“It’s never too early. Whether it’s teaching kids the value of a dollar, the difference between needs and wants, or the value of saving. These are all concepts that kids encounter at a very early age, so best to help them to understand it” — Warren Buffett
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Warren Buffett thinks it’s important to teach kids about needs vs wants at a young age because developing good financial habits early can benefit them for life. By distinguishing between things they need to survive versus things they simply want, kids start to understand the value and scarcity of money. This helps them avoid impulse spending and overspending.
It also encourages saving habits so kids learn that delaying gratification can help them afford bigger needs and wants later. Overall, learning this lesson young instills principles of financial responsibility that serve people well as they get older and gain more independence over their money.