Warren Buffett he is considered one of the richest people in the world, with a fortune currently estimated at around $105 billion.
However, despite his financial success, Buffett always maintained modest habits and wisely invested his money, even with such a large amount of resources at his disposal.
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In this article, we are going to delve into 11 lifestyle habits that are practiced by the billionaire and that you can also incorporate it into your own life to save money and increase your wealth guys.
Let's go?
Warren Buffett's first piece of advice that we want to quote is one of the most cited by the billionaire, even if it has nothing to do with investments directly.
Warren Buffett highlights, in several lectures and interviews, the relevance of selecting a career that arouses passion in you.
That's because when you love what you do, you're more likely to achieve financial success and perform well at work.
In addition, choosing a career that you love can also help you live a happier life, as you will not be tempted to do unnecessary purchases to compensate for unhappiness at work, nor will he take the unhappiness out on the people around him, for example. example.
For all that, invest your time in something you love so you can enjoy the long-term benefits!
Warren Buffett was married to his first wife, Susan, for over five decades, until she passed away in 2004. In 2006, he married Astrid Menks, who he is still with today.
According to Buffett, in both situations he experienced, and still experiences, a healthy marriage based on shared values, including financial ones.
The billionaire claims that when you marry someone who has a similar mindset to you, it can help you both work together to achieve common financial goals.
A marriage built and based on shared values is also the formation of a team that will work towards achieving financial stability.
Warren Buffett is also famous for owning older, understated automobiles rather than extravagant luxury models like other billionaires do. For him, a car is just a means of transportation and not a status symbol.
According to the investor, the best option in this regard is to save money by purchasing a reliable vehicle with low fuel consumption, as long as it meets your needs.
Another great piece of advice from Warren is actually a warning, a warning that talks about unnecessary loans and the dangers of debt acquired without a defined purpose.
He says that, if you need to take out a loan, do so only for vital purposes, such as purchasing a property or investing in your children's education, for example.
In addition, it is essential to assess whether the monthly installments of the credit taken fit into your budget, as well as how to commit to repaying the loan as soon as possible, reducing interest payments and charges.
The billionaire advises that, when shopping, preference be given to quality over the brand and never the opposite.
In this sense, it is best to choose products that offer the best cost-benefit ratio, regardless of the label. This perspective can generate considerable savings in the amount of monthly expenses.
Warren Buffett is also known for being very cautious about his spending habits. And of course, he also has life examples on this subject.
Buffett is not interested in expensive goods just because he has the money to buy them. Instead, he values what really brings benefits to his life and avoids superfluous spending.
The billionaire also makes a point of always considering his needs and values in all his consumption choices, regardless of his financial position. He hates wasting money, no matter how big his fortune is.
So, how about following Warren Buffett's example?
You know those special discount coupons offered by stores in promotional events? Well, according to Warren Buffett, using them to save on purchases is a typical habit of those who want to grow financially.
The billionaire has been known to use tickets and coupons for lunches, dinners and smaller purchases. Even Bill Gates himself, founder of Microsoft who is also a billionaire, made a point of remembering an occasion that proves this habit of Buffett.
“Remember the laughs we had when we traveled to Hong Kong together and decided to have lunch at McDonald's? You offered to pay, dug in your pocket and pulled out… coupons!” wrote Bill in a letter, addressing Warren Buffett.
Nowadays, with the advancement of ultramodern means of payment with PIX and credit cards for approximation, using physical money for payments is something even considered archaic for some people.
However, according to Warren Buffett, maintaining this habit can help people save money and make more assertive decisions when it comes to spending.
By physically handing over the money, you feel the impact of every dollar spent, which encourages reflection before making unnecessary purchases, for example.
Also, using bills or coins is a safe way to avoid annoying credit card fees and potential debt.
In the hustle and bustle of the contemporary world, it is natural to feel the temptation to always look for the best and latest mobile devices, models of clothes and shoes that are in fashion, etc.
However, before doing so, it's important to ask yourself if you really need that new smartphone, outfit or shoe, or if you're just trying to keep up with other consumers.
Warren Buffett suggests resisting the temptation to buy impulsively. According to him, this austere posture not only generates financial savings, but also contributes positively to the environment, reducing waste and excessive consumption.
To give you an idea, the billionaire still used “normal” phones until recently. He only bought a smartphone in 2020, when he acquired an Apple iPhone 11, which is considered by many users to be an outdated model.
Warren Buffett is widely recognized for his investment strategies, and one of his top recommendations is to invest in assets that generate passive income.
Briefly speaking, passive income is any type of income that does not require efforts to be acquired. Work, for example, does not generate passive income, because if you do not work, you will not receive a salary.
Dividend-paying stocks, rental properties, and investments in profitable businesses are all excellent examples of investments that generate passive income.
By investing in this type of asset, you are laying the groundwork for long-term financial independence. After all, in addition to providing a steady stream of income, these investments can appreciate in value over time.
Before ending our article, we still want to talk about some more lifestyle habits of Warren Buffett that can be copied by all those who seek a more peaceful financial life. Are they:
Adopt these tips!
