How to Raise Money-Empowered Kids with John Lanza
The Dad Edge Podcast
Larry Hagner
4.8 • 1.6K Ratings
🗓️ 22 October 2018
⏱️ 57 minutes
🧾️ Download transcript
Summary
What's the right way to teach our kids about money? How do we create a system for chores and allowance that works? How do we show them to save and spend wisely? Today's show is all about how to raise money-empowered kids, and you might be surprised at the tips listed in this episode!
John Lanza is the author of the book The Art of Allowance and the host of a podcast with the same name. He tells us what most dads are doing wrong, like that age old system of giving allowance for chores. He also talks about what is the appropriate amount to pay kids by age, how to teach them to distinguish between needs and wants, and the three core money-smart habits they need to start learning from age five.
For the show notes, links, and sponsor offers mentioned in this episode go to gooddadproject.com/185.
Transcript
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| 0:00.0 | We are men. We are warriors. We are dads with a purpose. Dad's with an edge. We sharpen our skills so we can show up best for others. |
| 0:15.0 | We have one shot in life to be a dad. |
| 0:20.6 | Why not make it epic? |
| 0:29.0 | Gentlemen, what is going on? Gentlemen, what is going on? |
| 0:31.0 | Welcome to the Dad Edge Podcast, and today we're talking money money money money |
| 0:37.0 | money money I can't sing I can't sing I'm sorry that just probably just destroyed your ears maybe even cracked a window in your car. I don't know. |
| 0:48.3 | But the subject we got for you guys today is something that we have totally ignored and it's an |
| 0:53.9 | important topic and that's teaching our kids about money how we go by giving |
| 0:58.8 | them allowances and chores and all these good things and you guys are going to have some surprises in this show, |
| 1:06.1 | some surprises. There are things that according to my guest today, John Lanza, we're not doing right, and I don't know if I agree or disagree, but at any |
| 1:16.1 | rate it's his system. I want to expose you guys to it. But what you guys are going to get out of today's |
| 1:21.6 | show is we shouldn't act in this again |
| 1:26.3 | I'm not sure if this is the right thing or not I'm still experimenting with it myself is not linking chores with allowance. So that right there is a |
| 1:35.3 | shocker, not linking chores with allowance. So he's going to go into an |
| 1:40.1 | explanation of why we shouldn't actually link chores with allowance and why they need to be separate. |
| 1:48.0 | And he's going to explain that. |
| 1:49.4 | So and I of course in the show have my side of it as well, to be honest like I could see his side of it so you know paying kids for helping around the house when we need to probably more or less have the the environment of like we all live here, we all need to pitch in and |
| 2:04.8 | not get paid for it. However, I am going to give you a weekly allowance and I'm going to show |
| 2:08.8 | you how to use your money, so which I think is pretty cool. So what he's going to teach teach us today is how to |
| 2:16.4 | set financial goals with our kids, how to distinguish between needs versus once and why we just overall need to give them |
| 2:25.9 | an allowance to teach them about money. He also goes over what the share jar is, |
| 2:31.0 | what the save jar is,, what the spend wisely jar is, so it's going to go into that. He also goes into |
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