As Benjamin Franklin once said: "A penny saved is a penny
And Buffett agrees.
It’s a tough early lesson but it’s important for kids to understand that
they can’t have everything.
Helping them to identify the difference between what they want and what they need could work wonders for their financial
independence and stability as they enter adulthood.
How do you do this?
Buffett suggests having your kids make a list or visual collage of 5-10
things they’d like to buy, then go through it with them and decipher what falls
into the need category and a category and
why — i.e: a new bag is a need, but a new toy would categorise
as a want.
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Friday, 13 August 2021