Warren Buffett on camera provides much useful personal finance and investing advice to the general public.
Some folks actually tally them up into info graphics which is quite useful. If you find this post interesting do share it with your friends to educate them.
It is true that folks today spend much more on frivolous purchases. It is how you build a habit to be able to live on less.
Even the most staunch frugals will go off when they develop particular nasty habits.
Insurance or financial advisors have an incentive to fleece you most of the time. Be careful.
That is just too much work. Not many people are willing to spend time doing that. Does that mean having a financial future means you need to spend so much time? Perhaps passive investing is the key.
I have this problem with a lot of folks. When I tell them buying STI ETF may lose money in the short term they will just be tuned off.
This is difficult from a habit point of view. Given a little bit less reward, people would rather take that now than a potentially larger reward 1 year from now.
Be careful. Even quality business loses their mojo. It is your job to watch it with a good risk management matrix.
People tend to overpay for quality business as well. And people have many different perception of what is quality.
Musicwhiz focus on 6 stocks or less and that creates less tension in daily life and makes investing much more like owning businesses. I should learn that more.
A theme that I only understand more as I mature as an investor is that you are a capital allocator investing in business ran by people that needs to allocate capital.
In the book Outsiders, it illustrates that the most important fundamental determinant of an individual and a group is really capital allocation skill.
Build frameworks in your head to prepare you for this.
This is very debatable.