Financial literacy for kids: how to teach your kids about money

#77: Teaching financial literacy for kids may seem like a tall order…when considering that financial literacy even for adults is a national deficiency.But teaching kids about money is crucial if you want your kids to grow up financially responsible and independent.As a parent, you will have a strong vested interest in it, because if you fail at it you’ll eventually pay the consequences (literally), e.g., if your adult kid can’t support themselves and move out of the house.And early retirement? You can probably kiss that goodbye if your kid is financially reckless.So, instilling good financial education for your kids is a wise investment…maybe even the wisest investment.This week, I spoke with Robin Taub, author of the book “The Wisest Investment,” about how to instill financial literacy for children. We discuss strategies, role modeling, and techniques for teaching personal finance and money lessons to your kids.What you’ll learn:Why teaching kids about money is hardWhat financially well-educated kids have in commonThe right age to start teaching kids about money in earnestThe crucial money lessons kids at each maturity level should know to have healthy skills, habits, and mindsets about moneyRobin’s core framework for teaching kids about moneyCommon mistakes parents make when teaching their kids about money, and the most effective role modeling parents can do to successfully teach their kids about moneyHow to get kids to become self-motivated to learn about money, saving, investing, and budgetingHow parents can create teachable moments in daily life and turn them into money lessons for their kidsHow to answer awkward questions like “how rich are we” and “how much money does our family make”How parents can help teach their kids to embrace impulse control and delayed gratification when it comes to moneyGuidelines for paying kids an allowance or paying kids to do choresHow to teach kids about budgeting (and when it’s age appropriate)For affluent families: how to make sure your kids don’t take money for granted or become spoiled entitled bratsWhat methods have you found to be effective when it comes to teaching your kids about money? If your kids are self-motivated to learn about personal finance – earning, budgeting, saving, investing – how did you get them to be self-motivated? Let me know by leaving a comment.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsOvercastSpotifyI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Related links:The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for LifeRobin Taub9 Crucial Money Lessons Your Kids Must Learn to Succeed as Adults (HYW027)Schedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.