My kid is 10-year-old and he has some understanding of the financial terms and money flow (like salary, income, dividends, taxes, savings, expenses, gross and net income).
A great source of information is Warren Buffet’s free children’s animated series called “Secret Millionaire’s Club“: many videos with lessons for kids (94 as of today). “Learn about Stocks, Finance, building a Successful Business and Get Advice from Warren Buffett“. Valuable life lessons for our kids.
Warren Buffet is the CEO of Berkshire Hathaway, a legendary investor and the world’s seventh-wealthiest person (as of August 2020, according to Wikipedia).
As my kid acquired some basic financial knowledge, I gave him the book “Rich Dad Poor Dad”, a New York Times bestseller, to read 2-3 pages per day, at his rhythm. I asked him to underline the terms and expressions he does not understand.
This is the real story of Robert Kiyosaki who had two dads with two different visions about money and investing. With the help of a simple story, it basically explains the difference between being paid for each hour you are working (active income) and being paid for the money you invested (passive income, making money to work for you).
Guess what? This book really got his attention. He is now asking questions and even he is pushing us to help him build his own digital product that he can monetize later… He understood that school is important, but there is even more to learn outside school.
Financial literacy should be part of your kid’s education and this book is perfect for a beginner (older kid or adult).
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