Warren Buffett is arguably one of the best
investors of all time and has an excellent track record of creating and
maintaining his wealth dating back to his early entrepreneurial days starting
at just five years old.
You’d think that the hugely successful magnate and
philanthropist would be too strapped for time to mentor as well, but that’s not
the case.
Over the years the Oracle of Omaha has offered many nuggets of
wisdom for parents on how to teach their own children about money.
Here is his best tips for parents wanting to help turn their
toddler into the next Warren Buffett.
Start the conversation early
"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,” Buffett told CNBC.
He explains that you don’t need to go into the nitty-gritty with
your children from a young age, but doing something as simple as explaining
that money doesn’t grow on trees is enough to begin the conversation about
money.
It takes hard work and time to make money, and the sooner a
child understands this the better.
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Jason Gwerder
Tuesday, 10 August 2021
