Warren Buffett: 5 Money Habits That Are Keeping You Broke & Poor

According to Warren Buffett, you should avoid these 5 common things people do in their lives in order to have financial success. Enjoy!

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Timestamps:
0:00 - Intro
0:43 - Number 1
3:38 - Number 2
5:57 - Number 3
8:23 - Number 4
10:32 - Number 5

RESOURCES:

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PS: I am not a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

[ambition]

0:00: 📚 Warren Buffett warns against investing in things you don't understand just because others are getting rich.
2:28: ! Avoid buying things you cannot afford outright and avoid credit card debt with high interest rates.
4:50: 💰 Automatically transferring a portion of your paycheck to a savings account can help increase savings and wealth.
7:19: 💰 Warren Buffett made a bet that the S&P 500 would outperform any hedge fund over a 10-year period, and he was right.
9:47: 💰 Living within your means is more important than income when it comes to financial stability.
Recap by Tammy AI

[hectoralejandro]

Warren Buffet gives the best advice that anyone can digest. Sure he has advanced schemes, but he’d rather you go with an index than fail due to the minutia found in his strategies.

[ntrg]

Honestly #5 isnt even just financial advice, it's just life advice. You should be learning new skills because its just a wonderful gift to yourself, even if you don't intend to profit from it. Just an example, I learned Japanese and right now I'm learning Korean, I never thought to use them for profit but the option is always there, and even if I never do financially benefit from doing it, I enjoyed it greatly (and still do!)

[ybloc]

Great video Humphrey! I really appreciate videos you do that are inspired by Buffett’s advice. I think you do a great job of synthesizing the knowledge he gives and providing it in a concise format (as well as giving your own advice on top of it). We would would love more videos akin to this one! Keep it up!

[mtgwdefender]

YES! More of W. B. And maybe some tax savings and real estate tips as well. Thank you very much for your great work

[vancouversworstdrivers]

If you can't buy it twice you can't afford it

[BugChickn]

whelp... As a young and dumb 23-year-old, I was thinking about finally buying a nicer car with the cash I had been accumulating (with car payments... naturally). Thank you for stopping me dead in my tracks. I now feel motivated once again to nurture my wealth rather than relinquishing it to some depreciating asset that I thought would make me feel better during the winter months. I appreciate your vids, Yang. Thank you!

[jeannettedrown]

Yes, I'd like to see more Warren Buffet content. I enjoy your channel and learn something from you. Keep up the good work.

[tlp]

ugh... where were you and your newsletter when I was in my 20's. Thanks for all the content. I send these out to my kids in their 20s.

[jasonurias]

Great video. I appreciate it and the values it speaks about. I currently don't have a credit card & after watching this one, I'm going to keep it that way. Thank you.

[Courtney-Alice-Gargani]

Great video. Good points, too. People need to be better how they spend their money

[jasonbroom]

Forget the term "leverage". Call it what it is...debt! Anyone who tells you debt will make you wealthy is a fool, or trying to sell you something. I greatly prefer the biblical explanation. The borrower is slave to the lender. If your goal is to realize the profound freedom that occurs when your means and opportunity afford you the ability to do WHAT you want, WHEN you want to do it, then avoid debt as much as you possibly can. Pay cash for a clunker and let humility be your co-pilot. Watch your friends and peers throw a portion of their money away, while you live well below your means, putting at least 10-15% into long-term savings and investments.

[camilistico]

The only thing that I don’t agree is the credit card, saying most people have a problem that’s why you should not have it is not a good.
I think it should be like saving, start the habit and progress little by little, I started with a 2k credit card and made sure I developed the habit of never paying interest by paying it in full within 30 days. It took me 2 years to develop the habit.

Now I’m well over that and you have more safety that your debit card if anything happens with a weird transaction you get your money back, also the perks are great with either the cash back or rewards, we’ve been able to buy a lot of good things where that we would not normally buy or travel almost free thanks to the rewards.

[PGMP]

@Humphrey Yang
Very good wisdom thanks for squeezing that lime for us.

[Bangpaulxu]

Thanks for this Much love from China. Humphrey the 🐐

[samiramo]

Hello there. First off, thank you for sharing great information with all of us. I opened a 403b annuity because my company doesn't have 401k's. My question is, is it better to keep my company's 403b with a 2.5% fee, or should I look into opening a traditional roth or 401k that isn't connected to my company?

[megandavid]

Great video; easy to understand and great content.

[jdennise]

Yes, I would like to see more Warren Buffett videos 😊

[Naturenerd]

If you pay off houses like Dave Ramsey says you won't be over leveraged and your rents will be generating cash flow. Also no biggie if your renter doesn't pay because you're not desperate and you can evict them easier because you don't need them or similarly if they are struggling with finances you actually could negotiate with the tenant and lower the price of their rent or pay later.

[ChewyHighHAD]

Hi Humphrey! I'm a big fan of your channel. Had a Q about your Financial Mastersheet. You have your overall P/L taxed at a flat rate of 37%. Even if you're a single filer in the 37% bracket, isn't only the money you earn over ~$578k taxed at 37%? Thanks for all of your wisdom.