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BiggerPockets Money Podcast

463: How to Teach Your Kids About Money (Saving, Investing, Spending, and FIRE)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 30 October 2023

⏱️ 50 minutes

🧾️ Download transcript

Summary

Teaching your kids about money is one of the most CRUCIAL parts of parenting. So why do so many Americans completely neglect financial literacy for kids? Is it too awkward of a subject? Do parents feel like they don’t even grasp personal finances themselves? What happens if YOUR kid goes into the world with zero money mastery? If you have children, grandchildren, nieces, nephews, or loved ones with kids, THIS is what you MUST teach them. Instead of Mindy and Scott telling you what they taught their kids, Katie Trautman comes on the show to share what her FIRE father taught her about money. You may recognize Katie’s name; her father, Mark, was on the show just a few months ago. Mark was able to retire at age fifty, get Katie through college debt-free, and travel to his heart’s desire. He taught Katie some crucial personal finance lessons many of us never learned. From saving to spending, investing, retirement accounts, and more, Katie goes through some of the top lessons her father taught her about finances before she left the house. Katie is about to start her first full-time job, and with a healthy emergency reserve, full retirement accounts, and the right money mindset, she’ll show you how she plans to retire earlier than her father even though she JUST started working. In This Episode We Cover Financial lessons you MUST teach your children before it’s too late How to fund your child’s college through tax-advantaged investing accounts Allowances and how to entice your child to save more than they spend The “20%” rule that Katie has ALWAYS followed to set herself up for financial success Why your kids SHOULD know how much money you make, save, and spend The one thing Katie wishes she could change about growing up in a FI family And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement with Mark Trautman Tracy Coenen (Forensic Accountant) Part 1 Tracy Coenen (Forensic Accountant) Part 2 5 Ways to Teach Your Kids About Finance & Investing Click here to check the full show notes: https://www.biggerpockets.com/blog/money-463 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pogots Money Podcast, my favorite listeners, where we interview Katie

0:06.2

Troutman, daughter of Mark Troutman, and talk about her upbringing in a five-family, second-generation

0:13.4

five, and how she has implemented these principles in her adult life.

0:18.4

Hello, hello, hello, my name is Mindy Jensen, and with me, as always, is my once-to-teach

0:23.7

his little one-financial literacy co-host, Scott Trunch.

0:26.6

That's right, Mindy. I'm looking for some fire playbooks on how to raise a little one to

0:31.0

you go with money.

0:32.0

She, you got a little bit of time, Scott. What is she, like, almost one?

0:36.4

It's time.

0:37.4

It's time. Yes, she can't read yet. Her grasp on the English language is not quite a hundred

0:42.3

percent, but yes, go ahead and teach her complex mathematical computations. That's a great

0:48.2

parenting skill. She's going to look at you like she always does. Huh? Scott and I are

0:54.0

here to make financial independence less scary, less just for somebody else to introduce

0:59.1

you to every money story, because we truly believe financial freedom is attainable for

1:03.8

everyone, no matter when or where you're starting or, apparently, how young you start those

1:09.3

kiddos.

1:10.3

That's right. Whether you want to retire early and travel the world, go on to make big-time

1:13.2

investments in assets like real estate, start your own business, or start your little

1:17.1

ones early on the journey to financial independence. We'll help you reach your financial goals

1:21.5

and get money out of the way so you can launch yourself towards your dreams.

1:24.6

Scott, I am so excited to talk to Katie Troutman today. She has such a great story of not

1:31.8

only from her perspective of listening to money and money conversations, her whole life,

...

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