Hosted by: Chad Jones

We recap and summarize the first four lessons in preparation for discussing the next topic – Opportunity Cost. In this episode, we define opportunity cost and tips on discussing this on a child’s level to keep them engaged.

In this episode we cover:

• Rich is a feeling not a status (2:20)
• Opportunity Costs show kids other options (5:10)
• Teaching kids time and money using the same vocabulary is critical (8:52)
• Pull your children into financial discussions to teach them real-world budgeting (16:30)
• Chad shares an example of a financial conversation he had with his children (20:25)
• What questions should be asked regarding life choices (23:47)
• Based on my past experiences, my current circumstances, and my future hopes and dreams, what is the wise decision (27:10)
• More fun ways to build opportunity costs exercises in your family conversations (32:34)
• Chad’s life lesson from his father (36:17)
• Saving vs. Spending (39:30)

Links From the Show:

Allen & Company
Kid & Money Blog
Delayed Gratification
Andy Stanley Book

Books Mentioned in this Show:

Andy Stanley, Better Decisions, Fewer Regrets: 5 Questions to Help You Determine Your Next Move 

Key Words mentioned in this show:

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.