On... Dad Chat Part 1
I have started a weekly money lesson with my son at the age of 8. Is 8 too young? It might be. Im not sure, but Buffett started investing at the age of 10. I figured, I would give my son about two years to learn the basics about money and should he wish to invest, by the age of 10, he would have the fundamental knowledge to do so. So far, I have covered 6 lessons with him. I will update the blog roughly every time we cross the 5 lessons milestone. It will be a short summary of the topic we covered. Who knows, we might compile it into a book of sorts in the future. Lesson 1 - What is Money? Money has three intrinsic properties. It is a medium of exchange; a unit of account; and a store of Value. We talked about the importance of money in our lives. Lesson 2 - Maslows Hierarchy of Needs. Maslows have a classification of Human Needs. With the most important to the least important in the following order:- 1. Basic Needs ( Food, Water, Shelter ), 2. Psychological Needs ( Intimate relati...