Wednesday, January 04, 2012

Pinching Pennies

Warren Buffett speaking to a group of students...Image via WikipediaI came across this article earlier. You have to remember you are talking about a billionaire dude.

Forbes: You Can Get Richer Pinching Pennies Like Warren Buffett
Brown bag breakfast and lunch at work..... Don’t go food shopping when you’re hungry. ..... Cook meals instead of relying on takeout and ordering in. Eat at restaurants only on special occasions. ...... Scoop your own ice cream. ...... Carry a refillable water bottle instead of buying bottled water. ...... Wait for items you covet to go on sale—either in stores or online. (By then you may have decided you don’t them after all.) .... Avoid recreational shopping. Instead, make a list of what you really need. ..... Unless you need something immediately (and chances are you don’t), buy seasonal clothing once the season is already underway. Examples: bathing suits in July; winter coats and cashmere sweaters at after Christmas sales. ..... Leave your credit cards at home and pay in cash. ...... Take your date to a freebie. ..... Cook together; how you cope with kitchen mishaps could speak volumes about how you would weather life’s serious ups and downs. ..... Look for a partner whose money styles are compatible with your own. ....... To reduce the price of formula, nurse your baby for the first year, if possible. ...... Until children reach age 12, buy clothing on sale at the end of the season and put it away for the following year. (Once they become teenagers this doesn’t work anymore, since their growth rate can be dramatic and unpredictable.) ...... Check thrift shops for lightly used children’s clothing, especially sweaters, fleeces and outerwear. ..... Buy toys and children’s books at yard sales and rummage sales. ....... Buy furniture at auction. .... Hire painters and contractors during the winter. ...... Get plumbing repairs done during the summer if you live in a climate with seasonal differences. (Plumbers are busiest during the heating season.) ...... Pay down your mortgage (and other debt) ..... Don’t see a movie in the theater unless it has gotten great reviews or has so many special effects that it can only be thoroughly enjoyed on the big screen. Otherwise rent it. ...... Patronize your local library. ...... Find the swankest hotel in town, and look for a cheaper place next door. ..... Bring your own food and soft drinks instead of buying food on board planes; at airports; or relying on hotel minibars and room service.
But then there is another billionaire, Larry Ellison. The guy went ahead and bought a boat. That wrecked his first marriage. I guess there is no one way.
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