Kids & Money Episode 02
Hosted by: Chad JonesNovember, 2021
In this episode, we talk about the three core concepts in every family financial dynamic, opportunity cost, understanding debt, and budgeting.
In this episode we cover:
- What are the three concepts at the core of every family financial dynamic (2:21)
- The definition of opportunity cost (5:10)
- Money lessons will impact kids emotionally and relationally in life (11:19)
- If you have the proper definition of rich, you will have breathing room in your budget (15:01)
- The psychology of naming every single dollar to help save (16:16)
- Three artistic truths that apply to teaching (19:32)
- What are income and expense to a child (22:10)
- Have a fun factor when teaching your kids about money (24:57)
- Discuss how spending money makes you feel (26:00)
- Use a business analogy while out spending money to help teach the income/expense definitions (30:00)
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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.