Welcome to The WealthWise Show with your host, The Wise Investor! In today's episode, titled "Everyday Activities for Teaching Kids About Money," we're diving deep into the world of financial education for children. If you're a parent or guardian looking to instill valuable financial habits in your little ones, you won't want to miss this.
Here's a sneak peek at what you'll learn:
1. **Make Them Earn Their Allowance**: Discover the power of teaching your children the value of money and budgeting by encouraging them to work for their allowance. We'll introduce you to helpful apps like Busy Kid and Greenlight to manage this process effectively.
2. **Encourage Part-Time Gigs**: For your high schoolers, we'll explore the benefits of part-time jobs such as lawn mowing and pet sitting. Learn where to find these opportunities through platforms like Nextdoor and homeowner's association newsletters.
3. **Contribute to Purchases**: Involve your kids in purchasing decisions and impart a sense of financial responsibility by having them contribute to the cost of desired items.
4. **Make It a Game**: Uncover how board games like Payday and Monopoly can become powerful teaching tools for money management, budgeting, and risk assessment.
5. **Open a Bank Account**: Find out how to transition from piggy banks to kids' bank accounts in elementary school. We'll introduce you to kid-friendly debit cards like Greenlight and GoHenry, making the introduction to the banking system and saving concepts a breeze.
6. **Introduce Investing**: Learn how to familiarize your children with investing by opening a custodial brokerage account and involving them in investment decisions. This sets the stage for their long-term financial health.
7. **Have Honest Conversations About Money**: We'll stress the importance of open and honest discussions about family finances. These conversations help children understand budgeting, saving, and dealing with financial challenges, setting them up for success.
Did you know that research indicates these habits are often formed by age seven? That's right, early financial education is crucial, and we'll discuss why throughout the episode.
So, if you're ready to equip your children with the financial skills they need for a prosperous future, join us on The WealthWise Show. The wise investor has your back, and together, we'll set your children on the path to financial wisdom. Subscribe now and never miss an episode!
Registered Investment Adviser. Sub-advisory services are provided by Simplicity Solutions, LLC, a Registered Investment Adviser. Insurance, Consulting and Education services offered through The WealthWise Show. The WealthWise Show is a separate and unaffiliated entity from Simplicity Wealth and Simplicity Solutions