Episode 41: How to Teach Your Young Kids About Money

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Work Your Wealth
Work Your Wealth
Episode 41: How to Teach Your Young Kids About Money
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HOW DO YOU TEACH YOUR YOUNG KIDS ABOUT MONEY?

One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. Today I’m answering the above question.

WHAT YOU’LL LEARN FROM THIS EPISODE:

  • What money scripts are and how they impact us from childhood through adulthood.
  • Why it’s important as parents to make money a topic of interest for our children from an early age.
  • Why it’s important to remember that children model and mimic our behaviors.
  • How to model and expose children to healthy financial behaviors.
  • How to leverage a rewards jar for savings.
  • How children who can practice delayed gratification fare better financially.
  • How to set and frame boundaries and expectations.
  • Ways to tie together the financial conversation through various messages.
  • The role “play money” can have empowering your children financially.
  • The use of the Three Jar Method and how to leverage it to teach a balanced approach about money.
  • How to incorporate a conversation around giving back.
  • Why it’s important for you to create a habit of discussing finances from your children’s early age.

LINKS MENTIONED ON THE SHOW:

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Mary Beth Storjohann, CFP® is an author, speaker, and financial coach who takes a fun, no-nonsense approach in working with individuals and couples across the country, helping them make smart choices with their money.

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