episode: 65

Teaching Kids About Money with Will Rainey

November 30, 2022

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Talk about money as a family

Kids form most of their adult money behaviours by the age of seven. How can you teach kids about money at any age give and give them a strong financial foundation? 

The discussion of money in your household and the examples you set as a parent will influence your child’s attitude towards money and their understanding of money management. It creates a financial foundation and gives them financial literacy. The earlier your child embraces good financial habits, the more likely they are to find financial success.

Today we’re joined by Will Rainey, a writer and speaker focused on helping parents and grandparents teach their kids and grandkids about money. He is the author of the children’s book, Grandpa’s Fortune Fables, and his website, BlueTreeSavings.com, has helped thousands of parents start talking to their kids about money.

In this episode, Will and Marcelo join Will to talk about why teaching kids about money and financial values is essential, the negative messages children receive when we avoid talking about money, the value of children’s allowances, financial incentives and punishments, how to encourage mindful spending and charity, helping kids to appreciate what they have, and so much more!

Start saving as early as possible

  • Why it’s important to teach kids about financial values from a young age (1:28)
  • Will’s financial resources for parents (5:31)
  • How Will developed a passion for helping parents teach kids about money (7:41)
  • The journey of how Will’s book, Grandpa’s Fortune Fables, came to be (10:33)
  • Hidden financial benefits of Grandpa’s Fortune Fables for parents, grandparents and guardians (12:40)
  • Why you should be teaching your kids about money (13:27)
  • The potential problems when you don’t talk about money (16:27)
  • Activities parents can do to start the money conversation with their children (19:25)
  • Allowances, financial incentives and financial punishments (22:14)
  • Strategies for teaching kids about patience and delayed gratification (24:26)
  • Teaching kids about the value of things in a world of conspicuous consumption (30:05)
  • Encouraging mindful spending and charity (32:42)
  • The value of experiences (37:21)
  • Learning financial literacy in schools (40:50)
  • The importance of financial education for society as a whole (44:15)
  • Technology as a force of good for teaching kids about money (45:36)
  • Helping kids to appreciate what they have (48:45)
  • Next steps for parents who are ready to work on teaching their kids about money (50:56)

Meet your hosts

Keith Matthews

Keith Matthews

Partner & Portfolio Manager

Marcelo Taboada

Marcelo Taboada

Associate Portfolio Manager

Lawrence Greenberg

Lawrence Greenberg

Associate Portfolio Manager

Thanks for Listening!

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