Warren Buffett’s Advice for Parents on Teaching Kids about Money

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Below are a few lessons from the show, along with tips from Buffett on how to teach them to your kids:

1. Creative thinking

The goal is to encourage your kids not to give up just because something doesn’t work the first time. The ability to think creatively and outside the box will come in handy when they run into future financial challenges.

Activity ideas:

  • Go to an art museum with your kids and discuss the different styles of each painting. Then, invite them to paint something of their own. Have them brainstorm different tools — besides the paintbrush — that can be used (e.g., sponges, cotton swabs, fingers).
  • Turn your trash into treasure by challenging your kids to come up with new uses for old things around the house (e.g., bottle caps can double as checker pieces, an empty cereal box can be turned into a magazine holder). This will help teach them how to think critically, save money, and help the environment all at the same time.

2. Teach them to start saving money

To help your kids learn to manage their money, it’s important for them to understand the difference between wants and needs.