Jim Rogers' Money Lessons For Kids | Kids & Money | Channel NewsAsia Connect

how have you think I'm so successful I had my first job when I was 5 years old actually a little company when I was six and so I was earning and saving money from the very early age but it's a complicated product can be a source of great happiness for some people but for more people it's the source of problems and misery so I hope that everybody learns to understand money at an early age the first thing that children have to know about money is hard to get second that they shouldn't waste it and third that they should save it if you get those three basics down you've got a good start and you're on your way then you need to learn to invest it you need to learn about how to get the best returns but you need to learn how to spend it in order not to spend it well unwisely so the lots of things money's a complicated product when my children were born a happy was the first when happy was born the first thing I did I got her five piggy banks at the time and some Globes I wanted her to know about the world I wanted her to know to save I wasn't trying to teach her to be a currency speculator I just wanted her to know that there's different kinds of money and that all of it can be valuable Singapore dollars Chinese renminbi Japanese yen's Swiss francs US dollars euros and Great Britain British pounds and if something develops we'll have to get another set of piggy banks when we get the money saved up we go down to the big bank we all go all three of us go together and he put on money in the big bag and we get statements and we get interest you know every month the statements come and they have more money every month and they had the month before interest rates are very low right now but at least they know there's such a thing as interest happy has an allowance and now baby heat that they spend on their school when they go to school they also learn when they do something wrong the other days when people came here baby B while I was not quite ready ran out and gave ever gave them all my business cards I thought that was very commendable so great a mission and so I gave her a reward for being such a conscientious and lovely girl and showing initiative and they both I'm very pleased to say you understand about the money in their savings bank and that they can earn interest in they both strive to get more at one point I will tell you a competition arose between happy and Baby B if I do had the most money in the big bank happy who is older than Baby B was quite chagrined to find out her sister had more money than she did and we reminded her that's because at one point she wanted to buy a Barbie doll I said you got enough Barbie dolls I was five she was that's true and but I said if you want to buy a Barbie doll you go with your own Barbie doll hell to this day she remembers six years later that if she hadn't bought that Barbie doll she would have that much more money in the bank now and by the way the Barbie doll has been handed down to her sister so she doesn't even have the Barbie doll anymore I now know that I should never waste money on some Barbie doll I now bring food to school every day and I do not buy so much at school I saved my money and I put in my bank just like my father said and now I have definitely pulled ahead by a lot with me and our little money competition have you ever borrowed money happy from me or mommy not from no but at school sometimes didn't bring my wallet that day or something like that sometimes I do borrow 50 cents or a dollar for my friends but I always remember to return them okay well that's extremely important look the first important thing I learned is not to borrow money unless there's a good reason but second it's even more important to learn to pay it back even if you don't pay it back you will lose your credit and nobody will trust you and you will not be able to borrow other money and won't be able to borrow do a lot of things so it's best not to be a bar but if you are above for good reasons be sure to pay it back be sure to pay it back baby have you ever borrowed money no I was going to say those first three lessons learn it's not easy to get learn not to waste it and learn to save it if you get that at an early age or well well on your way I don't really need much I'm a simple person I've quite happy with no car no house no boat no planning or anything I wear some of the same clothes I had at university at the ones that fit anyway I hope I can instill that in these girls that this it's better to live a simple life than to have a complicated life and I was interviewed by the newspaper here at the Singapore and they said what kind of car do you drive and I said I I don't know how to take taxis they said take taxis yeah it's much easier that way well my wife was horrified so she insisted ly hiya card I said page cars are a hassle you know you got a park it you got to drive it you got to do all sorts of things it's anyway she bought the car and I mean we had to get her driver because I wasn't waste my time driving so the first week we had the car and the driver the driver record drove it into a post I said the page I told him you know having a car as a headache

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Keywords: cnaconnect, cna, channel, news, asia, Singapore, newsasia, jim, rogers, money, kids, baby, bee, happy, paige, parker, teach, teaches, his, lessons, finance, children, daughters, save, earn, invest, spend, wisely, retire, home, Channel NewsAsia (Employer)

Id: UMltwPMrqmc

Length: 6min 5sec (365 seconds)

Published: Thu May 21 2015