Buffett: Teach kids financial literacy to spark entrepreneurship

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#1
To share an short interview of Mr. Buffett. Financial literacy is a very important skill...

Buffett: Teach kids financial literacy to spark entrepreneurship

NEW YORK Billionaire investor Warren Buffett has a double life - as a cartoon character. In his "Secret Millionaires Club," an animated series online and on television, Buffett teaches a group of kids about financial literacy and entrepreneurship.

In real life, the club includes an annual "Grow Your Own Business Challenge" for kids who come up with business ideas.

The winners were chosen on Monday: Beaux Up, a customizable bow tie business by 15-year-old Jake Johnson of North Carolina in the individual competition; and WiseGuide, an intergenerational online community, from Krystal and Allyson Graylin and Kei Chua from Seattle, Washington, in the team contest.

The winners each received $5,000, and all finalists received 10 Berkshire Class B shares , worth $1,271 at the closing of the market on Monday.

Buffett, the third-richest person on the Forbes list of wealthiest people and the chairman and chief executive of conglomerate Berkshire Hathaway , took some time to talk to Reuters about kids, financial literacy and why he still bets big on the U.S. economy. The questions and answers have been edited and condensed for length and clarity.

Q. Are you seeing any trends among the entries?

A. There's a greater tech aspect to some of the entries than there was in the past. They know a lot at age 10 or 11 that I don't know at age 83. They're incorporating into their projects tech features now even more than a couple years ago.

Q. Are they changing your own feelings on the tech sector?

A. I've always said I don't know enough about tech to compete with the rest of the world, and I don't think I know enough to compete with a bunch of 12-year-olds.

Q. How do financial literacy and entrepreneurship fit together?

A. Not everybody's going to be an entrepreneur, but everybody should be financially literate. Financial literacy is a base requirement like spelling or reading or something of the sort that everybody should acquire at any early age. The financial habits you develop when you are young are going to go with you into your adulthood. But you can't be an entrepreneur unless you're financially literate.

Q. How do you make entrepreneurship interesting to kids beyond just running a contest?

A. Once they think of (entrepreneurship), they keep thinking of it. And then if they get the right lessons they're going to succeed at it and succeed breeds success.

Q. Is this part of your optimism in America?

A. Absolutely. The best country to be born in still is the United States, and the best time to be born is today.

(Reporting by Luciana Lopez; Editing by Steve Orlofsky)

REUTERS
http://www.todayonline.com/business/buff...epage=true
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#2
i disagree
financial literacy will UNDERMINE the incentive to work
all will just go to stock market and invest.

We need HUNGRY people who add value to society by doing work, not by investing in stock market
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#3
(23-05-2014, 08:45 PM)wahkao Wrote: i disagree
financial literacy will UNDERMINE the incentive to work
all will just go to stock market and invest.

We need HUNGRY people who add value to society by doing work, not by investing in stock market

Refer to wiki, financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.

http://en.wikipedia.org/wiki/Financial_literacy

It doesn't means TA, FA or other similar skills which are used in stock market. Tongue
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#4
That's right, financial literacy in simple terms means how well you use your money.

Investing in companies listed in the stock market is work, it is more difficult and requires a lot of work to be done.
And that is why not all are successful when investing and the ones who are able to generate good returns constantly are highly sought after. The easier way out is to find a job and work for someone else. Zero risk of losing money, 99.9% chance of getting paid for your work.
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