My 2 Favorite Money Quotations by Tennessee Williams and Warren Buffett
~ Sunday, August 27, 2023 Blog Post ~
Among my favorite money quotations were stated by two well-known American public figures: Tennessee Williams and Warren Buffett. Mr. Williams was among the 20th century’s foremost screenwriters and playwrights. In his Pulitzer Prize for Drama-winning three-act play, “Cat on a Hot Tin Roof,” he cited:
“You can be young without money, but you can’t be old without it.” ~ Tennessee Williams
I want to add Mr. Williams’s complete money quotation here in my blog post. He added an explanation to his quotable money statement, saying,
“You can be young without money, but you can’t be old without it. You’ve got to be old with money because to be old without it is just too awful, you’ve got to be one or the other, either young or with money, you can’t be old and without it.” ~ Tennessee Williams
Mr. Buffett uttered the other money quotation I also consider my favorite. According to the business magnate, philanthropist, and investor, “The first rule of an investment is don’t lose [money]. And the second rule of an investment is don’t forget the first rule.”
“The first rule of an investment is don’t lose [money]. And the second rule of an investment is don’t forget the first rule.” ~ Warren Buffett
These two money quotations are worth remembering and following in real life. After all, it is common for people to be FINANCIALLY UNSTABLE, IRRESPONSIBLE, AND ILLITERATE. This reality is a problem for them and the people around them !
Mr. Williams is correct to say that it is alright for young people not to have money. I think it is apparently because the youth have so much time ahead of them, which they can use to earn a living, save their paychecks, and invest their hard-earned money for their future.
Moreover, the American playwright is unerring to mention that it is difficult to be old without money. As people get older, they tend to have more responsibilities and concerns, which include their health, family, career, relationships, finances, material properties, and many others.
For instance, aging parents are prone to getting critical ailments such as hypertension, serious cancers, diabetes, cardiovascular diseases, and so forth. If they are not financially stable or do not have a regular income source such as a livable monthly pension in their greying years, they can be a burden to society and their family, especially their adult children.
Therefore, Mr. Buffett is 100-percent correct when he mentioned that people should NEVER LOSE MONEY. I think this personal finance rule to live by is possible through acquiring sound FINANCIAL EDUCATION to boost one’s financial literacy and sense of financial responsibility.
Today’s governments and private sectors should jointly promote helpful programs that heighten consumers’ financial literacy. I understand traditional school curricula do not comprise personal finance modules or lectures.
Hence, people — especially before the Millennial and Gen Z generations when personal finance information was scarce — grew old living paycheck to paycheck, live badly in debt, or are inclined to often commit financial mistakes, such as what 16th-century British poet Thomas Tusser described: “A fool and his money are soon parted.”
It is high time problematic school programs get overhauled and incorporate sound financial education. After all, being young is the best time to get financially educated. I recommend the fundamentals of saving money, investing it, avoiding falling into debt traps, getting life insurance, and how to engage with modern digital payment modes be financial literacy programs’ primary components.
Additionally, consumers should prioritize learning how they and their families can get FINANCIALLY PROTECTED throughout their lifetimes. Setting aside two hours weekly to get educated on personal finance is surely worthy of people’s precious time, compared to wasting countless hours scrolling through their social media feeds.
If people make it a habit to allocate time for arming themselves with useful financial education, they will discover how to plan their personal finances and financial future properly and avoid a life of financial disasters.
References:
https://en.wikipedia.org/wiki/Cat_on_a_Hot_Tin_Roof
https://en.wikipedia.org/wiki/Thomas_Tusser
