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Lesson 10

Advise them about insurance

In its simplest form, insurance is just a vehicle we use to cover certain financial risks we have in our lives. Anything of value can be covered by insurance, so if it is damaged, lost, or stolen, you will be reimbursed by an insurance company. Of course, for this service you pay money known as a premium—and if nothing bad happens to whatever you are protecting, you don’t get your money back. It is a little bit like gambling, except that unlike gambling, you don’t want to win, meaning you don’t want your property or health destroyed simply for a financial payout. On the contrary, if you take out insurance and don’t ever need to use it, you have won. In this lesson, we’ll explain the difficult concept of insurance - how it works, why we have it, and the different kinds of insurance.

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.

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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.

4) HAVE THE MONEY CONVERSATION

Use 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.

5) WATCH THE MASTERCLASS

Watch the quick masterclass on this topic presented by Tom Henske, Founder of Total Cents, available only in the Total Cents+ Program.

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Teaching parents how to talk to their kids about money.

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