This is the last in a series of posts covering the lessons to be learned from Warren Buffett’s Letter to Shareholders of Berkshire Hathaway.  [See Part 1 (on the economy) and Part 2 (on investing)]

On home ownership:

Home ownership is a wonderful thing. My family and I have enjoyed my present home for 50 years, with more to come. But enjoyment and utility should be the primary motives for purchase, not profit or refi possibilities. And the home purchased ought to fit the income of the purchaser.

This backs up a belief I’ve developed over the last couple years - a home is a place you live, and not an investment.  Investing should be done objectively; very rarely are home’s bought and sold objectively.  Investments are purchased only the time is right (cheaply priced, hopefully); Houses are purchased when they are needed (e.g. a family grows to large for the space, or a new job is in a new location.)  Investments are (supposed to be) sold as soon as the required gain is attained, or loss threshold is reached - but it’s not possible to do this with your house, due to the emotion and inability to sell at a moment’s notice, not to mention you still need a place to live.

Remember: It’s always best to separate emotions and investing.

Starting today I’m offering readers the ability to ask a question privately to me through MoneyMerc.  If you have been wondering anything about your personal finances, or just don’t get something you heard about, go ahead and ask!

I promise to respond as soon as I can, usually in a week or less (so don’t ask me a tax question on April 13th!)

A little disclaimer: I am offering this service for free, and by submitting your question you agree to let me use it in future posts.  Of course any use will be anonymous, and I may change the situation a bit if that makes sense for a wider audience.  So ask away, knowing that you are benefiting all the readers at MoneyMerc!

To ask, click on the “Ask me a question” link at the top of the blog.

Money-wise, it’s been a tough year for almost everyone.  One of the many problems with widespread economic distress is people start cutting their spending in the fastest possible ways - unfortunately that often means chopping the annual charitable donations.  This year, the problem is immeasurably worse, since the big guys are toning down donations as well.

So this post is just a reminder that charities’ needs don’t go away in times like these.  If you give to charities regularly, good for you - try not decrease your donations this year especially.  If you haven’t given to charities before (or already spent all your savings on holiday presents for your friends and family), consider that even a small donation of $10, (the cost of a short cab ride or lunch at work) can help make a difference in other people’s lives.  Pick a cause that has some personal meaning to you and then make an impact on it. Check out justgive.org if you need some ideas.  And remind you friends to donate as well - lots of little bits can go a long way (for an example of this, see Apple’s revenue from iTunes where people are spending $.99 at a time).

If you work at a company, don’t forget that many corporations match donations.  You can often double your impact just by filling out a quick form.  Check out your HR website.

You have a couple days left to get your donations completed before 2009 sneaks up on us, so if you want a tax deduction this year, take care of it asap.  But if you read this after 2009 begins, don’t wait until December next year - charities have needs all year long.

Got a plug for a charity that means a lot to you?  Leave it in the comments…