Live Within Your Means
While it’s easy for Buffett to live within his means now, he wasn’t always a billionaire. Living within his means kept him out of financial pitfalls and helped him amass capital that he kept growing.
Sometimes, like when buying a car or a house, it might be necessary to take on debt, but Buffett always sought to avoid debts that weren’t needed. Ways to do that include avoiding impulse spending, evaluating want vs. need, and sticking to a budget.
A lot of the time, the big brands are more expensive than their competitors, but they don’t always deliver better value. Buffett would advise you to weigh what you get against what you pay for it to determine what the real value is. That applies to both spending and investing.