The most successful investor in the world, Warren Buffett, has offered numerous amounts of incredible advice over the years. Today’s money mistake lesson is simple to understand, and definitely needs repeating.
To answer the question, “What’s the biggest mistake we make when it comes to money?” Buffett said on 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.”
This is an important foundational rule. The concept of paying yourself first is something that Buffett emphasizes, and it will make a large difference in your finances, even if you only have a small amount to save. Your lifetime savings will experience great benefits. If you can, take advantage of your employer’s 401(k) match, because it’s certainly worth it over the long run.