Here I am talking about warren Buffett and as you know he is among the richest people in the world. Additionally, He is not only one of the world's biggest investors but is also the CEO of the company Berkshire Hathaway. Patience,smart investing and financial discipline are very important thing in this field and warren taugh us these. So he is already a successful businessman so we can take his advice that he already said to teach children.
In a 2013 program, Warren Buffet said that it is never too early to teach children about saving money and business. Whether it is understanding the price of a new toy or saving money importance. Here I am presenting 5 things that he taught his children. Similarly, you can teach these lessons to your children so that they can become successful businessmen.
1. Start Financial Education Early
importance of financial education from an early age is the thing that parents need to know and should stress about it. in 2013, Warren Buffet said, 'Many parents start talking about the right use of money only when their children reach adolescence or even later from this. Whereas they can start from pre-school itself.' In a CNBC interview.
2. Even Small Savings Matter A Lot
Do you know? even small savings of money can add up over time thanks to the power of interest. Warren Buffett said In The Secret Millionaires Club that even small savings of money on a regular basis are very beneficial. Now practicality is important so a practical way to teach this lesson is to giving own piggy bank or even a real bank account to the children. Here is one more thing Parents can also use applications of mobile that help children keep track of their money savings and earn interest on the deposits.
3. Develop smart spending habits
Talking about the first thing that kids need to learn is how to differentiate between wants and needs. So in this thing, Warren suggests an easy way to do this and you can do the simple thing which is you should ask your kids to make a list of items they want to buy. Then here is the second step, here you have to go through everything together and decide if it's a necessity or a splurge. This way parents can help their kids develop better spending habits when they're older, By instilling this habit early.
4. Grow your wealth by honing your skills
Talking about Buffett he himself has been a lifelong learner and he shared this many times. Also, He often emphasized the importance of self-study in his many interviews. In the Secret Millionaires Club episode, Buffett said that the best investment you can make is in yourself and that's also a famous quote. Learning is the most important aspect so the more you learn, the more you will earn. He has a habit of reading several newspapers daily and along with this encourages children to develop a passion for knowledge. You have to be continuous in learning to long-term success.
5. Encourage a business mindset
By selling chewing gum and coke bottles, Warrent buffet started making money at age of six. Here you have to Encourage children to explore their own ideas and skill regarding , whether it's aoffline small stall or an online store. Do you know what will happen after doing this? This helps children understand financial principles early. In this particular thing you can also help with giving money to children to star. implementing business ideas.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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