25 thoughts on “How to Stay Out of Debt: Warren Buffett – Financial Future of American Youth (1999)

  1. I do not understand debt. I have never had debt, even when I was a student
    living in the wet, smelly basement of some student boarding house and
    paying my own way. Balancing your bank account is the easiest
    task conceivable. Easier than breathing! Simple MATH! If you want more than
    your can afford, then you are greedy, or just plain stupid. There is no
    excuse for debt, but I keep hearing all the BS about NEEDS! Yeah right!
    Gotta have that iPad, or iCrap, that big fucking screen TV, the designer
    clothes, etc, etc ….?

  2. “The amount of poverty and suffering required for the emergence of a
    Rockefeller, and the amount of depravity that the accumulation of a fortune
    of such magnitude entails, are left out of the picture, and it is not
    always possible to make the people in general see this.”
    -Che Guevara?

  3. You’ll “never unlock your potential if you don’t have enough education”? I
    am assuming he’s referring to a college degree. Tell that to the thousands
    upon thousands of successful people who have reached upper middle class and
    the wealthy class without that piece of paper. For pete’s sakes even
    “famous amos” who couldn’t even read developed a multi-million dollar
    cookie empire!
    The focus should be NO DEBT, SAVE SAVE SAVE, INVEST WISELY and when
    possible RUN YOUR OWN BUSINESS. IF you must work for someone else, don’t
    sell yourself short and just accept any low ball salary they offer.
    The problem is that most people are caught in a rat wheel of spend spend
    spend, run up debt, little money saved and zero money to invest, and
    accepting the first crappy job offered to them.
    Most millionaires are not or have never been employees, instead they have
    either inherited the $$, or created their own companies, made money by
    becoming shareholders of already existing companies or made their money in
    real estate.
    If they worked as employees typically they did it for short period of time
    until they gained the knowledge and $ necessary to fund their next venture.?

  4. Buffett is a lying fascist. he has made his money through graft, bribery,
    and corruption. A typical sociopath. For example, he backed Obama, an
    avowed socialist for president. Then bought the BN railroad, and ordered
    37000 rail cars to ship oil. Obama then stopped the Xcel pipeline, forcing
    the use of his rail. Classic fascist. Delusional lying pig.?

  5. He started out sounding pretty smart, but quickly developed into a morbidly
    typical representation of baby-boomer patriotic idiocy. Well, I guess it’s
    just a generational gap; the shit he said about technology as if it was
    some revelation was almost laughable.

    And someone should have asked him if he would have been as successful or
    rich if he’d followed the same guidelines for success – a college education
    & job – that he’s recommending to all of them. This is classic marketing
    scam-talk; get rich doing X, meanwhile we’ll get rich from you doing X for
    us! ?

  6. And soon Buffett may lose all his wealth in just 7 days or so, he uses
    narratives that convince (dupe) suckers into taking his advice, if it
    fails, he is not held accountable, now is he? He has been in a successful
    cycle for quite some time, however, his time will come and no doubt he may
    crash financially? he got lucky that is the “cause” of his financial
    success, what “contributes” to his success are his skills and innate
    talents! We don’t hear from those who staretd out at the same time as
    Buffett, took the exact, precise same steps and measures as Buffett
    and….failed miserably, it’s called “Survivorship Bias- we listen to the
    winners (such as Buffett) and we forget about the losers (those that did
    what Buffett did and failed). Now he says he looks for those with 3
    qualities-Integrity, intelligence and energy, this misleading advice
    implies that those with such skills/talents are the measures that will
    secure success in the banking/finance industry, however, their are those
    who had or have these qualities and have failed in the banking/finance
    industry, success comes down to “lady luck” (the cause) and skills/talent
    are needed (the contributors) as well!?

  7. The concern here is not to be jealous or small-minded about wealth, or Mr.
    Buffett’s in particular, but to learn how to be financially independent.
    Sad that most people either hate Buffett for all the wrong reasons or love
    him for the same. It’s not about being jealous, envious, or angry, but
    rather how to set your wealth so that you have enough so that you are
    financially independent, neither being dependent on family-friends or
    government. Sad that 90% retire in this situation. Think about where our
    country would be if education focused on personal finance (how to develop
    it and maintain it through the working years to retirement) as well as
    public finance or an understanding of economics and how to make our govt.
    responsible and accountable to its citizens. ?

  8. The biggest financial asset is NOT ‘the value of your own earning power’
    because if you have earning power but there is no opportunity then your
    earning power isn’t worth anything. America is the land of no opportunity.?

