Buffet's 10 Tips to Get Rich
6. Limit What You Borrow
Living mostly on credit cards and loans will not make you rich. Buffett has never borrowed a noteworthy amount, not even to invest or mortgage. He has gotten a number of heart rendering letters from people who thought their borrowing was manageable but became overwhelmed by debt. His advice: “Negotiate with creditors to pay what you can. Then, when you're debt-free, work on saving some money that you can use to invest,” as quoted on his official website.
