330: The Ultimate Teen Money Hack for Parents
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 26 August 2022
⏱️ 45 minutes
🧾️ Download transcript
Summary
You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school. Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money.
Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence, responsibility, and the ability to save and invest for a better future.
But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too!
In This Episode We Cover
The “ultimate teen money hack” every parent should try with their high-schooler
Teen debit cards, credit cards, and building up basic frugality
Teaching your teen to “pay yourself first” through strategic spending and investing
Letting your child make mistakes now, so they don’t make life-long mistakes later
The perfect age to implement this strategy and when it matters most
Common questions your teen may ask and getting them excited about money management
And So Much More!
Links from the Show
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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Escaping The Rat Race Before Your First Job w/ Dan Sheeks
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Pod Cash Show number 330 Finance Friday edition, |
| 0:05.3 | where we interview Dan Sheeks and my daughter Claire Jensen and talk about the ultimate team |
| 0:11.5 | money hack for parents. The authorized user on the credit card is an amazing hack to start the |
| 0:17.1 | teenager with a good credit score before they turn 18. Having money conversations, involving them |
| 0:24.8 | in paying the household bills before the strategy we've talked about today is implemented. |
| 0:29.6 | They should be involved with some of the decisions for the household budget. They should be |
| 0:34.7 | clicking the mouse to pay the bills every month. Talk to them about budgeting, have them start |
| 0:41.1 | tracking their income and expenses, even if it's, you know, as a teenager, not a lot of |
| 0:44.4 | money's coming in and out. Hello, hello, hello, my name is Mindy Jensen and today is a family |
| 0:49.4 | affair plus Dan. My husband Carl is here today. You know him from 1500days.com and from the Mile |
| 0:57.1 | High Fy podcast. Thank you so much for having me. That's not the weird. It's early. My brain is not |
| 1:04.8 | working yet. I don't know what to say. I'm kind of, I'm gonna lost for words. I think it was perfect, |
| 1:09.6 | Carl. Thank you, Dad. One person appreciates me. Claire, what did you think of my intro? |
| 1:15.9 | I think that this is going fabulously. It gets better, I swear. And also sitting beside me is |
| 1:22.8 | my lovely 15 year old daughter Claire Jensen. Hi. Carl and I are here to make financial |
| 1:30.0 | independence less scary, less just for somebody else to introduce you to every money story, |
| 1:35.7 | because we truly believe financial freedom is attainable for everyone, no matter when or where |
| 1:40.1 | you're starting. Okay, before we get to the show, let's hear a word from today's show sponsors. |
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