Warren Buffet, known for his wisdom and insights into finance, business, and life, is one of the most successful investors in history. He is the CEO of Berkshire Hathaway, a conglomerate with over 60 subsidiary companies, and has been named one of the wealthiest people in the world.
This is a graphical representation of data of Warren Buffet’s net worth provided by banyanhil.com
However, Buffett’s success is not just about money – he also has a unique perspective on ethics, leadership, and personal growth. In this article, we will explore ten tips by Warren Buffet for kids that can help them develop a solid moral compass, make smart financial decisions, and become successful leaders in their own right.
Whether you are a young person looking to learn from the best or a parent seeking guidance for your children, these tips will provide valuable insights into the mindset of one of the greatest investors ever.
10 Valuable Lessons for Kids from Investing Legend Warren Buffett
1. Be bold speak up and ask for what you want.
If you need something to start your business–equipment, advice, supplies, a place to set up a table–, start talking to people. You may find someone with the needed equipment who no longer wants it. Someone else may know of the perfect venue for your event or sale. Identify people who can help you and then make the most robust case you can about why they should lend a hand. You may only sometimes get what you ask for. The best business people in the world are used to not getting what they want whenever they ask. However, speaking up is an essential skill.
2. Do your best to anticipate your customers’ needs.
Buffett says, “If your service is outstanding, you will always stand out.” So listen to your customers. If you are running a snow-shoveling business, watch the weather forecast. If snow is on the horizon, you can reach out to your customers and make a plan before they are buried under a foot of snow.
3. Start a starter business.
There is no substitute for getting out there and trying things. However, if you have a big idea, start small to raise money for a more costly business. You will learn a ton from your initial business, so you will be better prepared for the big one. If landscaping is your dream business, you may have to weed a few small gardens first.
4. If you do not know all the skills you need to succeed in your field, that is OK.
You need to be willing to figure them out. Take a class, read a book, and ask lots of questions. Start slowly and grow your business as you learn more skills. As Warren Buffett says, “The more you learn, the more you earn!”
5. Failure is not falling; it is staying down. Starting a business can be challenging.
There will be bad days, rejected pitches, and unexpected hiccups. Adapt and come up with creative solutions to the problems you encounter. Try a new location, do a clever promotion, or tweak your product to improve sales.
6. Be honest and fair. Being a person of integrity is invaluable in business and life.
Be honest about what you can deliver. Be reliable. If you have made a mistake, apologize and do your best to make up for it quickly. When you treat people with kindness and respect, they want to spend more time with you–and that goes for clients, business partners, and friends. Buffett fondly says, “You cannot make a good deal with a bad person.”
7. Give back.
Creating a successful business is about more than just making money. It is about contributing to the world around you. Many young entrepreneurs featured in How to Start Your Very First Business incorporate philanthropy into their business models.
“There are an unlimited number of good things to be done in the world,” says Buffett. Be creative, think about what is important to you, your community, or the world, and you’ll find a way to contribute. And remember, sharing your time can be just as valuable as donating money.
8. Enlist a mentor.
A mentor can walk you through a process that’s new to you. Alternatively, you can brainstorm an intelligent solution to a challenging problem together. Knowing that someone else has gone through what you are going through can make all the difference in your outlook.
9. Do not save what is left after spending, spend what is left after saving.
Buffett believes that one of the most beneficial lessons a kid can learn is that saving is a habit. If you make saving a habit early on, it will be ingrained in you for life, which can help you avoid countless unpleasant situations later.
10. Be a heroic role model
Your kids will pick up some of your habits — the good and the bad. Buffett credits his father for showing him how to build the proper habits.
“My dad was my greatest inspiration,” Buffett said in a 2013 interview with CNBC. “He was my hero when I was six and is still my hero. He is an inspiration to me in every way. What I learned at an early age from him was to have the right habits early.”
Want to be a hero parent? Inspire your kids by making intelligent financial decisions. That does not mean you need to be an expert investor, but at least show your kids you know how to keep your house in order.
That means, first, eliminating any troublesome debt you have accumulated. If you are struggling with high interest rates–the kind on credit cards, for example — consider a debt consolidation loan to roll all those debts into one loan with a much lower interest rate.
You can find free services online that will help you quickly compare quotes from different lenders, making it easy to find the best rates.
Warren Buffet’s tips for kids offer a treasure trove of insights on ethics, finance, and leadership. By emphasizing the importance of integrity, hard work, and lifelong learning, Buffet inspires young people to pursue their passions with purpose and determination.
His advice on saving money, investing wisely, and avoiding debt can help kids become financially savvy and secure a stable future. Furthermore, his approach to leadership, which emphasizes humility, transparency, and empathy, can help kids become successful and respected leaders in any field they choose to pursue.
By incorporating these valuable lessons into their lives, young people can set themselves up for success and positively impact the world.
We hope these ten tips by Warren Buffet for Kids have provided valuable insights and inspiration for parents and young readers alike. Which of these tips resonated with you the most?
We would love to hear your thoughts in the comments section below. Remember to share this article with your friends and family to help spread the knowledge and empower the next generation of leaders and investors.
Moonpreneur is on a mission to educate and ignite the flames of entrepreneurship through our holistically created online STEM programs, which will help kids master the futuristic sciences such as Robotics, Game Development, App Development, Advanced Math, and much more.