If education is about preparing children for the world at large then financial literacy must be an important part of that. According to Warren Buffett:
Most parents know how important it is to teach kids about money and managing it properly. There was a study many years ago questioning how to predict business success later in life. The answer to the study was the age you started your first business impacted how successful you were later in life. Teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult.
…parents need to start teaching kids about the importance of managing money at an early age. 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 preschool.
Here are some great educational resources for teaching children about financial literacy…
Warren Buffett’s Secret Millionaires Club
If you want your kids to learn about financial literacy, who better to mentor them than Warren Buffett, billionaire business magnate, investor, and philanthropist?
Warren Buffett’s Secret Millionaires Club contains 26 animated webisodes featuring Warren Buffett as a mentor to a group of entrepreneurial kids whose adventures lead them to encounter financial and business problems to solve. The program teaches the basic of good financial decision making and some of the basic lessons of starting a business.
If you want your own personal copy of the Secret Millionaires Club series, it is available from Amazon on two DVDs:
Warren Buffett also has a book for kids: Secret Millionaires Club – Warren Buffett’s 26 Secrets to Success in the Business of Life
Play Moolah
PlayMoolah is an online program that helps parents to give their children financial education. By playing various games, children learn about managing money. The program, targeting children age 6 and above, covers the 5 aspects of financial management:
- earning money
- saving money
- spending money
- giving money
- investing money
App: Green Streets
Greenstreets is an app for children age 5 to 8 years old teaching them about financial literacy.
Escape the Rat Race – Robert Kiyosaki
Following Robert Kiyosaki’s Rich Dad’s advice, this book targets children age 6 and up and teaches them about financial freedom – how to create assets and how to make your money work for you so you won’t need to work hard for money all your life. It is a full-colour graphic novel story of Tim, Tina, and Red and their entrepreneurial pursuits as they learn about money.
The lessons from this book can be supported and reinforced by the board game “Cashflow for Kids“.
CASHFLOW for Kids is an educational board game that simulates real life financial strategies and situations in a context that engages and educates your child. CASHFLOW for Kids teaches children how to make their money work for them. As a simulation, your child learns valuable lessons and gains priceless insights into how money and investing work. CASHFLOW for Kids allows children to practice real world investing with play money, learn the differences between an asset and a liability, and discover how money works. It teaches the basics of accounting, finance, and investing at the same time in a fun and engaging way.
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