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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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jordan goodman

Uncover Your Money Type and Pay Off Your Home Mortgage Faster with Jordan Goodman

Jordan Goodman, America’s Money Answer Man, is back on the GDP Podcast!

The GDP takes a deeper dive with financial expert Jordan Goodman. Last time with Jordan, he discussed mortgage optimization. This idea basically makes your home mortgage work for you. Instead of paying off your mortgage over 30 years, Jordan Goodman shows you how to pay off your mortgage in less time and save you money. Who doesn’t want that? There was such a great response to our last show with Jordan we decided to bring him back on the show this time to answer some of your questions and help to clarify what mortgage optimization can do for you.

 

Jordan Goodman Discussing Your Money Type

One of the key questions asked of Jordan is how our relationship with money affects how we go about our daily response to our finances and if mortgage optimization would work for all of us. Of course, understanding your relationship with money is key to determining if a program like mortgage optimization is right for you. Knowing if you’re a squirrel or a high roller (or one of the other money personality types) with money will help determine how you could use this program to help you pay off your mortgage faster and put more money in your monthly pocket.

 

The Banks Have You Looking the Other Way

Don’t be fooled by the bank idea of what your mortgage should look like. Optimization has been used globally for years and just recently has been introduced in the US. However the idea of allowing your money to work for you rather than your money working for the bank is not something the banks are going to want to inform you of freely. So in this episode Jordan clearly outlines how identifying your emotional response to money as well as your spouses emotional response to money will help determine if this program will work for you and then how to get it started.

 

Our Money and Our Kids

At the GDP, we know it’s important to show our children how to respond to every situation. We have a consistent message and present guests that help us show up as better people to those who depend on us. This also includes how we respond to our finances and  what are emotional tie  is with money and how we can help our children establish a more positive relationship with money in their future. If we demonstrate a better grasp of making our money work for us rather than the opposite, our children see that habit and are able to replicate it on their own for their own family. What a great gift to give them so that they can have a more positive and healthy relationship with money in their future as well.

 

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Checkout Unbeatable Mind Online HERE

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Jordan Goodman Links:

Jordan Goodman Website

Jordan Goodman  Financial Resources

Jordan Goodman Twitter

Jordan Goodman Facebook

Jordan Goodman YouTube

money

Money and Working Together as a Family

Money and finances is responsible for over 50% of the divorces in the US today.  To be honest, money is not at fault.  What is at fault is how we manage money as a family.  The question becomes: “How we can we control money vs. money controlling our family?”

Open Communication about Finances

To be successful as a family unit and manage money properly, we must have an open-line of communication with our spouse and kids.  Literally, being able to talk about money openly can be one of the best things we can do for the health of our marriage.  Running our family and a household like a business is critical to success.  We have to be able to identify cost and expenses vs. income.  Also, it helps if we can identify expenses in our life that are a “want vs. a need.”

 

Managing Family Money with a Weekly Meet Up with Our Spouse

Every single week my wife and I will talk about our bills.  We sit down and do a quick recap on money spent the previous week and what is coming up for the remainder of the month.  We also keep track of what we spend in several different categories (mortgage, groceries, utilities, car, clothing, etc).  When we have reached the limit on one category, we are done for the month and no more spending (with the exception of necessities – we won’t let our kids starve! LOL!)

 

Choose Who Will Do the Bills

In our house, we have tried several different ways to manage the monthly cash flow.  For us, when we both did the bills there were too many chefs in the kitchen.  Plus, my wife doesn’t have the emotional tie money that I do.  Meaning, she is great at not getting stressed when it comes to cash flow.  To be honest, I get very stressed when it comes to seeing money going out.  So, I am not the person who should be doing the bills.

 

Thanks for checking out this week’s Five Minute Thursday on MONEY!

Resources:

==>NEW!!<== 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