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Episode 2641:
Christina Browning of OurRichJourney.com shares transformative insights on educating kids about financial independence through simple, relatable experiences. She emphasizes starting financial education early, incorporating discussions on earning, saving, and investing money into everyday conversations, thus preparing children for a financially savvy adulthood.
Read along with the original article(s) here: https://www.ourrichjourney.com/post/how-to-talk-to-your-kids-about-money
Quotes to ponder:
"Talk to them about money, talk to them about debt, and talk to them about investing - because the earlier you begin talking to your children about money, the better prepared they’ll be to achieve financial independence as an adult."
"Money should not be a taboo subject. It touches every aspect of our lives every single day."
"You’ll be amazed by what children can grasp when it comes to learning about money."
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[00:00:26] Visit cmu.edu slash Tepper to learn more. had on wet shoes, except for the culprit. This particular individual was wearing completely dry shoes. Dry shoes! That was it. That was all the information my dad needed to make the connection. Rainy day, dry shoes, bookum dano. I remember being fascinated with my dad's story.
[00:01:42] I'm sure I peppered my dad with some quality questions.
[00:01:46] Did the culprit have a mustache? scarcity. In my family, we didn't talk about money, and we certainly never talked about investing. Fast forward to today, and I talk about money all the time. Not only that, but Amman and I are constantly talking to our girls about money. Our've got four tips. Number one, talk about how money works. Don't tiptoe around the topic of money. Money should not be a taboo subject. It touches every aspect of our lives every single day.
[00:04:23] Because of this, you have an incredible number of opportunities money their parents make. Hook your children with this interest. Start by telling your children how much you make. Am I serious? Yes I am. Did I just answer my own question? Yes I did. Tell your children how much you make. Talk to them about what you do every day. Do you work too
[00:05:40] hard for your money? Do you your child will begin to learn how to cut off that immediate gratification trigger that so many children and adults tend to rely on when making impulse buys.
[00:07:04] And number four, set a high bar. You'll be amazed by what children can grasp when it comes to learning about money. As a general rule, we think it's best to set a high bar. If you set the bar too low, your child might just trip over it.
[00:08:23] You just listen to the post titled, How to Talk to Your Kids About Money and Prepare set goals and collaborate with your partner. And now get an extended 30 day free trial when you go to monarchmoney.com slash OFD. After trying out Monarch for myself, I understand why it's the top rated personal finance app. And right now get an extended 30 day free trial when you go to monarchmoney.com slash OFD.
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[00:10:42] on how we model behaviors, but we are working on the overarching lessons
[00:10:45] that we want him to understand about money.
[00:10:48] The interesting thing about this awesome kid
[00:10:50] is that he doesn't want much.
[00:10:52] He's not materialistic or demanding
[00:10:55] for certain toys, for example.
[00:10:57] So that actually presents a challenge
[00:10:59] in helping him develop the desire to earn money.
[00:11:03] He needs to earn money in order to save it
[00:11:05] and then ultimately invest it.