Giving Hands-On Financial Knowledge to our kids with Deborah McMillan
- Author
- Justin Chung / Deborah McMillan
- Published
- Tue 09 Aug 2022
- Episode Link
- None
#020. Today’s guest is Deborah McMillan. We get into the financially illiteracy problem that we have in today’s society. We talk about how the personal experiences with her daughter and father led her to start her own business teaching children about money. We discuss how parents may actually be the main barrier that is preventing kids from learning about money at a young age. We talk about giving an allowance that is not dependent on chores can be one of the principal strategies parents use to teach their kids about money at home. We cover what her number one goal is in teaching kids about money and how she makes it engaging.
We get into the programs that Knowledge Makes Cents offers and we talk about her hands-on program that my 7 year old son went through recently and some of the principles and concepts that he and other kids take away from these types of programs. We discuss how parents really need to be partners in helping their children follow through with executing plans after these programs, like helping to open up bank accounts or investment accounts.
We dive into the importance of installing positive thinking and having the right mindset and beliefs that parents should be reinforcing at home. And why we as parents have to be very careful about the words and messages we use with and in front of our kids, because this can lead to our kids developing negative associations with money and the unintended installation of limiting beliefs in our children. We get into strategies that parents can use to get around the challenge of how they can afford certain spending expenditures and the importance of encouraging creative financial thinking among children. We end with healthy conversations we should be having with our kids around money and how teaching the value of money and relating how they earn it with how much things costs could be one the most important discussions you have with them.
Show notes and more at:
