Buffett's best tip for personal finance

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one of the things that happened in the aftermath of the financial crisis was that many individuals looked at their own financial houses and wanted to get them put in order What's your best advice for somebody looking at their personal financial picture and wanting to put their house in order ? well you never wanna owe money you can't pay I'm basically against debt I mean I think the average individual will live a lot happier life if they avoid it they certainly ought to avoid credit card debt I mean there's no reason in the world to pay eighteen percent for money I can't make money paying eighteen percent for money so why should people up and down the street you know do that So avoid debt If you have savings and it's a good idea to have them if you can have just buy index funds and just buy 'em every month and don't never don't listen to financial advisers like me don't read financial pages I mean you don't need to do it I mean if you buy a farm you don't get a weather forecast every morning you don't get a quote on the farm every morning you look at the farm itself You say is this farm gonna produce so many bushels an acre of corn or soybeans and is that satisfactory in relation to what I pay If you buy a piece of american industry and you get a cross-section you're going to do well over ten or twenty or thirty years but you're not gonna do it if you try and dance in and out everyday The dow Jones Average started the twentieth century at sixty-six It ended at eleven thousand four hundred You'd say how could you lose money during a period like that A lot of people did because they tried to dance in and out but American business has done fine for investors over a long period of time just like american farms have done fine for people american apartment houses have done well for people over a long period of time You can't dance in and out of 'em