"The father of two told Business Insider that teaching resilience to kids starts with letting them fall on the playground, so they can learn to get back up and keep going. They have to experience pain and discomfort as "those moments happen all the time in life," he said. "The greatest lessons are learned when trying to work yourself out of something that doesn't go well. And the worst thing to do is to avoid those from happening when they naturally would.""
"Asked how young people can get ahead at a time when AI threatens to take jobs and many feel priced out of the lives they want, Russo cited Warren Buffett's warnings about credit-card debt as a "chain across your back" that gets tighter and tighter until it chokes you. Russo added that "buy now, pay later" options pose a fresh threat, as they tempt people into spending money they don't have."
Children benefit from building resilience through real setbacks, such as falling and learning to recover, which teaches problem-solving and perseverance. High-interest credit-card debt and buy-now-pay-later schemes create mounting financial strain that can severely limit future options. Excessive gambling undermines development of disciplined thinking, wisdom, and reason, and acts as a losing strategy for wealth building. Investing suits both younger and older people: youth provides time, energy, and willingness to research, while older investors bring patience, discipline, and developed judgment. Active investing can continue well into later life rather than ending at a fixed retirement age.
Read at Business Insider
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