Warren Buffett is one of the world’s wealthiest people. He’s ranked by Forbes as the third-richest person in the world, behind only Jeff Bezos – Bezos founded Amazon some 20 years ago and has since grown it into the greatest business conglomerates in the world – and Bill Gates – spending most of his time alongside wife Melinda as the head cheese of The Bill and Melinda Gates Foundation, one of the largest philanthropic organizations in the world, Gates accumulated his awe-inspiring wealth through the foundation and growth of Microsoft – at a net worth of roughly $83 billion.
Despite having so much money at his disposal, the Berkshire Hathaway founder and CEO still lives in the same modest home he purchased in 1958 in Omaha, Nebraska, where Berkshire Hathaway was and still is headquartered. It’s not even correct to say that Mr. Buffett lives within his means – he lives well under it.
Unless you’re Bill Gates or Jeff Bezos, you’re certainly not as wealthy as Warren Buffett; it’s safe to assume that you’re not wealthy in the slightest – it’s normal to not be wealthy. Living below your means is unarguably a wise decision, and here are a few reasons why you should do just that.
Financial issues are the leading cause of relationship problems
Nearly half of all people in the United States are married. According to the United States Bureau of Labor Statistics, some 49.8 percent of the United States’ constituents were married in 2011.
One of every two couples in the US that has at least $50,000 in debt claim that personal finance is a leading topic of arguments between them. Dave Ramsey’s Ramsey Solutions indicates that money-related fights cause more divorces than any other reason besides basic incompatibility.
Money problems almost always mean mental health problems
A 2016 study by Money and Mental Health – an organization headquartered in the United Kingdom – found that 86 of people with mental health issues claimed financial troubles made such disorders’ manifestations more prominent.
The less you spend, the less you crunch numbers
People who spend more money obviously keep track of what they spend more frequently than less-frequently spenders. Living within one’s means can and will reserve more time for fun things – worrying about money isn’t one of them.