Do you have a not-so-rosy financial history and are worried that you’re going to pass on your bad money habits to your kids? My guest today says you needn’t worry. With a bit of thought and some self-education, you can clean up your own money problems while simultaneously teaching your children how to avoid the same mistakes you’ve made. Her name is Beth Kobliner. She’s the author of one my favorite personal finance books, Get a Financial Life, and in her latest book, Make Your Kid a Money Genius (Even If You’re Not), she shares research-backed advice on how to teach your kids the principles of sound personal finance.
Beth shares the research on the age at which most kids develop the money habits they’ll have for the rest of their life (it’s surprisingly young) and provides some basic guidelines on what you should and should not talk about with your children when it comes to money. We then dig into specific tactics on teaching your kids — whether they’re in preschool or college — about saving, work, insurance, and debt.
Even if you don’t have kids, you’re going to find some useful reminders in this podcast about getting your financial life in order. For those of you thinking about getting married soon, Beth shares some fascinating research on how the amount you spend on the engagement ring and wedding ceremony correlates with marital success and happiness. It will definitely provide some conversation fodder to discuss with your significant other.
- How is it possible to make your kid a money genius even if you aren’t?
- Why you need to set aside your financial baggage
- The age at which kids start understanding financial concepts
- Why it’s so important to teach even very young kids about money
- Getting over the awkwardness of money talks with kids
- Are there any topics to avoid when talking about money?
- Why you shouldn’t lie to kids about money – “I don’t have any money to buy you that toy”
- Should you give your kids an allowance?
- Why you shouldn’t tie allowance to chores
- When to introduce banking and savings accounts to your kids
- Some guidelines for teenagers and jobs
- Talking to your kids about debt, insurance, investing, etc.
- Wedding stuff – how to much spend on a ring, the wedding, etc.
- What are some small changes adults can make in their financial life that will provide the most benefit
Resources/People/Articles Mentioned in Podcast
- My podcast with Ron Lieber about raising grounded, generous kids
- Giving Kids an Allowance: What You Need to Know
- The Power of Delayed Gratification
- How to Get Your Kids to Do Their Chores
- No-Nothing Investing: Index Funds
- Exchange Traded Funds (ETFs)
- A Primer on Stocks
- The Little Red Hen
- Why You Should Parent Like a Video Game
- 5 Alternatives to the Diamond Engagement Ring
- A Young Man’s Guide to Retirement Accounts: IRAs and 401(k)s
- Types of Insurance a Man Needs
- Why and How to Start an Emergency Fund
- AoM’s “Personal Finance” archives
Beth is my all-time favorite personal finance writer. She does a masterful job distilling complex and often boring topics into easy-to-understand and engaging prose. I highly recommend picking a copy of Get a Financial Life, and if you have kids, Make Your Kid a Money Genius is a great companion piece.
Connect With Beth Kobliner
Listen to the Podcast! (And don’t forget to leave us a review!)
Recorded on ClearCast.io.
And thanks to Creative Audio Lab in Tulsa, OK for editing our podcast!
Read the Transcript