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.