How much do your children know about money? What lessons about savings and investments have you taught them? As a society, we may not be doing everything we should be doing to teach children about how money works, where it comes from, how to get it, and what to do with it when you actually have it.
These crucial lessons aren’t taught in school, and parents often don’t know where to start when it comes to speaking to their children about money. On episode 6 of the Fresh Start for Life Podcast, we begin the first of our short series on teaching kids about money using lessons from the book Smart Money, Smart Kids, written by Dave Ramsey and Rachel Cruze.
We discuss why kids need to earn money of their own, the difference between an allowance and a commission, and how teens can benefit from learning to manage a checking account.
Other topics we discuss include:
- How a child’s need for spending money increases as they grow up
- When to start making children do chores around the house for commission
- The types of chores children can do for a commission at different ages and stages of their childhood
- Encouraging teens to earn money through sources other than their parents
- What types of jobs teens should look for and what they can learn from working
To listen to episode 6 of the Fresh Start for Life Podcast, click here.
Do you have questions about planning your finances? Do you need help filing for bankruptcy protections? Then call (813) 699-4911 to learn how to get started on your debt free future. Schedule your consultation today.