In a recent interaction renowned investor Warren Buffett offered advice on personal debt, parenting, and career selection.
Buffett cautioned against the perils of personal debt, urging people to live within their means. He underscored the necessity of financial discipline, especially for the younger generation.
Speaking with CNBC on the special show “Warren Buffett: A Life and Legacy”, Buffett said, “Many people love spending beyond their income by racking up credit-card debt, but that’s a path to ruin. The rest of your life, you’re underwater, and why in the hell do you want to be underwater?”
“And beyond a certain point, if you get in a hole or anything, it is difficult to dig out, isn’t it?” he said. “It’s impossible, and I give credit to people who do it. But do it the easy way,” he added.
On the subject of parenting, Buffett attributed his father’s unwavering belief in him as a significant factor in his success. He emphasized the need for parents to serve as good role models for their children and to refrain from hypocrisy.
“If you want to have good children, be a good parent,” Buffett said. “You don’t give them lectures about doing bad things when you’re doing the bad things, and they’re actually just acting like teenagers.”
Regarding career choices, the former CEO of Berkshire Hathaway Inc. (NYSE:BRK) encouraged individuals to seek out jobs they are passionate about, asserting that the paycheck should be a secondary consideration to the work itself.
“Look for the job you’d take if you didn’t need a job,” he said, where the “fact you get a paycheck is incidental to what you’re doing.”
Buffett, a known bibliophile, also stressed the value of real-life experiences in conjunction with knowledge obtained from books.
Why It Matters
Buffett’s advice comes at a time when many are grappling with financial instability due to the ongoing pandemic. His emphasis on financial discipline and living within one’s means is particularly relevant. Furthermore, his advice on parenting and career choices provides valuable insights into the principles that have guided his own successful career.
Buffett’s emphasis on the importance of real-life experiences, in addition to book knowledge, underscores the importance of a balanced approach to personal and professional development.
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