Ep 32 | Lead Kids - How to communicate money management

INTRODUCTION TO EPISODE 32

Money management is undoubtedly a crucial skill your kids will have to learn as they grow up. By teaching them that when they're little, you're preparing them to make great financial decisions later in life.

Over the next three weeks, we'll be talking about leading and speaking to your kids in a way that sets them up for success in the future. In today's episode, Mike discusses the importance of teaching kids money management at an early age and how to do that in a way that is not only effective but also enjoyable. Listen in!

EPISODE 32 SUMMARY & HIGHLIGHTS

Why is money management an important skill to teach kids today?

1:46

Many of the wildly successful CEOs started when they were kids. They created a business or an endeavor early on. Learning work ethics, entrepreneurship, and the associated skills at an early age worked in their favor later on. 

Money management is one such skill that can help your kids in their times ahead.

What are the three things you could practice with your kids to teach them about money?

5:04

1. Mindset -  Sometimes, we just want money to fall into our laps. It is important in those times to remember that money comes from work, that it is when we work, we can get others to work and be smart in it. Get the right mindset for yourself, and then teach your kids what goes behind making the money you have in your life. 

Teach them that when you work, in the end, it produces income. Also, make them understand that different people make different amounts of money, which doesn’t make anyone good or bad. 

10:29

1. Commission -  Pay your kids commission for the different things they do around the house. Show them how they could be rewarded for doing the tasks they’re assigned to. 

By doing this, you’re not only rewarding them for doing the tasks well, you’re also teaching them math. You’re teaching them financial management and responsibility. And beyond commission, you’re teaching them how to do business.

17:35

1. Reinforcement - Practice the skill again and again every day. Talk about this to other parents, other kids, their friends - reinforce it. 

So the next time they really want something, and you show them how to buy it using their own money, they’ll make wiser decisions. You’re hence preparing them for their future.

KEY QUOTES (in show notes at connect.stepstoadvance.com)

RESOURCED MENTIONED ON THE PODCAST:

●      Books:

○      Storytime Book Set: Teaching Kids How To Win With Money

○      Money Honey by Rachel Richards

●      Course:

○      Financial Peace by Dave Ramsey

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(Full show notes & more resources visit connect.stepstoadvance.com) 

Check out the YouTube at:
https://www.youtube.com/c/ADVANCEwithMikeAcker 

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To book Mike Acker to speak to your group or facilitate a specific workshop, email:
media@stepstoadvance.com
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