Warren Buffett's Tips

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Warren Buffett’s 

7 Tips to Raising a 

Money-Smart Child

Simple lessons that challenge students to develop healthy financial habits.

by Warren Buffett

It’s never too early to help kids develop healthy life habits. My dad was my greatest inspiration and role model. From a young age, he taught me about responsibility and the consequences of the decisions I would make in my life. He helped me develop healthy habits—such as the importance of saving and the importance of understanding and enjoying the business you are in—that still help me today. He also taught me the value of hard work.

 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 each. Probably my best business! I did the same thing with magazines and gum, door to door. Those early businesses taught me about supply and demand, and location, and the importance of price. These were invaluable lessons that were fundamental to my learning. And I had a lot of fun doing it.

The life lessons that I learned back then would serve kids well throughout their whole life. Things like:

1.    The best investment you can make is an investment in yourself.

2.       The more you learn, the more you’ll earn.

3.       Learn from your mistakes, and the mistakes of others.

4.       Great partnerships make any job easier.

5.       Fail to plan, plan to fail.

6.       With business, as in life, get to know people before you judge them.

7.       It’s not just the outside that counts, it’s the whole package.

These are simple lessons to help kids, and adults, live healthy, productive and successful lives. It is good for PTAs to teach kids financial literacy, which extends well beyond the school day.

http://www.ptaourchildren.org/ourchildren/february_march_2014#pg24   Ret. 3-3-14

For mentors and mentoring organizations to teach financial 

literacy and other life lessons is also positive.