Warren Buffett hears business pitches from kids

OMAHA, Neb. (AP) — Billionaire Warren Buffett plans to devote part of Monday to listening to a series of business ideas, but none of the people meeting with the investor even has a college degree.

Instead, the entrepreneurs are a group of kids between 7- and 16-years-old who are finalists in a contest sponsored by www.creditreport.com. The contest is also associated with "The Secret Millionaires Club" cartoon that Buffett appears in.

Three teams and five individuals will present their ideas to Buffett on Monday.

The winners get $5,000. The runners up will receive $500 prizes.

The grand prize winners' teachers will each receive $1,000, and the other finalists' teachers will receive $250.

The cartoon is designed to teach kids financial principles, such as avoiding debt. It appears on AOL sites online.

Tags: business, youth, education