When is the right time to educate your kids on money?
The truth is: not everyone’s approach to teaching financial responsibilities has to be the same. Some people start giving kids allowances early on and teach as early as possible, and some prefer to keep their kids blissfully unaware until they’re a little older.
So there’s really no right answer.
But when we’re ready to teach our tweens (or teens) about how to make the sound financial decisions, it’s helpful to have a framework
You may be asking yourself:
How do I start? How much money do I want to give them access to? How much can I control their spending? How often do I step in to bail them out?
I’ll answer those questions for you today.
In this episode, I’ll show you 4 concepts you can use to teach your tweens and teens financial responsibility. I’ll also show you how to help your kids get a handle on spending and learn important financial principles for wealth building over time.
Show Highlights Include:
- 4 solid concepts you can deploy to effectively teach your kids financial responsibility and help them make better financial decisions. (2:58)
- How to get your child to understand money by earning (so they can start to learn financial responsibility). (6:28)
- How to get your kids to build the habit of giving back. (14:45)
- Two powerful reasons for accruing money you can teach your child. (17:16)
- Why you should encourage your child to spend some of the money they’ve earned (instead of saving every penny). (21:16)
- My favorite ‘debit card on training wheels’ you can use to get your kids prepared for having a credit card on their own (while controlling their spending now). (24:29)
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