It’s important to concentrate on our own financial situations, but as parents, we can’t forget to teach our kids the principles of financial literacy as well. These lessons can be taught by instituting an allowance program or chore and reward system.
John Lanza, the author of The Art of Allowance, joins us on the show to talk about how we can develop a system like this. The earlier parents start, the better off their kids will be.
As we start to make progress here, John has a key piece of advice for the parents out there: Don’t pair allowance with chores.
I’m all about giving my kids the very best in life. That all starts with equipping them with the ability to provide for themselves in the future. Basic financial literacy is a great place to start.
Given that 78% of Americans live paycheck to paycheck, according to CNBC, it is incumbent on us as parents to start the financial education process early so our kids will have better lives than we do.
There’s no one better to talk about these elementary (and crucial) math skills than Paul Vasey. Paul is the founder of Cash Crunch Games. This is a series of games for kids that teach money habits that will help them not live paycheck to paycheck and truly win in life.
One of the reasons I started my podcast was to help my kids (Zoey and Calvin) learn how to become financially savvy. That way, when they get older they’ll not only be able to survive on their own, but they’ll be able to really thrive and take our family tree to the next level.
Zoey is 6 and Calvin is 3. I’ve got a long way to go before they’re off on their own, but I’ve heard it’s never too early to start. According to a survey by NEFE, only 24% of Millennial respondents showed basic financial literacy.
Since my kiddos are the children of Millennials (Generational Alpha), I’ve been working hard to improve my financial know-how so my kids are NOT lumped into that 24%.
As part my learning process, I asked Bill Dwight to join me on the show today. As a father of 5 and a former Oracle executive, Bill took his passion for software, his love for his children and his desire to promote financial literacy and started a company called FamZoo.
This company offers a prepaid card for kids so they can learn about how money really works. FamZoo’s goal is to bring financial literacy to 40 million American kids through thoughtful parent-moderated payment technology.