Warren Buffet is one of the world’s richest men, starting as businessman from the age of six.
When asked what he thinks is the biggest mistake parents make when teaching their kids about money, the billionaire said, “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.”
Yes, you read that right: Preschool. To bolster Buffett’s point, researchers have noted that 80% of our brain growth happens by age 3.
One study from Cambridge University found that kids are already able to grasp basic money concepts between the ages of 3 and 4. And by age 7, basic concepts relating to future financial behaviors will typically have developed.
So for parents maybe it is worth listening to this when thinking about teaching your children about financial matters.
Genius is one percent inspiration and ninety-nine percent perspiration.