Students can win prizes, meet Warren Buffett
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This week marked the launch of the 4th annual Grow Your Own Business Challenge for kids. It's sponsored by The Fairholme Foundation. The program and competition were created to encourage kids to think about how to create businesses and practice good financial habits.
The national online competition kicked off with the University of Miamis Launch Pad and the School of Education & Human Development. Launch Pad, an SMC partner, hosted an event for over 100 elementary and middle school students in the Miami area.
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The SMC Grow Your Own Business Challenge is open to kids 714. They are invited to submit original business ideas for consideration. The competition furthers Fairholme's mission of improving [financial] education. It launched at noon on October 20 and ends on January 31, 2015.
Five individuals and three groups will be selected as finalists. They will present their ideas to Warren Buffett and a panel of VIP judges in May 2015 in Omaha, Neb. One grand prize winning individual and members of one grand prize team will each be awarded $5,000. The finalists will be invited to nominate a teacher who was most inspirational in the process to join them in Omaha and win up to $1,000. For full rules and to enter, please visit www.SMCkids.com.
Over 4,000 kids entered the competition last year. The grand prize winners were Jake Johnson from Charlotte, N.C., and group winner WiseGuide (Krystal and Allyson Graylin and Kei Chua) from Seattle, Wash. They were selected as the winners because of their creativity, entrepreneurship and inventiveness.
Parents and educators should both play an active part in teaching todays kids about financial literacy and money, says Buffett, CEO of Berkshire Hathaway. Encouraging young kids to become more involved and take a hands-on approach with their money is a great investment in their future.
The Secret Millionaires Club, an animated series created by Genius Brands International, is available online at www.SMCkids.com. It airs on the HUB Network. The series stars an animated Buffett, who records his own voice. He acts as a mentor to a group of kids as they learn important financial and business lessons.
The Secret Millionaires Club website also features online educational material. Educators, parents and volunteers can use the valuable lessons from Mr. Buffett in the classroom, at home and with after-school programs.
The National PTA, Girls Inc., Junior Achievement and 4-H are all partners in the program. By Kids For Kids Co. (BKFK), a leader in youth innovation, administers the program and competition.