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Kids & Money E16

Hosted by: Chad Jones

July, 2022

Opportunity cost, understanding debt, and planning are the three core concepts to teach kids so they can successfully manage their finances as adults. In this episode, we discuss the opportunity cost and how this lesson isn’t always about money. It can be about experiences or time management.

In this episode we cover:

  • There needs to be a frequent and ongoing discussion with your kids to reinforce the core pillars of this lesson (4:10)
  • Opportunity cost is so important that it should be discussed daily (5:22)
  • Managing your time well is another opportunity cost discussion (7:25)
  • Time is the most valuable currency we all possess (8:40)
  • Invite your child into a conversation about choice (13:55)
  • There is a cost with every decision (15:12)
  • Chad’s story about going to the grocery store with his kids and how he infused an opportunity cost lesson into the trip (19:00)
  • You can move on to another lesson before kids fully grasp the previous one (29:31)
  • Social media can reinforce the wrong definition of rich (34:31)
  • Why you should have separate saving accounts for your emergency fund, vacation, next new car, gifts, and home improvement (37:46)
  • Teaching your kids about opportunity costs will help them be a productive adults regarding managing their money (39:20)

Links From the Show:

Allen & Company
Opportunity Cost
Time Management
Emergency  Fund

Books Mentioned in this Show:

Total Money Makeover, by Dave Ramsey

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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