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RE: Keeping up with the Joneses - the race to the bottom
As far as I know Warren Buffet is pretty modest with his stuff.
But I remember there was quite a collapse for a lot of people here in Russia, because they took mortages to buy homes in USD, and once this debacle with Crimea & sanctions against Russia happened, suddenly they had twice as much debt in economicly uncertain situation. A lot of them ended up owing more then what they have already payed out, as well as doubled monthly payments in roubles.
If there is a moral in this story, it is never borrow significant sums with payments in foreign currencies.
Anyhow, found this post in the digest that featured my post also. Great article!
I only used warren buffet as the example because of how much he is worth.
But you're right, he is a good example of the right way to do things. With all the resources that the man has at his disposal, he still only surrounds himself with things that improve his life.