This week I sat down with author and Chief Mammal, John Lanza to discuss how to teach your kids about money.

John is the Chief Mammal of The Money Mammals and author of the new book for parents, The Art of Allowance: A Short, Practical Guide to Raising Money-Smart, Money-Empowered Kids. A pioneer in youth money-smarts, John created the original Money Mammals DVD and has written three children’s picture books to help kids learn to “Share & Save & Spend Smart.” He is recognized nationally as a youth financial literacy expert and the Money Mammals have been featured in The New York Times, The Wall Street Journal and The LA Times.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

• How John became an expert in youth financial literacy
• Some of the building blocks to teaching kids about money
• The three core money smart skills for kids to learn
• The importance of establishing a financial literacy foundation
• Teaching your children the Three Jar method
• The real purpose behind an allowance
• Why chores and allowance shouldn’t always be linked
• A recommended amount to give for allowance
• The best age to start with an allowance for your child
• How to approach the share jar with your child and at what age
• Some common mistakes parents make when teaching kids about money
• When to let your kids “borrow” money from you
• The right circumstances to give your kids a loan
• How to talk to your kids about investments (even if you’re not an investment guru)

LINKS WE MENTIONED ON THE SHOW:

• The Art of Allowance
• Kimberly Palmer’s Podcast Episode
• Bill Dwight’s Fam Zoo

GET SOCIAL WITH JOHN AND LET HIM KNOW YOU HEARD ABOUT HIM HERE

• John's Website
• John's e-mail