Secret Millionaires Club
“The more you learn, the more you’ll earn” encapsulates The Secret Millionaire’s Club goal of teaching kids about the world of business, economics, and financial literacy. The series invites viewers to follow the adventures of four entrepreneurial pre-teens as, under the guidance of Warren Buffet, they discover the basics of smart, responsible business and money management, then use that information to help others in need.
In each episode information about business, finance, and economics emerges as part of the solution to whatever problem the kids are faced with, introducing viewers to concepts such as inventory management, marketing, assets and liabilities, budgeting, and much more.
Additionally, every episode presents life management lessons, and principles of good business practice that Mr. Buffet has distilled during his very successful career. For example: “Failing to plan means planning to fail;” or “It takes years to build a reputation, but only minutes to ruin it.”
- Watch Secret Millionaire’s Club with your child and talk about what you see; ask questions; let your child find answers.
- Open a savings account in your child’s name (no matter how small) and encourage him or her to make a deposit (no matter how small) at least monthly if not weekly.
- Discuss ways in which your child might earn money; talk about what sort of small jobs they might take on (e.g., walking a neighbor’s dog; babysitting) or what sort of business they might start (e.g., a lemonade stand).
- Introduce the concept of a “budget” to your child; if you maintain one, show it to the child and talk about why you make the financial decisions you do.
- Talk with your child about the difference between “want” and “need” and help them understand why and how to delay gratification … i.e., saving for a bigger, better purchase in the future.
- Talk your child about opportunity costs … that each purchase requires a tradeoff – i.e., given a finite amount of money, buying a candy bar right now may mean passing up an ice cream cone later.