What’s the right way to teach our kids about money? How do we create a system for chores and allowance that works? How do we show them to save and spend wisely? Today’s show is all about how to raise money-empowered kids, and you might be surprised at the tips listed in this episode!
John Lanza is the author of the book The Art of Allowance and the host of the podcast with the same name. He tells us what most dads are doing wrong, like that age old system of giving allowance for chores. He also talks about what is the appropriate amount to pay kids by age, how to teach them to distinguish between needs and wants, and the three core money-smart habits they need to start learning from age five.'We’re not raising a generation of kids who are going to be on the dole. We are raising a generation of kids who are going to have some practice with money in a low-stakes environment.'—John Lanza @johnlanzajr #parenting #kids #money… Click To Tweet'Kids have to have actual money to learn about money.'—John Lanza @johnlanzajr #money #kids #finance #parents #family Click To Tweet
What You’ll Learn
- Why you shouldn’t couple chores with allowance
- The 3 core money-smart habits
- Learning to set and save for goals
- Distinguishing between needs and wants
- Making good money choices
- Why chores should be done as being part of the family
- The 3 Money Jars each kid should have
- Spend Smart
- Charity: Teaching them that giving is a good thing
- Making sure kids know to pay themselves first
- How to empower kids by letting them make their own choices using their discretionary money
- Why you should let kids make money mistakes
- How to motivate kids to do work without paying them by taking away privileges instead of paying them
- Reducing the negative associations around money
- The appropriate allowance amounts for kids per age
- Why you should start the money conversation before age five
- How to teach delayed gratification
- How to create reference points for spending
- When and how to implement the “breakthrough allowance”
- What kind of expenses should kids be responsible for as they get older. like:
- Phone bill
- Extra food outside of home with friends
- The issue of using credit cards in front of the kids
- Teaching kids about interest and investment
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