62. How to Talk to Your Kids About Money

“When do you start talking to your kids about money and how old should they be before you talk to them about it?” We get this question often and we decided to tackle it head on in today’s podcast episode. And by that, I mean we talked about a number of things that might be a little be controversial. 🙂

We approach the conversation of money with our kids much like we approach anything else in our parenting — with the desire to lead by example and raise future adults. In this episode, we share when we begin talking about money with our kids, why we think it’s important to let your kids handle money from a young age, why we involve our kids in financial conversations and decisions, how we offer our kids opportunity to earn money, and why we are okay with letting our kids make mistakes with money.

In This Episode: 

[01:14] What’s saving our lives? It’s all about Christmas decorating, 

[06:14] Off the bookshelf: A Cross to Kill by Andrew Huff and Families Where Grace is in Place by Jeff VanVonderen.

[13:57] Learn four strategies to help kids learn how to think about and handle money.

[14:58] Strategy number 1: Set a Great Example. More is caught than taught.

[18:22] The second strategy: Start Teaching From a Young Age. It’s never to early to begin!

[21:39] Strategy number 3: Involve Your Kids as Much as Possible. Make it a family conversation and work together to achieve your financial goals!

[24:42] The fourth strategy: Let your kids make mistakes. Save them the $3000 and $30,000 mistakes later by letting them make $3 and $30 mistakes now.

[28:12] Why we let our kids earn and handle money and what this looks like for us.

Links and Resources:

How to Listen to The Crystal Paine Show

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