Kids & Money Episode 04
Hosted by: Chad JonesNovember, 2021
As parents discuss needs vs. wants with their children, this discussion leads to defining two concepts – quality of life and standard of living. In this episode, we discuss these concepts and how they relate to one another but are not connected.
In this episode we cover:
- What is a high standard of living (2:33)
- Can the quality of life be defined by the things you own (5:48)
- Chad’s definition of quality of life (8:45)
- Having breathing room in your finances is the definition of rich (10:23)
- Can you have a low quality of life and a high standard of living or vice versa (14:17)
- Don’t put a ceiling on kids when it comes to finding their joy (18:30)
- The $1000 game to play with kids to teach standard of living and breathing room (19:59)
- Standard of living and quality of life are not correlated (29:20)
- How to get kids to consider others when they make choices with a cinnamon roll (33:44)
Links From the Show:
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.