S5E67: How to Talk to Your Kids About Money

You derive so much value from having good people around you. Sometimes, you can be that good person. Parents are their children's first mentors; one skill they need is financial literacy.I interviewed Clifton Corbin, author of Your Kids, Their Money, who also updated The Richest Man in Babylon so that parents can teach their children how to handle money. Imagine what it would be like if you were money-savvy in your early childhood. How successful would you be today? Tune in and find out how to become the mentor to your child — or the people around you. Here are some power takeaways from today’s conversation:Resources to teach children financial literacyWhy we need relationships and not just moneyYou’re more qualified than you think to talk about moneyWhy everyone benefits from a mentor

Episode Highlights: [3:37] Fundamental Texts for Financial Literacy The Richest Man in Babylon is a fundamental text but an ancient book. Clifton worked with his ten-year-old son to modernize it and wrote Your Kids, Their Money to help parents. [12:26] The Value of Relationships For Clifton, relationships are just as meaningful as wealth. A sense of wholeness and fulfillment comes from financial security and healthy relationships. You need the whole package. [19:24] The Domino Concept Part of financial literacy is learning which domino to tip so that your money makes more money. The key is paying yourself first, meaning some portion of what you make goes directly to you. It's an investment in yourself. [33:01] Clifton's Tips for Parents Parents are their children's first mentors. They have to teach them financial literacy and the power of relationships. Talking about money can be uncomfortable, but we must prepare our children.Notable quotes from the Episode: [14:04] "It's about surrounding yourself with people who not just share your values, but who have also invested in you and invested in your well-being." [19:39] "Pay yourself first." [38:36] “You know how to earn, you know how to save, or you know the ramifications of not doing some of these things. So you have experience that your child does not have.” Resources Mentioned: Connect with Wyatt Graves: LinkedIn | Website The Mentee Podcast: Website | Apple | Spotify The Richest Man in Babylon Your Kids, Their Money Free Kids’ Money Workbook Connect with Clifton Corbin: Instagram | LinkedIn | Website <a...