Ways to teach your kids about money, according to Warren Buffett

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

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