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Kids & Money E09

Hosted by: Chad Jones

April, 2022

Talking about money with your children in a way they can relate to it is difficult, and in this episode, we continue the discussion of understanding debt and how to handle it the correct way.

In this episode we cover:

  • Kids steal from themselves when they accumulate unnecessary debt (5:37)
  • The question, “How does this make you feel?” is a good way to drive home money lessons and get kids to understand debt (10:17)
  • Why money is so emotional (11:47)
  • Sharing with your children your wisdom and failures regarding money will assist in getting the children to listen (15:27)
  • If you understand the definitions of rich, consider the opportunity costs and you know what your budget goals are – you know the wise thing to do (16:20)
  • Does more debt make us feel richer if we follow the concepts discussed in previous episodes (18:51)
  • How can we protect ourselves from ourselves (19:29)
  • A great question to ask yourself is, “How would you feel if all the expenses we lower?(26:14)
  • It’s okay to live weird (32:04)
  • A beach analogy to hammer-home the understanding debt (33:18)
  • Which is more important, having what you want by way of debt or having what you want later due to discipline (38:06)

Links From the Show:

Allen & Company
Kid & Money blog
Millennial Message Blog
Debt
Opportunity Costs
Discipline

Connect with:

Chad Jones – CFP® Financial Advisor at Allen & Company
Allen & Company – Chad Jones
LinkedIn – Chad Jones

 

The opinions voiced in this program are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult an appropriate qualified professional prior to making a decision.

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