The Most Important Money Lessons To Teach Your Teen
Teaching your teens about how to save and spend wisely is essential to raising a self-reliant, financially responsible adult. In this episode, we are discussing the most important money lessons to teach your teen to set them up for financial success.
J and I have been having some really interesting conversations about money lately, so we thought what better way to drive home some of these important money lessons than to talk to an expert. So we invited financial coach and president of Tailor-Made Budgets, Ericka Young and her teen daughter Olivia to the podcast talk about what we should be teaching our kids about money.
In this episode we discuss the most important money lessons to teach your teen including…
- Letting kids manage their own money through work and reward
- Why you should try setting up a “pop shop” as a reward system
- Why we don’t believe in allowance
- The danger of giving kids everything you didn’t have
- Why it’s important for your kids to understand volunteerism and sharing resources with those in need
- Why parents need to be a good financial example for their kids
- What to do if you see signs that your kid is a spender and not a saver
- How to teach kids the value of money
- The best way to introduce your kids to investing and the stock market
- Why we can’t just print more money
- How credit works and why it’s important
- How inflation works
- Why investing in yourself is the most important investment you can make
- Why it’s important to share your money mistakes with your kids
Normalize talking about everyday finances like monthly bills and budgeting. These conversations can help kids understand the type of expenses associated with maintaining a household and how money works in real life.