5 Money Habits That Keep People Broke - According to Warren Buffett

1. Buying New Cars

New cars quickly lose their value. Buffett drove a 2006 Cadillac for nearly a decade. Reliable used cars can save thousands of dollars - money better invested.

2. High-Interest Debt

Credit cards drain wealth. “If you buy things you don’t need, you’ll soon have to sell things you do need.” Avoid debt, invest instead.

3. Gambling and Lotteries

Buffett calls them a "tax on people who don’t understand math." The odds are against you. Long-term wealth comes from patience, not luck.

4. Trying to Impress Others

Buffett still lives in the same modest home. Spending for status is a financial trap. True wealth doesn’t need to show off.

5. Eating Out Too Often

He prefers simple meals like McDonald's. Constant dining out drains savings. Cooking at home boosts both health and financial security.#WarrenBuffett