This! A Powerful Blessing Prayer Over Your Home!

[DonaldMark-nese]

Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.

[philipmullins]

My list
1. Buying a cup of coffee for $5 make it at home for 50 cents.
2. A cup of tea for $5, a tea bag to make a cup of tea can cost around 5 cents at the supermarket .
3. Where I live McDonalds charges $3.50 for a cup of drink, at supermarket I can get fives as much in a bottle for only $1which means paying $1 for the same amount of drink instead of paying $17.50 for the same volume, the same with potato fries at the supermarket a one kilo bag of potato fries costs around $2 yet at fast food stores they charge around $2 for 50 grams which is $40 a kilo .
4. Learn to cook at home, eating out can cost more than five times the price .
5 .Use public transport instead of a taxis, where I live, a $2 trip on public transport can cost $60 in a taxi .
6. Air travel always use budget price airlines, why pay $2, 000 for a airline ticket for a trip that includes a meal when a budget airline that gives no free meals charges only $200 for the same ticket .
7 Insurance and phone plans , always shop around as there can be a big differences in prices.
8. Try to never pay full price for anything, items that you need such as cosmetics, shaving items, always buy when on special and put away until needed.
9. When buying clothes buy 100% cotton clothes instead of synthetic fibres, and don't buy designer labels, for example a 100% black cotton tee shirt cost me $4 yet a black tee shirt made in the same country with a fancy label on it had a $200 price tag on it and both shirts would look the same when worn without the labels showing .
10. The best time to shop for food is near closing time because shops can reduce bakery items, takeaway food such as meals, bar-b-que chickens etc near closing time because they can't sell them the next day, my super market sells the whole bar-b-que chickens for between $2 to $4 instead of $11 near closing time to clear them before they close .
11. The best place to buy fresh fruit and vegetables are at the large fruit markets because of the competition .
12.When buying real estate such as a home, it is often better to buy the worst house in the best street and renovate it than the best house in the worst street and always shop around for something that is unique about the home such as outstanding views .

[Blitcliffe]

All signs point to 2023 being a year of significant economic hardship for the entire nation. Put your cash to use straight away to increase its value. I was aware that I needed to invest. I had no idea how quickly a few thousand dollars a month would go up. Though it is. Since 2020, I've made about $600, 000.

[charleswulff]

I am "poor", and I do not spend money on any of these "12 things that poor people spend money on". In 1999 I paid 25k cash for a small 1955 house, now valued at 92k. 73 years old and never had a bank loan. Drive an18 year old car, and drive very little. Credit card paid off every month. Retired living on a very small SS check. Good health is my #1 asset.

[justlina]

The key is striking a balance. We can't take it with us, life is to be lived too.

[charliebarath]

"Rich people stay rich by living like they're broke. Broke people stay broke by living like they're rich."

[jacquelineramirez]

I became a billionaire listening to Warren buffet's Advice says nobody.

[susanb.]

I'm a senior now living on a fixed income (I still work a low-paying PT job to make ends meet) and when I think back on the money I wasted over the years!!!! I had decent paying professional jobs and could have saved (probably) several thousand/year but no...many of the things mentioned in the video. I didn't gamble, drink, or smoke but did so many of the others. Clothes, getting pedi/mani's every 2 weeks, clothes, make-up, clothes, eating out in nice restaurants AND fast food joints, clothes...see a trend? If I had saved even half of that money I spent, invested it...I wouldn't be living hand-to-mouth today. Funny thing is, I'm happier today than I was in those "spending wildly" years.

[Brian-pfqq]

As long as you don't put yourself in debt and pay your bills, spend on what brings you joy, and enjoy every day, because you don't know how long your going to be here. I know to many people who died way to young

[G-L-O-R-I-A]

One thing that needs to be noted is that different eras present different challenges. You can’t duplicate what a self made millionaire did decades ago. For instance, I had a low paying job in the 80’s and could still get an apartment in a major metropolitan area. I don’t see my grown kids having the same opportunity. Rents are not only scarce, they’re outrageous. And incomes have gone up, but not in proportion to rents. Same can be said for college tuition.

