As you may know, "The Oracle of Omaha" had his annual shareholder meeting this week. Asked what's in store for the economy, Buffett said he doesn't have a clue and doesn't care.
"I haven't the faintest idea," he said. "We never talk about it, it never comes up in our board meetings or other discussions. We're not in that business [of economic forecasting], we don't know how to be in that business. If we knew where the economy was going, we'd do nothing but play the S&P futures market." ( quoted from "Buffet to Investors: Think small" on cnn/money.com)
Although, I admire Warren Buffet, I wish that I could toss off this economic downturn with the same cavilier response. In my household, my spouse and I are now talking about buying meat in 30 lbs. packages to save on grocery costs. We also are reducing our spending and (gulp!) our savings.
Right now, the plan with the economic stimulus check is to buy groceries with it. A local grocery store is giving you a $30 gift certificate for every $300 gift certificate that you buy. You can buy up to $1200. I don't know about you, but that's gonna help us.
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I think Warren Buffet need to remember how he started and then maybe he would have some ideas. I am also sure with all of the properties he owns, he is part and partial of the mortgage crisis. It sure would be nice to have people with integrity running some of these organizations. To you comment of things to do to cut back. Just simplify, eat simply, stay away from processed food, drive only when you have to and take the smaller car, only make smaller necessary purchases till you are back in gear again,Cut back on the services you do not need, like expensive cable etc, read a good book from the library, of course, and enjoy the fact that you are 34 and can take time to write this wonderful blog. Living simply is a recommendation started back before the renassaince. Enjoy the fact that you have a strong mind and body and can work for a living, that in itself is a gift and certainly is "priceless"! Also one addition to your blog. Bancrupt is Bankrupt, I think.
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