Warren Buffett Thinks College Students Should Avoid Credit Cards
Youngsters wanting to make money got some valuable advice from Warren Buffett who was visiting his local Dairy Queen for the launch of the new Girl Scouts Thin Mint Blizzard earlier this month. One of his suggestions to the young girls was to avoid credit cards - that's advice some adults would also be wise to follow.
Surrounded by a group of Girl Scouts in his hometown of Omaha, Buffett offered this tip for college students: "The biggest suggestion I have is to avoid credit cards. Interest rates are very high on credit cards. Sometimes they are 18 percent. Sometimes they are 20 percent. If I borrowed money at 18 or 20 percent, I'd be broke.... So if I had one piece of advice for young people generally it would be to just avoid credit cards," he said.
And what advice does Buffett have for a new investor? "I would do a lot of reading before I invested," he replied. "In other words I would prepare for it. I wouldn't jump in the water until I know how to swim.... I read every book the Omaha Public Library had about investing by the time I was 11."
On qualities Buffett looks for in employees? "The biggest thing I look for is if they have a passion for whatever they are going to do," he said.
Youngsters wanting to make money got some valuable advice from Warren Buffett who was visiting his local Dairy Queen for the launch of the new Girl Scouts Thin Mint Blizzard earlier this month. One of his suggestions to the young girls was to avoid credit cards - that's advice some adults would also be wise to follow.
