Ep 2. Neither A Borrower Nor A Lender Be, Dude

In Secret Millionaires Club season 1 episode 2, entitled "Neither A Borrower Nor A Lender Be, Dude," the young members of the club learn about the importance of being responsible with money and avoiding debt. Warren Buffett, their mentor, takes them on a tour of a local bank where they learn about the different types of loans and how interest works.

During their visit, Warren introduces the kids to his old friend, a former rock star turned financial advisor named J.T. (voiced by Jay Z). J.T. explains how he got into financial advising after learning the hard way about the dangers of borrowing too much money. He tells a story about how he once lent a friend money for a business venture, only to have that friend not pay him back and the business fail.

The kids are fascinated by J.T.'s story and ask him for advice on how to avoid getting into debt. J.T. explains that the best way to avoid debt is to live within your means, meaning only spending what you can afford to pay back. He also encourages them to start saving now, even if it's just a small amount, as compound interest can really add up over time.

To help reinforce these lessons, Warren gives the kids a challenge: they have to come up with a business idea that they can start with just $100. The kids quickly get to work, brainstorming ideas and figuring out how they can turn their hobbies and talents into profitable ventures.

One of the kids, a girl named Elena, comes up with a plan to start a pet-sitting service. She already has experience taking care of her own pets, and she figures that there are plenty of people in her neighborhood who would be willing to pay for someone to take care of their animals while they're away.

Another kid, a boy named Radley, decides to start a car-washing business. He realizes that there are a lot of busy people in his neighborhood who might not have time to wash their own cars, and he figures he can charge a reasonable price for his services.

The kids work hard on their businesses, putting together flyers and coming up with pricing plans. Warren and J.T. even help them with some marketing tips, such as posting on social media and offering a discount to their first customers.

In the end, all of the kids are successful in their ventures, making a profit on their $100 investments. They learn firsthand the satisfaction of earning their own money and the importance of avoiding debt.

As always, Warren congratulates the kids on their success and reminds them that the lessons they learned will serve them well throughout their lives. They leave the bank feeling proud of themselves and ready to take on whatever financial challenges come their way.