How To Teach Children About Money

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 24 October 2018

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

#227 Here are four most important things to teach children about money and why showing is better than telling when it comes to kids and money. Thanks to CNote for sponsoring this episode.

For show notes and more information on this episode click here.

[2:58] Here’s how you can start teaching children about money
[5:30] #1 - The right attitude about money comes with a balance of respect, understanding, and trust
[8:40] #2 - Healthy relationships with money come with accountability and choice
[11:38] #3 - Money is tied to work
[20:25] #4 - Avoid the wrong kinds of debt
[22:51] #5 - Teaching kids about money is often about “just in time” learning

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Transcript

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0:00.0	Welcome to Money for the rest of us. This is a personal finance show on money. How it works, how to invest it and how to live without worrying about it.
0:10.0	I'm your host David Stein today Today's episode 227. It's titled How to Teach Your Children
0:17.3	About Money.
0:20.0	This past week I got an email from Warren. He writes, I only recently discovered your
0:25.4	podcast and I enjoy it. So I went right back to the beginning and listened to
0:30.9	every one of them. It took a while. Anyway, even though I could continue to listen
0:36.5	to the weekly broadcast for free, I thought it was something worth paying for. Hence,
0:41.3	I became a paid-up member, a plus member. I'm 48, got a late start with family
0:47.2	life with two young children, 8 and 5. My wife died 4 years ago, so that has made for a few life changes.
0:54.6	I'm somewhat lucky and that my sister was made redundant from her job working in
0:59.2	child care not long after my wife died or that.
1:03.0	She now plays a big role in looking after my children.
1:07.0	I work for myself, by myself, in a niche metalworking business.
1:11.0	The business is going pretty well, at least for now, so I'm trying
1:14.7	hard to get things organized financially, taking advantage of the good times in the business
1:19.9	right now. With young children, I doubt I will be taking early retirement. I don't
1:26.5	think I would anyway. I enjoy my work finding finding find it financially
1:31.2	rewarding as well as emotionally rewarding and relaxing.
1:36.3	Well most of the time at least.
1:38.8	Perhaps you could consider a podcast about helping to get children started on a healthy financial life.
1:45.0	What guidance do you think parents should be giving to their children?
1:49.0	What did you do with your children?
	...

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