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Buy quality and value

Buffett’s frugality is particularly evident in his investing style.

“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down,” he wrote in his 2008 Berkshire Hathaway shareholder letter.

In particular, Buffett is a proponent of value investing, which is a strategy that involves buying stocks that are trading below their intrinsic value.

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Get in the habit of saving

It’s not easy to save money in today’s economic climate. Stubborn inflation continues to deplete savings and living paycheck to paycheck has become the norm for many.

During an episode of the Dan Patrick Show, Buffett was asked what he thought was the biggest mistake people make when it comes to money.

“Not learning the habits of saving properly early,” he replied. “Because saving is a habit … it's pretty easy to get well-to-do slowly. But it's not easy to get rich quick.”

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When you make a purchase on your credit or debit card, Acorns rounds it up to the nearest dollar and invests the rest in a diversified portfolio of ETFs. Plus, when you sign up, you can get a $20 bonus to help get you started.

Forget that Lambo

If money is no object, what type of vehicle would you drive? A Mercedes, Bentley, or perhaps the prancing horse from Maranello?

Those might be what we think of as “rich people cars,” but you won’t find them in Buffett’s garage.

“You’ve got to understand, he keeps cars until I tell him, ‘This is getting embarrassing- time for a new car,” his daughter once said in a documentary.

Luxury cars often cost more to maintain and insure than economy cars. Instead of carrying a high car payment and insurance premium every month for that flashy sports car, look for value and longevity in your next vehicle and make sure you’re not overpaying on your car insurance.

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A better way to find value?

Buying value stocks isn't the only prudent way to invest. In an uncertain economy, veteran investors are still finding ways to effectively invest their money outside of the stock market.

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Moneywise Moneywise Editorial Team

The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.

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