30 Things You Shouldn't Do With Your Money, According To Warren Buffett
30 Things You Shouldn't Do With Your Money, According To Warren Buffett
Warren Buffett is known as the "Oracle of Omaha" by many on and off Wall Street, due to his poignant and often correct advice about when and how to invest your money properly to get the greatest returns. But what about the things you shouldn't do with your money? Does Buffett have any advice for what not to do with your hard-earned cash? He sure does. Here are some of the things that Warren Buffett advises against doing with your money.
Live Above Your Means
Living beyond your means usually translates to spending more money than you actually have. Whether that's putting everything on a credit card, making exorbitant purchases that are unnecessary, or just generally poor financial discipline. Living above your means is one sure-fire way to financial ruin.
Spend Before You Save
Spending money is easy—but saving money is hard. If you start spending before you've saved a penny, before you know it there will be left to save. Your first bank account should always be a savings account and you should set up automatic deposits of small, unnoticeable amounts every month. Saving for the future means you'll have more to spend down the line.
Put Off Investment Opportunities
If there are excellent opportunities to invest your money in a company, business, or product that you believe in (and have done market research that indicates possible financial success), don't wait. Your cash in-hand will only depreciate over time, whereas money invested today will only appreciate over time—the time to start investing is now.
Try To Predict Market Movements
The market is always volatile and subject to change at any given moment on any given day. Trying to predict market movements is often futile and a waste of time. Your time and money would be better spent doing stock research to learn all you can about possible companies to invest your money in.
