Warren Buffett on the biggest mistake parents make when teaching kids about money

American investor and business tycoon Warren Buffett is counted among the world's richest people.

Any financial advice coming from Warren Buffett, with his legendary business acumen, would be worth taking note of. More than once or twice, the 91-year-old CEO of Berkshire Hathaway has been asked for tips on teaching young children about money. And one of his first lessons? It’s never too early to start.

When asked what he thinks is the biggest mistake parents make when teaching their children about money, Warren Buffett told CNBC: “Sometimes parents wait until their kids are in their teens before they start talking about managing money — when they could be starting when their kids are in preschool.”

In 2011, the Berkshire Hathaway CEO even helped create an animated series called Secret Millionaires Club for children learn practical life lessons about money management and running a business.

The show starred Buffett as a secret mentor to a group of enterprising kids – he even voiced his character for the first few years, according to Yahoo News. And on the show, the Oracle of Omaha emphasized the importance of saving early on.

“Saving even a little bit of money on a regular basis pays off,” said Buffett. “Instead of spending money on a soda, which you don’t really need, put it in savings, and it will make even more money for you by earning interest.”