Money lessons from a man worth $167 billion are worth noting; especially after hearing that he bought his first stock at the age of 11. Warren Buffet has learned a lot of hard lessons on his journey of making making millions, then billions of dollars, and along the way, the 94-year-old has been dedicated to teaching young people key financial lessons. His top five money lessons are:

• Start educating your kids about money early
• Teach your kids the power of saving
• Help your kids understand the difference between needs and wants
• Encourage them to keep learning and growing and investing in developing themselves
• Foster entrepreneurship

These are great ideas and I’d encourage you to read more in this article. But I’d like to add some more money lessons that I’ve learned that will help give your child a healthy relationship with finances.

Don’t Constantly Be Talking About Your Money Struggles

I grew up in a home where money was not abundant and I knew that we could not afford everything we wanted. My mom sewed my clothes, I often wore hand-me-downs from my older siblings, we rarely went out to eat, if ever, and our birthday and Christmas gifts were often home-made or at the least, not very costly.

But I did not grow up feeling underprivileged or poor or like I had missed out on life just because I couldn’t afford everything I wanted. My parents didn’t harp on our lack of funds, they never made us feel like it was an issue and everything they provided was out of so much love, that I honestly never felt I was lacking much.

If parents are constantly saying things like, “we can’t afford that”, if they make a habit of letting their kids know that money is tight, or they are always bring money to the forefront of arguments and family discussions, then money becomes an unhealthy focus for children. Kids may grow up feeling they deserve more and in the process become entitled, they might resort to illegal or unethical ways to get money, or they might become so consumed with making up for what they didn’t have in childhood that it damages relationships with people they love as they get older.

On the other hand, I’m not saying you hide everything and lie to your kids. It’s okay for them to know that something is not in the budget or that a parent loses their job and money might be tight for awhile. But when parents let those concerns set the tone in their home by always bringing them up, they are letting money worries become a voice in their children’s heads.

I felt that in the home of a friend who grew up in a home that had constant money struggles. She grew up to become someone who was known for being overly frugal and worried about how much things cost. I watched how it annoyed her kids as they grew up and caused tension in their home.

Money divides people. It is the number one issue married couples fight about, and it’s the second leading cause of divorce. Money has been identified as a major source of tension in families. Don’t let it become the sore spot in yours that pulls you apart.

When You Do Talk About Money, Have a Purpose and a Plan

I’m a big advocate of family meetings and using them to discuss family finances is a great way to have a difficult conversation. Avoid money conversations at special family gatherings like birthday parties or even family dinners and make your family meetings a separate event. Use them as an opportunity to establish a family financial plan. Discuss this with your partner before hand or if your kids are older, get their input for the plan. Either way, having a plan of action will cut down on family tensions. As an added benefit, families who handle financial tension most effectively are the same ones who are most likely to handle other tensions effectively too.

Teach and Show Your Kids That Money Buys Lots of Things, But It Doesn’t Buy Happiness

Because I was raised in a home that focused on love and downplayed the lack of money, I grew up knowing that money was not the source of happiness or peace. Parents teach kids that money doesn’t buy happiness when they provide things that money can’t buy: a peaceful home, unconditional love, core values, wisdom, and guidance. Whether a child grows up in a home with lots of money or not enough money shouldn’t determine their internal happiness. And it won’t if parents don’t prioritize money over love, compassion, people and integrity.

Teach Kids the Power of Generosity

The power of generosity goes deeper than just giving–it impacts the giver AND the receiver.

When someone focuses on giving over getting, it shifts a mindset from scarcity to abundance. Giving reminds us of what we have rather than what we lack. It cultivates gratitude, which has been linked to greater happiness. Studies also show that generosity lowers stress and even improves physical health by reducing blood pressure and boosting mental well-being.

Money guru Dave Ramsey also claims that generous people tend to handle money better. When a person prioritizes giving, they often become more intentional about managing finances wisely.

For the receiver, giving becomes a great blessing and and often an answer to a specific unmet need. It may even encourage them to pay it forward, creating a ripple effect of kindness. Generosity is contagious. When someone gives, they inspire others to do the same. The bottom line is that generosity isn’t just about money–the more someone gives, the more they gain in ways that truly matter.

You don’t have to be a Warren Buffet to grasp important money lessons. You don’t have to have a lot of money in the bank to be truly rich. If you don’t make money your most important treasure in life, then the things that truly should matter will become your treasures. This is the money lesson that you should be teaching your kids.