“I’ve seen more people fail because of liquor and leverage—leverage being borrowed money.”

This warning highlights the two most common causes of catastrophic failure: impaired judgment and excessive financial debt. It offers a psychological insight into the danger of using "shortcuts" to success, suggesting that both substance abuse and over-leveraging one's assets can lead to total ruin. In contemporary life, which is filled with low-interest debt and consumer pressure, this wisdom is more relevant than ever for maintaining financial and personal stability. People share this today as a sobering reminder to stay grounded and to avoid the "get rich quick" mentality that often relies on borrowed funds. Buffett has consistently advocated for a "debt-free" or low-debt lifestyle at Berkshire Hathaway, ensuring that the company is never at the mercy of its lenders. The takeaway is to build your life and business on a foundation of your own earned capital and a clear, sober mind, as these are the only true safeguards against volatility.