5 Tips To Teach Kids About Money

Show Notes:  00:01 Show Intro 00:20 Cassie Parks Intro 00:26 How To Teach Kids About Money 00:36 You listen to this podcast because you want more money and chances are you have a child in your life that is important to you - own children or nieces/nephews, god children, grandchildren 1:10 You have an impact on the children in your life 1:30 Written a few articles about this topic this week and was on the MomLifeYoShow 2:15 Learn why it is important for you to teach your children 2:58 Fear of managing money doesn’t just go away as an adult 3:47 Grow up with money confidence as a child 4:02 You can change your money story - when you become aware of your story you can shift it immediately 4:26 Change Your Money Story Challenge will help you see what money story has been playing out in real life and the daily steps to change your money story 5:00 Where is not clear as to what your intention is 6:00 Shared pool party story about the friend that put in the address wrong in her GPS 7:12 Parents want to teach kids about money. Ask yourself these questions: What do you want to teach them about money? What kind of adults do you want them to be with money? What are the adults you want to raise? Who are you teaching them to become? 9:48 Teach kids to be a financially successful adults and how to build wealth 10:50 Knowing how to use the tools that are available to you to your best advantage to help you build wealth 11:29 What does financial success mean to you? 11:59 When people don’t have an intention, they don’t make decisions to get them there 12:27 Have that conversation with your partner/parent about who do we want our child to be when they grow up 12:59 Money is part of your entire life and there is really no way to escape it’s impact 13:15 You probably didn’t learn how to be financially successful or build wealth in High School 13:47 Tip #1: Allow Children To Handle Money 13:55 All lesson are worth what they cost 14:10 Children need to interact/handle with money - start with the piggy bank (“This is where we keep money so we know where it is.” and “We make decisions to take it out based on wants and needs”) and this starts to lay the foundation. 15:50 Birthday card money - adult wants to keep that money safe typically and whisked away and that says to a kid consciously or subconsciously “You can’t handle this.” Allow them to handle it so it becomes concrete. 17:20 Allow kids to take ownership of money. 17:44 Money is clean and in order. 17:56 Encourage them to open a bank account and make a big deal about it because they have saved money. 18:42 Tip #2 Mind Your Own Money Talk 18:45 Children are listening and processing way more than adults realize or pay attention to 19:05 You are teaching kids about money all the time by how you interact with it daily 19:29 Ask yourself, “Am I teaching them right now how to be the adult I want them to be?” 19:46 Choose your words carefully when interacting with money and do it purposefully 19:53 Tip #3 Make A Budget With Your Kids 20:13 What does the child need for school? (lunches, sports fees, entertainment, yearbook, clothes shopping budget and anything we forgot) 21:13 After my Mom approved the budget, she gave them a check every month for that month, took us to the bank to deposit that check and responsible for getting out the money we needed and writing checks for the things that checks were needed for 21:48 We were also responsible for balancing the account and making sure there was money in there 21:54 Taught me how to be aware of money, what things cost and make choices 22:20 This felt like the best