Get money in their hands
We often try to get our kids to learn about money without actually getting money in their hands—to practice. We wonder why kids are going to college and lack budgeting skills. Some even build up credit card debt. That happens because they never had money in their hands to figure out what to do with it.
1) READ THE CHAPTER
For information and a deeper dive into having money talks with your kids. Read the chapter with relevant financial literature to give you a sufficient foundation on the topic. Order your copy of the book below.
2) LISTEN TO THE PODCAST
Listen to this lesson’s episode where I’ll walk you through the questions to ask your kids during the conversation as well as the likely responses you’ll hear from them.
3) SEND THE TIKTOK
Send this video to your child, so you can set the stage for the topic you’ll be discussing, in a language they understand.
@totalcents You can’t REALLY learn about money until it’s in your hands to practice. #financialliteracy #financialfreedom #finlit #moneysmart #moneysmartkids ♬ original sound – Total Cents
4) HAVE THE MONEY CONVERSATION
Using your printed one-page conversation guide and enjoy the dialogue with your family to get them financially launched. Now’s the time to discuss and start the conversation.
Additional Lesson Resources
- The Defining Decade: Why Your 20s Matter (Jay)
- The Career Playbook (Citrin): This looks like a great book. Would be appropriate for college graduates to get their first “real” jobs. Works in your chapter on getting money in the kid’s hands.
- StrengthsFinder 2.0 (Rath) This book is a way to uncover your talents so you can strengthen your talents, rather than fixing our shortcomings. It is the revised updated version. Another good resource for the book.
- The Art of Allowance (John Lanza) & website resources: https://themoneymammals.com/signup-parents
- United States Economy at a Glance by the Bureau of Labor Statistics: Get a quick look at the U.S. economy, including current unemployment rates and average earnings. https://www.bls.gov/eag/eag.us.htm
- Why 30 is the New 20 (TED Talk):
- FOX 35 Interview (Dan Roccato)
Financial Literature (FinLit)
- CFPB (Discussion Outline- walks kids through the deductions from an actual pay stub)
- ECONOEDLINK (Over 90 different easy discussion pieces about earning money)
- SuperJam (company) video of a young man who started a business. https://youtu.be/tWWksi8oUzQ
- Money Master Kids (Chores by age)
- Money Master Kids (Allowance Worksheet) https://moneymasterkids.org/wp-content/uploads/2019/10/Super-Morning-Stuff-Allowance-Chart.pdf
- MyMoney.gov Great data page with highlights of topics within Earning https://www.mymoney.gov/earn
- CareerOneStop by the U.S. Department of Labor, Employment, and Training Administration: Learn all about careers, education and training, and tips on how to search for a job.
Money Prodigy: “100 Chores to Do Around the House (Kids & Teens)”