All the Questions
Man, have I been fielding a lot of questions about money lately. How much money do we have? Can we buy a Lamborghini? I want to go out to lunch with friends, can you give me some cash?
All this talk prompted me to consult the internet for tips and tricks on how to talk to my boys about money and help grow them into financially literate adults.
Financial Literacy
Did you know that was a thing? I honestly didn't until a few weeks ago. Being financially literate means that you as an adult have an understanding of things like: budgeting, debt, interest, and saving.
Do you know what else? Statistics show that most of us ADULTS are unlikely to be financially literate and that it is not generally being taught in schools. That means that if your kids are going to grow up understanding all the ins and outs of handling money, YOU are going to have to teach them.
Today we are talking about what it means to be financially literate and the skills you should possess as well as how to talk to your kids about money (Hint: if you listened to this show on how to talk to kids about sex, money is the same way. It is never too late, and never too early to start.) I also let you in the big debate on how to handle getting money to your kids and what we are doing at our house.
Show Notes and Links:
Find the definition of financial literacy:
https://www.financialeducatorscouncil.org/financial-literacy-definition/For more about the skills needed to be financially literate check out:
https://www.daveramsey.com/blog/what-is-financial-literacyhttps://www.fastweb.com/student-life/articles/the-5-key-components-of-financial-literacyWant to know about how to talk to your kids about money?
https://www.daveramsey.com/blog/how-to-talk-to-your-kids-about-moneyhttps://childmind.org/article/talking-kids-money/The expert that says allowance is OK:
https://slate.com/business/2015/02/kids-allowances-youre-doing-it-completely-wrong.htmlI am currently reading "The Opposite of Spoiled" by Ron Leiber, an expert whose tone as generally resonated with me.
https://www.amazon.com/gp/product/0062247026/ref=as_li_tl?ie=UTF8&tag=boysbuiltbe04-20
Timestamps:
Financial Literacy (7:30)
Talking to your kids about money (11:59)
The allowance debate (21:16)
What is working for us (23:45)
Looking Ahead (30:30)