  9. I cut up my credit cards 10 years ago and haven’t had a single one since.
    It just dawned on me one day that i was better off in my 20s BEFORE i got
    married to a spender and during my 30s–lulled into owning credit cards
    with their ridiculous interest rates (miss one payment and it jumps to 21+
    percent even if you just started at 6%–obsurd) . By my early 40s i got
    rid of everything…the cheating husband(who used our cards on his
    mistress), the debt on the only two “joint” ones we held (though he tried
    but failed to make me responsible for the ones were he was the sole
    owner—LOL) and all 4 credit cards i had at the time. I even walked away
    from the huge house we owned (which was more headaches and cost more to own
    in utilities, taxes and insurance than it was worth.) Went back to my old
    ways of “Frugality and saver” (the way i was in my 20s) and never looked
    back.
    Now i own a small home with my current husband and have ZERO credit cards,
    ZERO debt other than our small mortgage (bought the house for $120K in a
    great town) and we’ve been able to save enough for emergency job loss and
    even invest some(though we are still working on beefing up investments). We
    drive used vehicles which we maintain ourselves and we don’t pay
    contractors for anything that we can do ourselves.
    My life is 110% better, more fulfilling and less stressful in the last 10
    years than it was in the previous 15 years of my first marriage. It helps
    immensely to have a husband with good character and who is loyal and a
    saver as opposed to a cheating spender.?

  10. Start small, but it must be at the right time, read GET RICH IN MARITIME
    SHIPPING STOCK” by Jerry Henrie at amazon.?

  11. He said just don’t get the credit card to stay out of debt.
    But
    What about people living from paycheck to paycheck.
    They also have a desire to buy gifts, celebrate holiday for themselves and
    family and friends.if Mr buffet says if you can’t afford it you don’t need
    it.
    But what about needs like car, clothing, school supplies for kids etc.

    What if someone has kids who are in school and need laptop to study. Of
    course the parents have to charge it on the card as they can’t come up with
    that much cash.
    What if all of a sudden there’s a huge medical bill.

    ?

  12. I wished he had answered the first question asked from an audience member.
    I believe that the young girl was asking for how to make smart financial
    decisions if you do not have a huge salary. He seemed to have thought that
    she was asking how differently people who make less money will live in
    comparisant to those that make a lot of money.
    I do beleive that the answer should be to acquire assests no matter how
    small to start. But I would have liked to have heard it from WB. He does
    have some other great videos to watch for advice.?

  13. The truth is let Obama use your name and never pay your taxes without going
    to jail and you are fine Buffett plays get rich with the tax payers $$$$
    by not paying his owed taxes What a hypocrite
    ?

  14. I don’t know why this man keeps saying you are already a lottery winner by
    being born in the US. I do not want to have been born in the US. If there
    is truth to reincarnation I hope that I will never be born in the US. The
    proven images and documentary evidence of mass poverty, slums, suffering,
    performing dental operations on yourself that I have seen Americans go
    through is shocking. Lets not mention the misery, death and poverty the US
    has caused on other nations and peoples. I think this is a nation that
    should hang its head low with shame.?

  15. Is it me, or is it kind of strange that Buffett repeated born in
    Afghanistan in contrast to U.S.A. twice int his video, which this was
    recorded before 9-11?! I dunno, seemed kind of odd.?

  16. How to swindle and rob foolish, naive, and ignorant people, a.k.a the
    American people by Warren Buffett.?

  17. God bless you Mr. Buffett. Your humility and humanity speak larger than any
    combination of words could ever express.?

  18. 7:30 THERE!!! You heard it from the great man himself!!

    This is what I have been saying all my life as well – AVOID CREDIT CARDS.
    Avoid taking on debt. It is a crafty trap laid to imprison you and your
    earnings potential for the rest of your life. You may as well indenture
    yourself rather than borrow on credit. Even in India these days I find that
    easy credit has lured so many into debt traps: People without the means are
    borrowing for almost everything and struggling to keep up on payments
    whether it be for education, housing, vehicles, appliances, and even
    vacations! — Imagine that! — Borrowing money at usurious rates of up to
    18-20% in order to finance something you DON’T HAVE THE MONEY to pay for
    today. Is that not FOOLISH? Is this any way for a financially responsible
    person to behave?

    As a simple rule – “If you can’t afford it today out of your free cash and
    disposable income – DON’T BUY IT. Wait until you have enough funds before
    making an outright purchase.” – Credit and Credit Cards are the easiest way
    to land yourself in a debt trap that is almost impossible to free yourself
    from.

    Becoming rich and even a millionaire several times over isn’t a
    particularly difficult thing to do, PROVIDED ONE IS DISCIPLINED and frugal
    in one’s ways.?

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