How much do your kids know about the financial world?
We all use money in our society, but many people have no idea what terms like “assets and liabilities” mean in a practical sense. Kyren Gibson, an entrepreneur and fitness instructor from North Carolina, has been working hard to teach his son all about this important topic. Now a video of their parking lot quiz is impressing people everywhere!
In a video Kyren shared on Twitter, we see the awesome dad sitting with Kyng Lyons Gibson in a parked car. When Kyren begins asking his son some basic questions about the economy, the little guy starts rattling off the answers, which he has obviously has memorized. It’s simply amazing!
Two minutes is all they need to cover the definitions for terms like “risk,” “stock,” and “real estate investing.” They even go over the difference between commercial and residential real estate. Then Kyren asks, “What’s entrepreneurship?” Without a beat, the boy replies, “Entrepreneurship is a process of setting up a business or businesses.”
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Next, they discuss taxes, HOA fees, brokerage percentages, equity, debt, and credit reports! Finally, they end with an important reminder for all of us: “Always repay what you owe so you’re not in debt.”
Every time Kyng answers a question correctly, his father proudly cries, “C’mon!”
“I want him to know the actual words, and it’s not a foreign language,” Kyren told FOX Business. “I’m going to teach my son everything I can possibly teach him now.”
Good for this dad for taking it upon himself to teach his son such necessary life skills! Kyng has a better handle on these financial terms than many fully-grown adults. We’re positive that he’ll grow up with a great head on his shoulders and go on to become one of the world’s bright entrepreneurs!
Watch the knowledge quiz in the video below, and be sure to share this story with someone who will be just awestruck as we are.
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