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Warren Buffett was saying that when people accumulate too many possessions, it is the possessions that end up controlling the person rather than the other way around. If we spend all our time and energy acquiring and maintaining material things, we don’t have as much left over to invest in relationships with friends and family or to pursue our own interests and goals.
Buffett believed that strong, enduring friendships were much more valuable than accumulating wealth through possessions. His quote was a reminder not to let “stuff” take over our lives and dictate what is important to us.