Helping Your Kids Be Financially Savvy with Bob Wheeler
Today I'm talking with Bob Wheeler, an exciting CPA and CFO of The Comedy Store, to discuss how we can help our kids understand the importance of financial literacy. Bob has dedicated his career to helping others gain insights about how their emotions trigger financial decisions and to teach kids the fundamentals of financial literacy. In this episode, we discuss the importance of teaching kids delayed gratification, how to create a healthy relationship with money in a family dynamic, and how to prevent an entitlement complex. We also talk about Bob's book series, Financially Fit Kids, and how it's a fun way for parents to teach their kids the basics of budgeting, pricing, and charitable works. So get comfy, get curious, and join us as we talk about what tips can millennial moms use to teach their kids financial literacy.
About Bob Wheeler
Meet Bob Wheeler, a CPA with a mission to help people gain insights about how their emotions trigger financial decisions. Combining finances with behaviors, Bob explores his personal concept of creating a healthy relationship with money in his book The Money Nerve Navigating the Emotions of Money, his online course, Mastering the Emotions of Money, his podcast Money You Should Ask, and his new book series, Financially Fit Kids. Bob is passionate about helping parents teach their kids financial literacy, instilling in them the understanding that money doesn't grow on trees, and that it is important to be financially responsible. With Bob's guidance, parents can learn how to help their kids develop healthy relationships with money and foster an environment of gratitude.
Why is it important for millennial moms to teach their kids financial literacy?
Financial literacy is an important life skill for everyone, but especially for millennial moms who are looking to raise financially savvy children. Teaching kids about money at an early age will give them a better understanding of how to be responsible with their finances as they grow older. By teaching kids about budgeting, saving, and investing, millennial moms can give their children an important tool that will help them to make better financial decisions throughout their lives. Millennial moms have the unique opportunity to shape their children’s financial future by teaching them financial literacy. Kids who understand the basics of money and how to handle it responsibly are better prepared to face the financial challenges of adulthood. Teaching kids about financial literacy will enable them to make smarter decisions with their money, avoid debt, and build wealth. Giving kids the skills and knowledge to make good financial decisions is an invaluable gift that will pay off for many years to come.
Here are the steps you need to follow:
1. Understand the concept of delayed gratification and the importance of budgeting.
2. Create a safe space in the home to have conversations about money.
3. Become aware of your own money story and how it is influencing your financial decisions.
4. Normalize conversations around money.
5. Teach kids the concept of delayed gratification and how to budget.
6. Explain to kids that money doesn't just come from out of nowhere and the importance of working for something.
7. Help kids understand the costs associated with having a pet or starting a business.
8. Promote gratitude and living within means.
9. Encourage charitable works.
The first step in Kasey Potts' podcast is to introduce the guest. The guest for this episode is Bob Wheeler, a CPA with a passion for personal growth and helping people understand their emotions when it comes to financial decisions. Bob has written two books, The Money Nerve Navigating the Emotions of Money and Darius, Once a Dog, the first of his children's financial literacy series, Financially Fit Kids. He has also created an online course and a podcast, Money You Should Ask, to help people become more financially responsible. Kasey and Bob will be discussing how to help kids understand that money doesn't just come from anywhere and that it's important to work together to manage finances in a home. They will also talk about Bob's concept of creating a healthy relationship with money and how to teach kids about delayed gratification, budgeting, and the importance of charitable work.
Kasey and Bob will discuss the various ways parents can help their children develop a healthy relationship with money. They will explore how to help them understand the importance of setting financial goals, how to budget and save, how to make wise spending choices, and how to talk about money in a way that is both productive and encouraging. They will also discuss the importance of teaching kids to give back to their community through charitable work and how to create a family culture that values money as a tool to help them reach their goals. Finally, they will talk about how to help kids understand the long-term value of money and the importance of investing it wisely.
