Early start leads to wealth, says 'Rich Dad'

The Daily News (Kamloops) | October 18, 2009

Financial speaker Darren Weeks admits few children save their allowance in Grade 6 to buy a car.

"I did some things that were unique," he allows.

But Weeks, an investor who bills himself as the Rich Dad who does hundreds of motivational speeches a year on money, said parents should start teaching their children early about money.

Weeks tinkered with mutual funds and penny stocks while in elementary and high school.

He purchased real estate while in university, where he received a bachelor of accounting degree.

But none of his financial adventures were the result of pushing from his own parents.

"My parents were the traditional 'go to school and get a good job.' "

Weeks speaks Thursday at noon and 7 p.m. at Kamloops Convention Centre at his "how to get rich" seminar. Details are at www.fasttracktocashflow.com

Weeks said he counsels parents to help their children understand money at an early age. Often, however, the parent-teacher is struggling with their own money problems.

"I can't blame the school system but if parents don't know, how can they teach their kids?"

He advocates schools teaching concepts about saving and investing throughout the curriculum.

"It can't be a three-week course in Grade 9. Money is in every aspect of society and we don't do much to teach our kids."

Weeks has devised his own list for parents:
- save a little of everything you earn;
- don't borrow what you can't pay back;
- teach children about costs of borrowing and ways to make money grow through investment;
- help kids understand that money is neither good nor bad -- it's what they do with it that's important;
- teach children about the basics of budgeting.

"If you're a parent and you can show your kids, 'I save my money and I'd like you to as well,' you get in the right habit."

2009 The Daily News (Kamloops)