Think about this next time you open up your wallet!
When it comes to money, Billionaire Warren Buffett knows what he is talking about.
If you have trouble saving money or are trying to learn how to save even more, here are some tips from Buffett himself that he claims to live by thanks to Yahoo News:
Don’t spend too much on real estate
As a young man, Warren Buffett bought a home in Omaha, Nebraska, for $31,500 in 1958 and after making billions of dollars on the stock market, he still lives in the same home!
$31,500 in 1958 is equivalent to $288,700 in today’s money and he certainly has made some pricey renovations to the home since 1958 but it’s still well below what he can afford now.
Rarely take loans
Buffett has only taken one mortgage in his entire life and that was in 1971 when he purchased a home in California. After being asked about his loan, Buffett said, “I thought I could probably do better with the money than have it be an all equity purchase of the house.” He took the money he had and invested it in shares of Berkshire Hathaway and the rest is history.
Buffett loves cheap food
Believe it or not, Warren Buffett doesn’t like to spend big on luxury meals. Instead, he like to drive to McDonald’s every morning and spends $3.17 on breakfast.
“When I’m not feeling quite so prosperous, I might go with the $2.61, which is two sausage patties, and then I put them together and pour myself a Coke. $3.17 is a bacon, egg and cheese biscuit, but the market’s down this morning, so I’ll pass up the $3.17 and go with the $2.95.”
Buffett says NO to flashy cars
While other millionaires and billionaires are driving around in Lamborghini, Ferrari, and Rolls Royce, Buffett likes to drive something cheaper.
In 2014 Buffett bought a Cadillac XTS for just $45,000 saying, “the truth is, I only drive about 3,500 miles a year so I will buy a new car very infrequently.”
Buffett doesn’t buy brand name apparel
Warren Buffett doesn’t believe in dropping hundreds or thousands on fancy new suits and ties. He also was reported to be using a cheap $20 flip phone until finally upgrading to an iphone in 2020!