[letitiakingsley]

About the cotton t shirt. I buy expensive cotton t shirts but they fit better than the cheaper ones and last longer. Sometimes it’s worth to buy more expensive but buy less.

[renettacorn]

Wow, this was definitely made by someone who was never poor. I have never purchased a new car. My current vehicle is a 2003 and just like I've been priced out of the rental market for housing, I've been priced out of the car market. Doesn't matter whether it's a new or used vehicle, I can't afford it.
My cell phone only gets updated as needed. I don't have a television service. I'm a non-drinker. I don't waste time nor money in clubs nor bars. I don't gamble either and we rarely eat out.
And FYI, if it's a healthy food, it's expensive. So fresh fruits and vegetables are rare in our home, we rely heavily and frozen fruits and vegetable because they're cheaper and they're not going to spoil while sitting in the freezer waiting to be consumed.
I don't own much way of named brand fancy anything unless I came acrossed it in a thrift shop and it just happened to fit the bill for what I needed at the time. I'm currently taking the time to sew patches to a couple of pairs of pants where needed because I can't afford new ones or even go to the thrift store currently.
I don't even own a watch and I wouldn't waste a hundred dollars on one. My phone tells me what time it is. The debt I'm carrying on my credit cards is necessary debt incurred keeping my 2003 POS running and I had to use my cards to pay for my mother's cremation.
I'm not getting to go shopping for fancy extravagant anything. My 2003 POS is currently in the shop getting a transmission rebuild.
Mr. Warren Buffest has no idea how the average poor person is spending their money. Yeah their maybe a hand full of fools trying to party like a rock star, but that is not how most poor people are spending their money.

My largest monthly bill is housing and I'm not living anyplace fancy. We live paycheck to paycheck and we technically aren't making is paycheck to paycheck.
The expensive part about being poor is being constantly penalized with higher interest rates and additional fees because your lower income makes you a high risk.
Mr. Warren Buffet is full of himself and should actually spend some time with some real poor people before making uneducated assumptions about how most poor people are spending their meager incomes.

[qxtdoec]

I often wonder how successful investors are able to make millions of $$ from trading stocks. Im completely new on this area of investing. Long story short I have a couple thousands saved up which i want to invest for long term and I know this sounds a bit dull but, I would like to know what advice you could give to start my investing

[merrywalsh]

When I began adult life, I was so frugal, I figured out that if I never paid interest, I would have more money. Fifty years later, I still buy using cash only. Zero debt. No mortgage, no car payment, no balances and credit scores above 825. I will admit to using mortgages along the way, but it was to end up in the nicest house, without a mortgage, in retirement. Some people use debt well, to make heaps of money, but I just kept it simple. Mo money, mo problems.

[sharonkaysnowton]

12 things all people waste money on- 1) credit card debt 2) drinking at bars 3) gadgets and device 4) spending too much money on clothes 5) buying new cars 6) fitness memberships 7) cable 8) personal care products 9) restaurants 10) gambing (lottery, casino, etc) 11) junk food (candy, chips, cookies, etc) and 12) smoking and vaping. Most people waste money- it is part of the "system" we currently live in. I am very frugal and my family say I am a cheapskate. I do not spend any money I don't have to, and I live below my means. If I have an emergency I do not like trying to figure out where I will get the money from. I am an old lady and I feel blessed by God that I do not have to struggle in my old age. I do not have credit cards, I do not drink, I do not have a cell phone, I do not buy clothes- all my clothes are about 30 years old (vintage chic), I do not have a fitness membership and am a happy fat old lady, I do not have cable, I do not buy the personal care products, Irish Spring is perfect for me. I do not go to restaurants. I do not do the lottery or go to casinos. I do eat candy and potato chips. I do not smoke or vape. Yet, I still worry of stock market crashes and my savings will be gone. This was a very interesting video. Happy New 2023!

[Annabee]

Debt Free, Indeed! "Free at last, freedom, at last, thank God Almighty, I'm free at last."🙏

[edwardprice]

When you are old, you will never regret buying concert tickets, Once or twice a year.

[sandercody]

We Only Have One life, Live and Enjoy Life. Everything in Moderation

[nightmare.untold]

🌟Must Watch🌟 Warren Buffett Leaves The Audience SPEECHLESS: