Today i went to an online store looking to buy something i have absolutely no use of. Something that i would probably use twice a year, then throw in my garage or attic. Then i remembered the famous quote by Warren Buffet … In all honesty, it scared me, like when you meet a crazy woman that tells you a weird prediction, then you get all terrified it might become true … So yeah, thanks Warren for ruining my entertainment for the week!
If you buy things you do not need soon you will have to sell things you need.– Warren Buffett
On a more serious note, this statement highlights the importance of responsible spending and budgeting.
When you buy things that you do not need, you are essentially spending money that could have been used for something else, such as paying bills, saving for a future expense, or investing in something that will appreciate in value. This type of impulsive spending can lead to financial strain, particularly if it becomes a habit.
As a result, if you consistently spend money on unnecessary items, you may find yourself in a situation where you need to sell things that you actually need in order to cover your expenses. For example, you may need to sell your car or other valuable possessions to pay off debt or make ends meet.
It is important in my opinion to distinguish between being frugal and being cheap. Frugality is a good thing, even if you are rich. Warren buffet, even though he is a billionaire, he is known for being very frugal.