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Warren Buffett is advising against unnecessary spending and overconsumption. His quote means that if you regularly spend money on things that are not essential or that you don’t truly need, eventually you may find yourself in a situation where you have to sell valuable possessions or give up needs because you’ve depleted your funds on wants.
The key message is to avoid lifestyle inflation and the temptation to buy non-essential items just because you can afford them in the moment, as that type of spending can lead to financial problems down the road if not managed carefully.