Warren Buffett is one of the most famous billionaires in the world. He also loves sharing his advice with kids as part of his Secret Millionaires Club. Most parents know how important it is to teach kids about money and managing it properly. There was a study many years ago questioning how to predict business success later in life. The answer to the study was the age you started your first business impacted how successful you were later in life. Teaching kids sound financial habits at an early age gives kids the opportunity to be successful when they become adults.
He also talked about the following:
Ensuring your kids start early: 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.
Parents should Inspire Kids with good habits: My dad was my greatest inspiration. He was my hero when I was six and he is still my hero now. He is an inspiration to me in every way. What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught. I had all kinds of small businesses when I was growing up. When I was six I started my first business. I bought a six pack of Coke for 25 cents and sold the cans for a nickel apiece. I also sold magazines and gum door to door.
Getting kids to understand value and make decisions: The renowned investor suggested modelling good decision-making skills and talking to your kids about your decisions as you make them. This will help them think about how different choices impact future outcomes.