How Parents Can Teach Kids the Value of Money - Liz Frazier (BEST OF MKM)

Marriage Kids and Money: Personal Finance for Families

Andy Hill

Investing, Business, Kids & Family, Parenting

4.9 • 604 Ratings

🗓️ 26 August 2025

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to raise money-smart kids? In this Best of MKM episode from 2020, Andy Hill sits down with Liz Frazier, Certified Financial Planner and author of Beyond Piggy Banks and Lemonade Stands. Liz shares practical strategies parents can use to teach their young kids the value of money—starting as early as age four. From understanding needs vs. wants to saving, giving, and making smart spending decisions, Liz outlines fun and effective ways to build lifelong financial habits in children. She also tackles common questions around allowances, chores, and how parents can be positive money role models, even if they don’t feel financially perfect themselves. If you’re ready to help your kids build confidence, generosity, and gratitude with money, this episode is packed with actionable advice and inspiration for families. Resources ⁠⁠⁠⁠Sponsors, Deals and Partners⁠⁠⁠⁠ MKM RESOURCES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Own Your Time⁠⁠⁠: Pre-order my first book today! ⁠⁠⁠MKM Coaching⁠⁠⁠⁠⁠⁠: Want 1-on-1 support with your family finance journey? Book a time with me today. ⁠⁠⁠⁠⁠⁠Coast FIRE Calculator⁠⁠⁠⁠⁠⁠: A free calculator to help you find out when you can slow down or stop investing for retirement. ⁠⁠⁠⁠⁠⁠Mortgage Payoff Calculator⁠⁠⁠⁠⁠⁠: A free calculator to help you see how fast you can become mortgage free. ⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠: Subscribe for free to watch videos of these episodes and interviews. RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES): ⁠⁠⁠⁠⁠⁠Monarch Money⁠⁠⁠⁠⁠⁠ - Best Budget App for Families & Couples ⁠⁠⁠⁠⁠⁠Empower⁠⁠⁠⁠⁠⁠ - Free Portfolio Tracker ⁠⁠⁠⁠⁠Cr⁠ew⁠⁠⁠⁠⁠⁠ - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link ⁠⁠⁠⁠⁠⁠Ethos⁠⁠⁠⁠⁠⁠ - Affordable Term Life Insurance ⁠⁠⁠⁠⁠⁠Trust & Will⁠⁠⁠⁠⁠ ⁠- Convenient Estate Planning CHAPTERS 00:00 – Teaching kids the basics of money 02:00 – Why childhood shapes money habits 06:45 – When to start money lessons 08:30 – Needs vs. wants activity 09:45 – Teaching priorities and decision-making 10:45 – Allowance vs. chores debate 12:30 – Save, spend, share jars 13:45 – Making saving fun for kids 15:30 – Encouraging generosity and giving 18:15 – Teaching gratitude with money 20:00 – Helping kids appreciate wealth 21:00 – Parents teaching money (even if not perfect) 22:15 – Simple ways to start today 23:00 – Where to find Liz Frazier’s book HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Liz Theresa Editor: Johnny Sohl Podcast Support: Andy Hill Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:26.4	and I'm not to say that because I work here. Get started today at banta.com.
0:31.5	You're building these early habits with your kids. Every time you make money, you need to pay yourself
0:36.7	first, and you also have to do some good with it and give it away.
0:45.2	This show is dedicated to helping you. Break in your family tree and live financially free. Welcome to the
0:51.1	Marriage Kids and Money podcast, everybody. This is Andy Hill. And today we're bringing you another best of MKM episode.
0:58.0	Yes, it's summertime and hopefully you all are enjoying some sunshine and family fun as we are here in the Hill House.
1:08.0	This week we're featuring an interview I did with author and
1:11.4	certified financial planner Liz Frazier in 2020. Liz and I connected to discuss how to teach
1:17.4	young kids the value of money. If you're wondering when to start these types of conversations
1:23.4	with your kids, Liz dives into the when and the how, so you feel prepared to build generational
1:29.9	wealth and happiness for your kiddos. Without further delay, let's jump into this Best of
1:35.0	MKM episode from 2020 with Liz Frazier. According to Forbes, almost half of the. would not be able to cover a $400 emergency.
1:47.8	Around 40% have credit card debt, and one-third of Americans have saved $0 for retirement.
1:55.3	If we want our kids to survive these financial trip hazards and truly thrive, we need to start our kids financial education
2:02.9	early. And our guest today is a leader in the financial literacy movement. Liz Frazier is our
	...

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