Your kid may be the next Warren Buffet or a businessman.
Yes, It can look to you a bit too vague statement.
You will say:
- My Kid is too small to understand about money now, Let him study.
- I do not want him to do stocks and become a gambler.
- Next Warren Buffet or Rakesh Jhunjhunwala etc is a myth, most people fail and entrepreneurship is risky. See how many start-ups have failed lately.
Our Indian Mindset is such that we are too protective of our kids. Sometimes the over-protectionism make us force our kids to do what we want them to do. The result, One more engineer added to this world who will look to make money by alternate means after he gets his job. LOL :D.
As per India Today article, only 7% engineers are employable. What’s wrong? Indian education system, population, Job market.
In my opinion, NONE. It is you to blame, The parents. You made your kids cram for marks and never taught them one of the most important parts of life Money.
Teaching kids about money, savings and investment are like teaching kids about Sex education. Parents keep it a deep secret or just ignore the importance of it.
Enough of the Scolding for the Parents ;).
When asked to Warren Buffet about What he thinks is the biggest error parents do when teaching their kids about money. He replied: I believe parents need to start teaching kids about the importance of managing money at a lot earlier early age when they are in their preschool. Sometimes parents wait until their kids are in their teens.
So, What are few key traits of a successful investor?
“I never try to make money on the stock market. I purchase on the presumption they could close the stock market the next working day and do not re-open it for next 5 years.” — Warren Buffett
“My two rules of investing: Rule one — never lose money. Rule two — never forget rule one.” — Warren Buffett
“Every few seconds it changes, up to an eighth, down an eighth. It’s like playing a slot machine. I lose $20 million, I gain $20 million.” — Ted Turner
“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” — Henry Ford
In Next post, We will discuss how to develop these skills in kids. These traits will help your kid become more confident in life and a foot closer to the path to success in life. Who knows your kid may be the next Warren Buffet
Please, keep following for the second part of the post. To be continued….