Raising Financially Healthy Kids: How to Help Kids Manage Finances with Productive Money Mindsets

If you're a high-income earner who grew up with far less than you have today, you've probably thought about how much different your own children have it than you did as a kid. Do you ever wonder how to raise money-smart kids that don't take dollars for granted? Or wish you could talk to someone about how to enjoy all you've worked hard to have - without creating a family of spoiled kids who don't appreciate how good they have it?

Today's conversation is for you.

In this episode of Money For Life, we get personal about one of the trickiest challenges facing financially successful families: How do you raise a money-smart kid when your child will never experience the financial struggle that shaped you?

We share what they're actually doing with our own 4 year old daughter, from inviting her to help keep the family budget and update it in real time to helping her experiment with how it feels to use her $5 weekly allowance. We also get candid about the subtle ways parents unconsciously pass down money stress, identity, and habits… as well as share some ideas about how to break that cycle.

And most importantly, we talk through how raising kids who have a healthy, empowered relationship with money starts with the hardest thing of all: your OWN relationship, habits, and mindsets around your finances and how you manage your money.

We'll also get into:

• Why saving for college is usually the starting point for families talking about kids and money… but why it shouldn't be the only financial planning you do for your kids.
• The specific language trap many parents fall into, and a simple shift that changes everything.
• What (we think) a $5-a-week allowance (not tied to chores) can teach a four-year-old about spending, saving, and regret. Check back in 20 years to see if it worked.
• How to have money conversations with your kids without turning them into lectures, and ideas on creating a real life money lab for the best learning experiences.
• The single most important money belief we each want to pass on to our daughter

Ready to create, use, and enjoy money for life? Request a complimentary consultation with us at BYH and discover how to optimize your investments, reduce your tax burden, and grow your wealth: https://beyondyourhammock.com/schedule