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Teaching Kids to Set Financial Goals

Teaching Kids to Set Financial Goals

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Long story short, kids who know how to delay gratification tend to grow up to be adults with higher paying jobs, have happier relationships, are physically healthy, and are persistent in their pursuits. Let me know if you want the details to this longitudinal research. Using money, we have an unbelievable way to help our kids learn to delay gratification. It’s all about setting personal financial goals. There are three types of goals kids can set: ~to purchase a specific…

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Teaching Money Values

Teaching Money Values

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We impart our values to our kids through our words and our actions. Mostly our actions. Take a moment to reflect on the things you value. Integrity, compassion, honesty, persistence, courage, patience… Now think about an action that can be associated with each one. For example, returning the unpaid can of tuna you discovered in the shopping cart ~ honesty. Or volunteering to speak at the board meeting even though the thought of speaking in front of people makes you…

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Getting Kids EXCITED About Saving Money

Getting Kids EXCITED About Saving Money

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When Ryan was seven years old, John and I discovered he had a spending problem. As serious as a seven year old can have. It was all about Pokemon cards. Each week he would drain his money on the cute cards in hopes of striking it rich with a rare Charzard. But not wanting that spending problem to grow into a bad spending habit, we decided to introduce Ryan to compound interest. We wanted to see if the idea of…

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Personal Finance for Kids?

Personal Finance for Kids?

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So it happened again to me today, and it’s happened enough that I decided to write about it…and solicit your help. I was chatting with a woman I just met about this, that, and the other, when, inevitably, the question so what do you do? comes up. She’s a stay-at-home mom, nice, and I told her I was a kids’ personal finance educator. “You can teach personal finance to kids?” she, and just about everyone else, asks. Now don’t get…

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Teaching Kids to be Wise Consumers

Teaching Kids to be Wise Consumers

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Teaching kids to be wise consumers requires that we have them reflect on their purchases…before they spend the money. And an easy way to do this is to teach them the Three Money Questions: Do I need it? Can I afford it? Does it add value to my life? Do I need it? This gives kids practice in thinking about the difference between needs and wants. If the item is clearly not a need, and for kids this is the…

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