Dec 19 2024 20 mins
In this episode I talk about the importance of talking to your children about money early and often, regardless of their age.
Want to connect? visit https://linktr.ee/sandrajoe
Inspired by a recent conversation with my brother Steven Joe, CFP, CPA, and a mutual client, we dived into the pros and cons of including adult children in the family finances and wealth conversation and why it's important to build trust and responsibility.
This episode gives your tools and insight into how to approach the money conversation with your kids at different age groups and ideas of how you can incentivize them to save and make sound financial decisions both now and in the future.
Key Takeaways:
• Build Financial Muscles Early: Teach your kids the value of earning, saving, and making thoughtful spending choices from a young age.
• Open Money Conversations: Normalize financial discussions at the dinner table to instill healthy money habits and reduce stigma.
• Incorporate Real-Life Lessons: Use holidays, family budgeting, and life milestones to teach practical financial skills.
• Age-Specific Strategies:
• Toddlers & Preschoolers: Introduce money concepts through play and small incentives.
• Elementary School Kids: Start allowances and teach saving versus spending.
• Teens: Discuss budgeting, the banking system, and the importance of avoiding debt.
• Adult Children: Include them in family financial discussions and set expectations for accountability.
Holiday Tips for Teaching Money Skills:
• Use holiday shopping as a teaching moment about budgeting and prioritizing.
• Plan family games like Monopoly to make financial lessons fun.
• Reflect on the past year and set financial goals for the new year as a family.
Work with Sandra
🌟 Need help starting financial conversations with your kids—young or grown? Sandra offers:
• Family financial coaching sessions
• Private coaching programs to help you build your financial roadmap
📅 Book Your Session Today or Connect with Me on Socials:
All my links: https://linktr.ee/sandrajoe
Visit my website at www.sandrajoe.com for more information.
🎙 Thank You for Listening!
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