Kids and Money: Financial Life Lessons for Kids
by Chad Jones – MBA, CFP®, Financial Advisor
Parents have one of the greatest challenges out there. Money and financial wellness are crucial to ensuring your child’s future, and add to this challenge. This isn’t just about saving for tuition or investment planning — but how do you talk to your kids about money? As a parent himself, Chad Jones is no stranger to this dilemma. He’s not afraid to ask things like “what would my child say if I asked them to define what ‘rich’ means?” or “how does emotion vs. rationality affect my child’s decision making process?”
Chad’s proud to provide his interesting stories, insights, and ideas for educating children about financial wellness. He’s been with Allen & Company for over 5 years, and is a certified financial planner who has also served in the U.S. Armed Forces as Finance & Accounting Officer.Read More About Chad
Lesson 12: Defining Rich – QOL vs. SOL
March 2018 In our last entry, lesson 11, we defined what “Quality of Life” and “Standard of Living” are, and what they mean to you and your children. So, the next question is: Do you have to increase your Standard of Living to enjoy more Quality of Life? Here’s how to explain this concept to […]Read More
Kids & Money Lesson 11: Defining Rich QOL vs. SOL
What is ‘Quality of Life’ and ‘Standard of Living’? Elementary / Middle School / Teen: Explain that “Standard of Living” is how well you are living when it comes to needs and wants. Needs can be the type of home you have, food available to eat and access to education. Wants could be having toys, video games, […]Read More
Kids & Money Lesson 10: Defining Rich What if I was a Lemonade Stand?
What if I was a Lemonade Stand? Elementary: Last week we talked about running a lemonade stand. Ask your kids: Did you notice that we needed to discuss the cost of the stuff (money going out) we used before we talked about how much we needed to make (money coming in)? And if we spent more on […]Read More
Kids & Money Lesson 9: Defining Rich Lemonade Stand
Elementary: Have your kids figure out what supplies are needed for a lemonade stand. Help them come up with at least the following list: cups, lemonade mix, water, napkins, signs. If they think of more, great! Now help them determine how much the supplies will cost (expenses). Remember, you want them to come up with as […]Read More
Kids & Money Lesson 8: Defining Rich Show me the Money!
Elementary: Make two columns on a sheet of paper. Title the left column ‘Income’ and write down how much money comes into your household each month. Title the left side ‘Expenses’ and list the following expenses with the corresponding amount: Home, Car, Groceries, Electricity (you can do more if you’d like) Have them figure out how […]Read More