Home / Entrepreneurship/ Buffett: Teach kids financial literacy to spark entrepreneurship

Buffett: Teach kids financial literacy to spark entrepreneurship


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 22 May 2014 01:02


Reuters: 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 customisable 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 US 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.  

Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Reaching global quality standards through Deming Award

Wednesday, 21 November 2018

The importance of quality in the contemporary competitive business environment cannot be over-emphasised. Total Quality Management (TQM)is a company-wide, all pervasive management philosophy, which organisations globally, in many business sectors hav


Ramsar accreditation of Colombo Wetlands: Rebranding Colombo as a Wetland City

Wednesday, 21 November 2018

Colombo, once known to be “kolonthota,” has always been identified as a wetland complex at the heart of the Kelani river delta. Today this city is increasingly drying up, with around 20 sq km left as wetlands which continue to be threatened every


Coup Sri Lanka: some winners, mostly losers

Wednesday, 21 November 2018

As a president proves shockingly stubborn, a nation waits with baited breath as to what His Excellency the loose cannon on a rocky slope will do next. Two Prime Ministers and the fates of their respective parliamentary groups hang in the balance lik


Rising dollar and bank NPA, brothers in arms?

Wednesday, 21 November 2018

The rising Non-Performing Advances (NPA/NPAs) is a matter of concern to the entire financial industry. It is a nightmare. The weekend papers have published some articles based on interviews journalists conducted with respective bank CEOs and also bas


Columnists More