Warren Buffet's (and Lorille’s) Advice to Young People

1. Avoid credit cards;

- Avoid debts (thank God I never had a Credit Card)

2. Invest in yourself; 

- invest in your mind/education, read a good book at least once a week.

* YOU ARE WHAT YOU READ 

“The books we read and the friends we keep determine our future.”

                                                                                                                     -  Rev. Butch Conde -

- invest in your Health – glorifying God with your health so we can serve Him effectively by having a healthy body,

Read:

* Exodus 15:26;  Genesis 1:29, Leviticus 11.

* What the Bible Says About Healthy Living? by Rex Russell, M.D.

“EATING RIGHT IN A WORLD GONE WRONG”

* What Would Jesus Eat?” by Don Colbert, M.D.

3. Limit your spending to only the money that you can afford to spend;

- Don’t go for brand names, just use and wear things that you feel comfortable.

4. Establish a monthly budget and remember to save for that proverbial "rainy day”;

     

- “LEARN TO BE CONTENT”;  learn to live on a Margin = From the moment you receive money/income, you must apply the:

10-10-80 Rule  

         10% =  tithes; (honoring God)

10 % = savings;

80% investments / expenditure;

        

*(much better if both 10% are gradually increasing)

*TITHING shows:

        - our gratitude to God

                        - that God is our priority;

         - that we trust God to take care of our needs in the future.

5. Live simply;

- The man, Warren Buffet, is not someone who parades his wealth by buying islands or having an exotic fleet of rare automobiles, but rather the guy next door. He lives in the same Omaha, NE home that he has lived in for the past 20+ years and drives a two year old Cadillac.

6. Use your money to bless others;

- Buffett also is a notable philanthropist. In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation.   (http://en.wikipedia.org/wiki/Warren buffet)

- Use your money in bringing others to Jesus Christ and in serving God.

Reference:

http://www.miraculousladies.com/10-life-lessons-learn-warren-buffett-2012/ 

http://under30ceo.com/what-is-warren-buffetts-best-advice-for-young-professionals/

Kuripot vs. Matipid

Being labeled as “kuripot” sometimes stings me. As for me, kuripot (tagalog word) is the equivalent of the word stingy. A kuripot or stingy person gives reluctantly and unwilling to share his possessions e.g. money, service, property, etc. It is synonymous with being selfish. Paul advises us not to have this kind of attitude toward giving:

2 Corinthians 9:7

Each man should give what he has decided in his heart to give,
not reluctantly or under compulsion, for God loves a cheerful giver.

Being described as “matipid” is a lot better. Matipid is a compliment; it means thrifty or wisely economical when translated into English. It is the right attitude for a good steward and on money management. Having this character shows how much we value our blessings (money/possessions). This is one of the positive traits I developed gradually when I was working in a law firm while enrolled in law school (both full-time) to cope up my school expenses, boarding house, food, etc.

Can you see the difference now?

So don’t you dare to call me kuripot again :)

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Is Money-Saving tantamount to the love of money?

Warren Buffet's (and Lorille’s) Advice to Young People

Is Money-Saving tantamount to the love of money?

Penny bank or money box is my usual gift for the kids, aside from books. My intention is to inculcate the value of saving for the future and that the gateway to knowledge is reading.

It makes me wonder however, why a penny bank is often shaped like a pig. (anyone has an answer? Let me know ^_^) Anyway, I would rather prefer a money box than the piggy bank because of the unpleasant sight of the pig (literally and figuratively) and the potential health risks of its meat. (try to say and listen very carefully to the tagalog word of pig and realize the things it denotes haha)

But is Money-Saving tantamount to the love of money?

The answer is a big NO. It is noteworthy to mention that Money is not evil per se but is considered to be a blessing from God. It is the LOVE of money that the Bible expressly forbids.

1 Timothy 6:10
“For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs”

Hebrews 13:5
“Keep your lives free from the love of money and be content with what you have, because God has said, "Never will I leave you; never will I forsake you."

The Money-Saving shall become the love of money only when we:

1. save/hoard money for security;

2. trust it; and

3. live for it.

It is therefore the money-management that is tantamount to money-saving. We must understand that the primary purpose of saving is for stewardship. Saving for proverbial “rainy day” and to avoid having any debt are secondary only. The way we manage money reveals our character because it is somehow a tool and a test.

Luke 16:11

¹¹So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?

Related Article:

Warren Buffet's (and Lorille’s) Advice to Young People