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Here are his best tips forgetting your finances on track.
Buffetts advice here is to save first.
Many personal finance advisors agree, encouraging people to create a paycheck routine.
However, this convenience comes with a big catch.
Credit cards have extremely high interest rates that can reach more than 23%.
With the compounding effect that borrowers have to pay, credit card balances can quickly spiral out of control.
Sometimes they are 20%.
If I borrowed money at 18% or 20%, Id be broke.
Be Smart With Risk
Wealthy individuals dont like to lose money, and Buffett is no different.
One of his most famous quotes is, The first rule of an investment is dont lose.
And the second rule of investment is dont forget the first rule.
This quote has changed over time to, Dont lose money, which is simple but great financial advice.
At its essence, this quote is about making sound financial decisions.
If youre going to invest, its important to take time to research what youre putting your money into.
Making a rash or emotional decision can quickly lead you to financial loss.
You dont have to swing at any of them.
By keeping Buffetts advice in mind, youll pay more attention to managing your risks.
Be Patient
When it comes to investing your money, very few reach Buffetts level of success.
He believes in investing for the long term and being patient.
He once said, The biggest thing in making money is time.
You dont have to be particularly smart; you just have to be patient.
While this is a simple concept for making money, many people want to get rich quickly.
Being patient and investing for the long term is a great way to accumulate wealth.
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