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Subscribe On AndroidToday’s show is a special shout out to our parent-folk out there (and for those who might one day be one)! Heck, if you just want some foundation money management tips, you’ll find some golden nuggets here too!
What we’re about to unpacked is a framework-stacked episode featuring THE Money Lessons for Kids — more specifically, how to teach your kids about money! Because, let’s face it, money makes the world go ‘round… so if our young folk aren’t given a proper head start as to how it all works, their futures will be impacted. It really is as simple and as straightforward as that.
So, how do you work out when and how to teach them?
Well, with 2 young boys each, we’ve asked ourselves the same thing. We get it — trying to run a household, manage your own money AND make sure your kids grow up to be respectable, decent and bright humans is no easy task. Adding to that the necessity of teaching them about money so that they can, not only survive in the big wide world but actually thrive in it… well, even we could do with some insights!
That’s what we want to give YOU today (if you’ve got more tips to teach our own kids too, we’d love to know!)…
Before plunge into the murky waters of Money & Kids 101, here are a few bits of housekeeping and the free resources we mention in today’s show…
- Upcoming Facebook LIVE, 12 PM (AEDT), Monday, 10th December – Join here
- ASIC’s MoneySmart Website – Teaching kids about money
- Ben’s Cash Rate Video – RBA Dec 2018 Announcement – Trade Wars & Stock Market Corrections
- Tim Ferris’ Interview with LeBron James – Tune in here
- The Power of Vulnerability by Brene Brown – Watch here
- CoreLogics Housing Report – Click here to check out the Monthly Reports
- Australia’s GDP Report for the September Quarter – Check it out on ABS
- The Golden Highlights – CLICK HERE for the gold in our first foundational 20 episodes
Oh, and because kids learn A LOT just by watching what you do (so the way you manage your own money really matters), here’s a shameless plug for our new book, Make Money Simple Again!
As Bryce mentioned, his TV show Escape from the City premiers on the 3rd of January 2018! So make sure you spare some time between the cricket to check it out! Just a heads up, he’ll personally be appearing on the show a few weeks later on the 31st January 😉
Here’s what you’ll learn from today’s episode…
- How’s the economy right now?
- Will we have a recession (seriously)?
- How is Donald Trump influencing the broader economy?
- Why will the results of the Christmas period have an impact on the economy?
- Is pocket money a good idea for kids?
- If so, what is a good age to introduce this?
- How do Ben and Jane teach their kids about Money?
- How do Bryce and Andrea teach their kids about Money?
- What’s likely to happen with money in the future?
- In “cashless” society, how do you navigate the real value of money?
- And how will this influence what you teach your kids?
- What age could you start talking about investing in property?
- Are “school banks” a good idea?
- How can you influence long term behaviour?
- What should you introduce kids to when they’re in preschool?
- What are some ideas you can do at primary school age?
- When do you start talking about opportunity cost?
- At what age can you start to introduce the concept of “shopping around”?
- What happens if you and your partner don’t agree?
- What’s a tip to compare prices?
- What are some money tips to survive Christmas?
- How can you introduce good money habits in high school?
- When do you start talking about the power of compounding?
- How old was Ben when he bought his first shares?
- Money Management Tips!
- How can you explain delayed gratification to kids?
