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Buffett is adamant about avoiding high debt. Credit cards, while convenient, often come with crippling interest rates if balances are not paid in full each month. Every dollar spent on interest is a dollar you cannot invest. Strive to pay off card balances completely to save substantial amounts over time.
5. Trendy Gadgets
New smartphones and tech gadgets are perpetually tempting. However, Buffett's philosophy suggests that functionality should take precedence over trendiness. Often, older models function just as well and come at a fraction of the cost, allowing you to save more for real investments.