During his recent Berkshire Hathaway Annual Meeting, Warren Buffett discussed how social media can screw up your life in thirty seconds. Here’s an excerpt from the meeting:
Buffett: The business mistakes… you just want to make sure you don’t make any mistakes that take you out of the game, or come close to taking you out of the game.
You should never have a night when you’re worried about investing, assuming you have any money to invest at all.
You should just spend a little bit less than you earn, and you can spend a little bit more than you earn and then you’ve got debt, and the chances are you’ll never get out of debt.
I’ll make an exception in terms of a mortgage on your house, but credit card debt, and we’re in the credit card business big time, and we’ll stay in the credit card business, but why get behind the game.
If you’re effectively paying 12 or 14 or whatever percent you’re paying on a credit card, you’re saying I’m going to earn more than 14% on money.
If you can do that come to Berkshire Hathaway.
I hate to say this when Charlie’s around me, but it’s straight out of Ben Franklin, it’s not that complicated but, I’ll give you a couple lessons.
Tom Murphy, the first time I met him he said two things to me, you can always tell someone to go to hell tomorrow. Well that was great advice then, and think what great advice it is when you can sit down at a computer and screw your life up forever by telling someone to go to hell or something else in thirty seconds and you can’t erase it.
You haven’t lost the option, you know, and he said, you know, praise my name, criticize my category what makes more sense than that?
You can watch the entire discussion here:
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