The Biggest Money Mistakes We Make, According To Warren Buffet

Warren Buffet, one of the world's most successful investors, has offered us plenty of sage advice in the past. Today's lesson on money mistakes is as simple as it gets but bears repeating.

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In answer to the question "What's the biggest mistake we make when it comes to money?" Buffet told the Dan Patrick Show:

Well, I think the biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It's pretty easy to get well-to-do slowly. But it's not easy to get rich quick.

We've talked about this foundation rule and the concept of "paying yourself first" before, but the article in the Motley Fool where Buffet's advice appears emphasises the huge difference starting early — no matter how little you have to save — will make on your lifetime savings.

You'll find more financial wisdom from Warren Buffet at The Motley Fool below.

Warren Buffett Reveals the Biggest Mistake We Make When It Comes to Money [The Motley Fool]


Comments

    Sad but true - I've seen many OZ household buy stuff on credit rather than saving up first, and buy when needed. Then they complain that they don't have the money to buy anything because of repayment and interest.

      .. If you're talking to people who buy stuff, then complain they can't buy stuff... Then i'm pretty sure no advice you can give is going to fix their brainpower..

        I am not even trying to give advice to such people - I rather spend my time and energy on something else.

    So true ,,credit is good when used wisely!!!

      The only time I use credit is when I can get a nothing down 0% interest deal from a retailer. I base this off the premise that money I have today is "worth more" than money I will have to pay in 1 or 2 years - at the very least I can earn interest on it.

      Of course, once repayments are due, I pay it off in full.

    My friends who work in retail tell me that you can almost never negotiate a discount on items purchased using 0% interest terms. Cash is king.

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