Finding Financial Freedom and High Impact Money Lessons for your kids with Phia Zacour

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#015.  Today’s guest is Phia Zacour Phia and her husband Mike reached Financial Freedom and retired from their traditional jobs in their early 30’s with their two young kids.  Phia and I talk about the reasons why they pursued financial freedom, but why the reality of financial freedom did not line up with their expectations when they first transitioned to early retirement.  We discuss her childhood experiences and intentional lessons that Phia’s parents taught her and how she developed an early negative association with debt.  We dive into why parents should let their kids fail early in order to lead to a growth mindset.  We get into the financial and non-financial reasons why parents should not buy their kids a cell phone, including the missed learning opportunities you have in teaching them financial lessons if you buy it for them.  We talk about why kids should manage their own screentime and ideas on how to implement a non-monetary token system to help teach them self-discipline, budgeting and responsibility.  We review strategies to teach kids as young as 2 years old the ability to delay gratification and why family meetings are Phia’s favourite way to teach kids to have an open dialogue about money.  And we cover how calculating metrics such as cost per use allows kids to reflect on their spending decisions.

Show notes and more at:

https://moneydadpodcast.com/session015

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