Warren Buffett is a billionaire who enjoys teaching young children the value of a dollar. The chairman and CEO of Berkshire Hathaway recently wrote a piece for NBC where he offers tips and best practices for parents who may want to teach their kids financial literacy.
What do you think is the biggest mistake parents make when teaching their kids about money?
I think parents need to start teaching kids about the importance of managing money at an early age. 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.
What made you want to launch the Secret Millionaires Club? What do you hope kids get out of it?
There are a number of educational programs out there, but there are not many programs that teach about Financial Literacy at an early age. Secret Millionaires Club can help kids develop the right habits that will serve them well for the rest of their life. If this program can have some effect on youngsters and help them develop better habits on money, it can have a major impact on their life when they are older.
Buffett credits his dad for instilled financial responsibility in him at an early age. Saving was an important lesson that he taught the millionaire, starting at age 6.
Sounds like Buffett’s main point is that parents should start early with their children.
What’s a practice that you perform to teach young people about financial responsibility?
Sound off below!