Warren Buffet the quintessential investor and head of the insurance company Berkshire Hathaway, Inc, usually tops the list of the Forbes Richest People in the world. He and Bill Gates jockey for top position. If anybody knows how to make money, this guy does.
So what is his advice? A tip on a hot stock? A tip on likely takeover targets? How to profit in real estate? No. None of these. His advice is to cut up your credit cards. This is what he told an assembly of Nebraska high school students. He said, "My advice for you is if you can't afford it, don't buy it... You can't make progress in your financial life borrowing credit at 18% to 20%." He advised to have a small savings when they start out on their own instead.
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