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KIDS AND ALLOWANCE

Kids and Allowance: Money-Smart Habits in Action


In our previous episode, John Lanza, author of The Art of Allowance, shared some ideas about kids and allowance that probably made a lot of us scratch our heads.

He told us that the traditional practice of giving allowance for chores was not a good way to teach kids about managing money or work ethic.

He also explained what a breakthrough allowance is, and how as kids get older they should get as much as $100 in allowance!

These ideas may seem crazy at first, but they work in unexpected ways. Listen to what happened when I implemented these money-smart habits with two of my kids.

When kids are the stewards of their own money, they become discerning, proactive, and empowered. #parenting #kids #children #chores #allowance #money #finance Click To Tweet

RELATED EPISODES:

How to Raise Money-Empowered Kids with John Lanza

The Easy and Effective Way to Budget for Your Goals with Jesse Mecham


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How to Raise Money-Empowered Kids

How to Raise Money-Empowered Kids with John Lanza


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
    • Share
    • Save
    • 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
    • Gifts
    • Extra food outside of home with friends
    • Clothing
  • The issue of using credit cards in front of the kids
  • Teaching kids about interest and investment


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John Lanza’s Links

theartofallowance.com

Twitter

Instagram

Amazon

Resources

Fill out an application for The Dad Edge Alliance

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Download this free resource on:  CONNECTION WITH YOUR KIDS

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Teaching Kids to Take Ownership


Thursday Throwdown is our short show with everyday, relatable dads. Today, Dad Edge Alliance member Joe Courtney talks about teaching kids to take ownership.

Fatherhood is imperfect. It’s messy. It’s crazy, but one thing we need to keep in mind is that our kids are watching us. The example we set means more than whatever we tell them. That’s why it’s crucial to always keep our word and be accountable for our mistakes.

Fatherhood is imperfect. It's messy. It's crazy, but one thing we need to keep in mind is that our kids are watching us. #dads #men #fathers #fatherhood #dadlife #parenting Click To Tweet

Joe Courtney is a husband and a dad to two boys. When it comes to spending time with his sons, he remembers his father’s example. His dad was a lineman and would come home tired from long, physical days of work. But when Joe would ask him to play, no matter how beat his dad was, he rarely said no.

Joe tries to do the same with his kids. As his wife Heather believes, they’re not raising boys. They’re raising future husbands and fathers. It’s important to show them how to follow through with promises when interacting with any person in life.

Joe also teaches his boys ownership by giving them responsibility. They have to make sure their chores are done. They take an active role in taking care of themselves. They are also in charge of their toys. These small measures translate into accountability for kids and give them a solid structure to build on in their future.

MENTIONED EPISODES:

How to Quit Your Job in 12 Months with Ryan Enk

 

Like the show? Leave an iTunes review.

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 Resources

Fill out an application for The Dad Edge Alliance

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Join our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Download a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Download this free resource on:  CONNECTION WITH YOUR KIDS

Links


Hungry for more out of life?

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CLICK HERE!

Dad Edge Alliance


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Tag us when you share on social media!

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chores and allowance

Chores and Allowance: How to Teach Kids Money Management

In a recent Good Dad Project episode with Jim Sheils, we talked about how kids aren’t taught how to manage money in school. It’s up to parents to make sure our children know what it means to work for a living and how to manage the money they earn.

I was against giving allowance until about thirty days ago. In this episode I share why I decided to give my kids an allowance for chores and how it changed the way our whole family thinks about money.


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RESOURCES

Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Check out our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Check out a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links