For Episode 70, we welcome Scott Kilian, Certified Financial Planner and “Certified Dad”. We discuss a Forbes article that talks about the importance o teaching kids about money. Here are some of the topics we go over:
1. Model Good Behavior – What you say is important but it’s more important about what you do.
2. Don’t Say “We Can’t Afford It”. Instead say “This is how we choose to spend our money”
3. Involve Kids In Household Shopping – Allow them to hold the list or use coupons
4. Don’t Take Kids Shopping For Fun – Don’t overexpose them to leisure shopping
5. Bring Your Kids To The Bank With You – Open an account and encourage questions
6. Don’t Use Credit Cards Around Kids – Cash is more visual. The magic card gets you everything you want versus seeing you can buy with what you have in your hand.
7. Give an Allowance – We debate a bit about this one and don’t necessarily agree with the article.
8. Don’t Give Your Kids Loans – Simply don’t spend more than you have
9. Talk about Money Regularly and Casually – Money shouldn’t be scary
10. Don’t Downplay The Importance of Money – don’t pretend it’s not important. Instill from an early age that handling money in a smart and generous way is one of the most important aspects of a successful life.
To get in touch with Scott Kilian directly, you can email him at firstname.lastname@example.org