Warren Buffett's New Year Financial Advice: 'Do Not Save What Is Left After Spending, But Spend What Is Left After Saving'

Key Highlights

• “Do not save what is left after spending, but spend what is left after saving,” he once remarked at a Berkshire Hathaway annual gathering.
• Buffett is of the belief that this practice lays the groundwork for financial independence.
• He further accentuates the necessity to trim superfluous expenses and live within a frugal budget, assisting individuals in discerning what truly counts.
• Also Read: Warren Buffett's Advice: ‘If You Aren't Willing To Own A Stock For Ten Years, Don't Even Think About Owning It For Ten Minutes' Regarding investing, Buffett proposes a straightforward strategy: persistently invest in a low-cost S&P 500 index fund.
• “Consistently buy an S&P 500 low-cost index fund.