Tags: Warren Buffett | teach | kids | skills

Warren Buffett: Parents Must Teach Kids Money Management Skills at Young Age

By    |   Monday, 25 November 2013 08:07 AM

Legendary investor Warren Buffett, CEO of Berkshire Hathaway, says parents have to instruct their children on financial skills early and often.

"I think parents need to start teaching kids about the importance of managing money at an early age," he told CNBC.

"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 pre-school."

Editor’s Note:
Weird Trick Adds $1,000 to Your Social Security Checks

Buffett offers financial mentoring of his own to children in "Secret Millionaires Club," an animated TV series,

"There was a study many years ago questioning how to predict business success later in life." he said. "The answer to the study was the age you started your first business impacted how successful you were later in life."

Buffett says he learned the importance of savings from his father at an early age.

"I had all kinds of small businesses when I was growing up," he said. "When I was six, I started my first business. I bought a six-pack of Coke for 25 cents and sold the cans for a nickel a piece. I also sold magazines and gum door to door."

Meanwhile, a new study has founf that while $54 a person is spent on financial marketing to consumers, only $2 per person is spent to educate them on such matters.

The study from the Consumer Financial Protection Bureau
highlighted the huge gap in this spending. The study found that the industry spends approximately $17 billion annually on consumer marketing. But only about $670 million is spent on financial education each year in the United States.

As for Berkshire, in a regulatory filing last week, it revealed that it had established a 40.1-million-share position in Exxon Mobil as of Sept. 30. That position was worth $3.8 billion at Friday's close.

Exxon Mobil "is undervalued, in his opinion, and pretty much being ignored by the market," David Kass, a professor at the University of Maryland Business School who has taken students to meet Buffett, told Bloomberg.

Editor’s Note:
Weird Trick Adds $1,000 to Your Social Security Checks

Related Stories:

© 2020 Newsmax Finance. All rights reserved.


   
1Like our page
2Share
StreetTalk
Legendary investor Warren Buffett, CEO of Berkshire Hathaway, says parents have to instruct their children on financial skills early and often.
Warren Buffett,teach,kids,skills
381
2013-07-25
Monday, 25 November 2013 08:07 AM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved