That's pretty darn good (3 digit addition and subtraction in his head). Our twins only do 2 digit addition/subtraction in their head, and they're 7. But of course, we've been working on multiplication/division/percentages as of this summer. Granted, they won't be doing that until 3rd grade I believe.

debatable, rich dad poor dad

This is amazing but not too shocking. I think in general, whether your family is rich or poor, the education on the financial systems of the world to children is not great. My wife and I have started a system (I got the idea from someone else so I can't take credit for it) with our 6 year old and 4 year old. Each week they receive an allowance for ensuring their room is clean every night before bed. If this is accomplished (and we are very strict about it), then they each receive $5 which is separated into 3 jars - savings, investing, and giving. On the investing side, every time they have saved $25, I am going to put the money into a Canadian Shareowners Association account where they will select a stock to buy based on what they like and know about (Disney, Coca-Cola, etc). I hope this will teach them some financial concepts that will help them in their later years.

I concur with Dividend Guy, our education system is broken. I love your idea about teaching your children about saving and investing!

I find a lot of rich kids don't need to work as hard to get things in life, and as a result, they don't always have the same drive, determination and passion that their self-made parents do. That said, it doesn't take a genius to manage money in a reasonable smart way and they sure have a head start!

The preteen years are a golden time to teach your kids about saving for the future. They already know the value of money, having learned basic money concepts in school, and the mathematical operations involved.

If they have abided by your rule to set aside 10 percent of their cash gifts received as savings over the years, then they already have "seed money" invested. They're not starting from zero. If these savings were deposited in a savings account, then show them how their money grew over time. The steps you take now to teach your children about saving and investing will bear fruit in the future. I have discussed the 9 Easy Steps on How to Teach Kids about Saving and Investing for the Future. Please follow link to read more...
http://personal-finance-management.blogspot.com/2007/11/9-easy-steps-on-how-to-teach-kids-about.html