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Billionaire Warren Buffett said that parents' biggest mistake in teaching their children financial responsibility is to wait until their teenage children start talking to them about how to manage their money.
Buffett has provided a number of tips to educate children about financial responsibility, published on CNBC's global website:
1 – Teaching children to think flexibly: The goal is to encourage children not to go the first time, especially when faced with difficulties.
2 – Learn to save money: by giving them "pots", one for savings and the second for expenses, and every time they receive money divided between expenses and the saving.
3 – differentiate the price of value: advertisers and sellers use different methods to get people to buy their products and sometimes not worth the price offered.
4 – Teach children how to make the right decisions: by teaching them to think about the future and the implications of their decisions.
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