- Financial wisdom should be introduced as early as six, advocates investor Kevin O'Leary.
- Establishing a positive relationship with money can save children from future financial pitfalls.
- The onus of imparting financial knowledge lies primarily on parents, not teachers, according to O'Leary.
Renowned investor, Kevin O'Leary, vehemently insists that childhood is the opportune moment to introduce monetary matters. The high-profile Chairman of O'Shares ETFs and presiding judge on the "Money Court", O'Leary maintains that parents should commence their child's financial literacy journey as early as age six.
O'Leary, during an interaction with CNBC Make It, stressed the invaluable importance of encouraging dialogue about money around the family dinner table. The abstract notion of saving money and comprehending its mechanics, he asserts, is an insight that even the youngest of minds can decipher.
It isn't necessary, O'Leary advises, for parents to delve into the complexities of personal finance, but an elementary understanding of what money signifies and the effort expended to earn it, should be communicated. The essence of work, solving problems for others, and being financially compensated for it, should be explained in an understandable manner to the young learners.
O'Leary emphasizes the importance of fostering a "positive relationship" with money in children. He believes the objective is to help them grasp how money can serve them in the future, especially when they decide to start families of their own. The philanthropist and entrepreneur states, “You’re doing them the greatest favor ever in their lives” by imparting them this wisdom at an early age.
Reflecting on his personal experiences, O’Leary mentioned how his children were acquainted with the concept of debt from a very young age. He stressed the significance of such rudimentary concepts as they help shield young adults from potential financial pitfalls, such as the misuse of credit cards and the subsequent failure to repay debts.
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