Monday, September 9, 2013

Warren Buffett's 10 Ways to Get Rich - #6

#6. Limit What You Borrow: 

Living on credit cards and loans won't make you rich. 

Warren Buffett has never borrowed a significant amount -- not to invest, not for a mortgage. 

He has gotten many heart-rendering letters from people who thought their borrowing was manageable but became overwhelmed by debt. 

His advice: 
  • Negotiate with creditors to pay what you can. 
  • Then, when you're debt-free, work on saving some money that you can use to invest.

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