Teaching Your Kids About Money

Have you ever wondered what are some great ways to teach your kids about money so that they understand its value and learn to not repeat the same mistakes you may have made? So many parents struggle when it comes to helping their kids understand how to manage money and many avoid the topic altogether.

Since April is financial literacy month, I really thought this would be a great topic to dive into. To set the stage, I want to share some staggering statistics regarding the financial literacy of today’s youth:

• Today’s kids have access to $250 billion a year with average teen spending over $3,000 a year.
  • 64 percent of teens depend on gifts for spending money.
  • 32 percent receive allowances for doing chores.
  • 22 percent of teens earned money by working a job. (Source: Junior Achievement)

• Only 24% of millennials demonstrated basic financial knowledge.

• Nearly 30% overdraw each month from their bank account.

• Only 23% indicated they talked to their parents about money. In fact, a lot of research supports that parents are more comfortable talking about sex with their kids than about money.

• In my research study many years ago, which is shared in the show notes, 94% of those I interviewed (over 800 kids ages elementary age through college) all cited their parents as their #1 source for learning about money and how to manage it and they do not get this in schools.

And the scariest part, many parents still struggle with managing their own money, so what are we essentially teaching our kids through our own behavior? 

Now I don’t want to be downer with this information which is why I wanted to do a whole episode about this topic (and I’m sure many more to come). The need to talk to our kids about money and teach them how to manage it has never been more crucial than right now.

Tell your children what you want them to do not what you don’t want them to do.

– Ryan Roy

So on this episode, I’m very excited to have Ryan Roy author of amazon bestseller, Be the Dad You Wish You Had join me to help me talk about how we can start this conversation with our kids about money and how to reinforce what we are teaching them through our own actions.

Ryan Roy is an accountability life coach that helps his clients take ownership of his or her life in order to achieve personal or business goals. He is also the author of the amazon bestselling book, Be the Dad You Wish You Had that teaches dads 40 powerful lessons for being a more powerful father. Ryan is a sought-after speaker and hosts his own podcast show, I Don’t Know Jack About Parenting. Ryan is married with two sons who are his pride and joy. Check out the show notes to learn more about all of his work including getting a FREE copy of his book.

Here’s a sneak peek of the convo:

• [07:11] Ryan shares his very powerful story of how he came to focus on parenting especially helping fathers about being a powerful father.
• [017:05] Why you should never tell your kids NO and what to do instead.
• [24:46] Ryan talks about how by talking about money in the household has impacted his kids and how they participate in making wiser financial decisions.
• [29:50] Why telling your children what you want them to do instead of what you don’t want them to do is a powerful lesson for helping your kids how to make wise financial decisions.
• [35:58] Ryan’s advice for parents on a tight budget and how to help your kid(s) understand that some things cannot be purchased without upsetting them or you feeling guilty.
• [39:41] How to get you and the other parent on the same page when teaching kids about money.
• [42:40] Ryan shares a few tips for how to start teaching your toddler about money.

Click here to listen to the episode now! 

This episode is brought to you by my masterclass, The Battle Plan for Your Best Year Ever. Are YOU ready to be debt-free, make or save more money so you can achieve the financial freedom you dream about? If you are nodding your head yes, then join Laura on this FREE masterclass, where she gives you 7 “financially-freeing” strategies that you can implement now to completely turn your finances around this year. Click here to join the next class.

SUBSCRIBE: Have you subscribed to the podcast show yet? If not, why the heck not? I don’t want you to miss out on one episode that has the power to change your life. So here’s your friendly reminder to subscribe today in iTunes. Click here to subscribe now!

SHARE THE LOVE: If you are loving this show, would you be so kind as to do me 2 favors? Share this episode with a friend or two who you know will also benefit from today’s episode. Next, I’d be honored if you would take a few minutes and leave me a review over on iTunes of how the show has benefitted you. Those reviews not only help me bring you better content, but they also help others find the podcast so they are being blessed too. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know your favorite part of the podcast. Thank you so much! 

Links mentioned in this episode: 

• The Battle Plan for Your Best Financial Year Ever

• Free Copy of Be the Dad You Wish Had
• Ryan Roy Coaching
• FBI DADS
• I Don’t Know Jack About Parenting Podcast

Hang Out With Laura