UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Next Thread
Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Warren Buffett's $300,000 haircut Date: 3/26/2011 9:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 5
Interesting article on the problem of getting people to save for retirement.

http://online.wsj.com/article/SB1000142405274870341060457621...

Yet it is highly unusual for people to think more vividly about their future selves than about their present selves, say psychologists.

Warren Buffett is one rare—and extreme—example. When he was a young man, according to Alice Schroeder's biography "The Snowball," Mr. Buffett often asked, "Do I really want to spend $300,000 for this haircut?" He was thinking about the vast amount of money he wouldn't have decades in the future because of the small outlay he might make in the present.

</snip>


I took a 3-day course in personal finance Freshman year in Engineering school. It was by far the most lucrative thing I studied in college.

Once I contemplated the effect of compound interest, spending (and God forbid, credit card interest) never held much of an attraction for me.

intercst
Print the post Back To Top
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Next Thread
Advertisement