Part 5/9:
Buffett refers to the lottery as a “tax on the poor,” reflecting on the low odds of winning. Instead of investing in lottery tickets, he suggests committing to small, regular investments that can yield significant returns over time.
7. Overpriced Coffee
What seems like a small indulgence—say, a $5 daily latte—can add up to over $1,800 annually. Buffett highlights the importance of cutting unnecessary expenses, urging you to brew your coffee at home and redirect that savings into your investment portfolio.