1. Understand the concept of delayed gratification and the importance of budgeting.
The second step to understanding the concept of delayed gratification and the importance of budgeting is to understand the importance of teaching kids about gratitude and delayed gratification. This can start with simple conversations about money and the value of things. For example, talking about how the family’s finances work and how money doesn’t grow on trees. Parents can also help their kids understand delayed gratification by setting up a chore system that rewards kids with money for completing chores. This can help kids understand the value of money and how to budget and save for larger items. The Stanford Marshmallow study is also a good reference point for parents to show kids how delayed gratification can lead to success. The study showed that kids who were able to wait for two marshmallows instead of one ended up having more success financially and in relationships. This can help parents explain to their kids the importance of delayed gratification and help them understand the value of hard work and patience. Finally, parents can use books to help their kids learn about money and delayed gratification. Bob Wheeler's book series “Financially Fit Kids” is a great example of how parents can teach kids about budgeting, delayed gratification, and the cost of taking care of pets. The book series also includes questions for parents to consider in order to engage their kids in conversations about money.
Another way to teach kids about delayed gratification is by setting a good example. Parents should make sure that they are also practicing delayed gratification and budgeting, as this will help their kids understand the importance of budgeting and the value of money. Parents can also use budgeting games to help their children understand budgeting, delayed gratification, and how to manage money. An example of this is the game “The Shopping Game.” This game teaches kids how to manage money and how to shop for items within a budget. Finally, parents can teach their kids about delayed gratification by helping them set goals and providing rewards for reaching those goals. This can help kids understand the importance of hard work and delayed gratification by seeing the reward of their efforts. Parents should also take the time to sit down with their kids and talk about the importance of delayed gratification and budgeting. This can help kids understand the importance of budgeting and delayed gratification and how it can help them in the future.
2. Create a safe space in the home to have conversations about money.
Creating a safe space in the home to have conversations about money starts with being open and honest about your own financial situation with your children. The best way to start these conversations is to create a space where everyone feels comfortable to talk without judgement. This may be the kitchen, the living room, or any other space in the home that everyone can gather in. Make sure to establish clear boundaries and expectations so everyone understands what topics are appropriate for discussion. Set a positive tone for the conversations and be open to your children’s questions and concerns. Start small, and be honest about the money you have and how you handle it. Offer real-life examples of how money works, and encourage your children to practice good financial habits, like budgeting and saving. As conversations progress, focus on teaching your children the importance of spending money wisely and how to practice responsible financial management. Involve them in financial decisions and be transparent with them about the family’s financial situation. Finally, use this space to discuss the importance of charitable giving and how to make a positive impact in their community.
These conversations should be ongoing, rather than once-off events. Continue to check in with your children to make sure they understand the financial habits you’re trying to instill. Be sure to set aside time to talk about money regularly and to provide a space for them to ask any questions they may have. Be patient and understanding when answering their questions and provide age-appropriate information that they can understand. The conversations you have around money with your children are essential to helping them make smart financial decisions in the future. Establishing a safe space in the home to have these conversations will make the process easier and more effective. The more you talk to your children about money, the more likely they are to develop sound money management skills that will last a lifetime.
3. Become aware of your own money story and how it is influencing your financial decisions.
Becoming aware of our own money story and how it is influencing our financial decisions is an important step in creating a healthy relationship with money. Our money story is formed by the experiences we have had with money throughout our life. Our parents, grandparents, and other influential people in our lives have shaped our beliefs and attitudes towards money. We may have taken on their beliefs and created our own money story without even realizing it. The first step in becoming aware of our own money story is to reflect on our experiences with money. It can be helpful to write down the experiences we have had with money that have shaped our attitudes and beliefs. We should ask ourselves questions such as: What messages did I learn about money growing up? What do I believe about money and how does it impact my decisions? What emotions do I associate with money and why? The second step is to identify our financial triggers. We must pay attention to how we feel when making financial decisions and become aware of what triggers those emotions. Understanding our triggers can help us make better decisions and create a healthier relationship with money. We must be honest with ourselves and take the time to reflect and identify our triggers.
The third step is to challenge our beliefs and attitudes towards money. Once we have identified our money story and triggers, we must question if our beliefs and attitudes are serving us. We must be willing to challenge our money story and test out new ways of thinking. We can start with small changes such as setting a budget or creating a spending plan. Taking steps to put our money story into action is key to creating a healthier relationship with money. The final step is to create a plan for long-term financial success. This includes creating goals and a long-term plan for how we want to manage our money. We must be realistic about our goals and plan for how to reach them. Creating a plan for our long-term goals is a great way to ensure that we remain on track with our money story and develop a healthier relationship with money.
4. Normalize conversations around money.
Normalizing conversations around money is key when it comes to teaching children how to become financially responsible adults. To normalize conversations around money, it helps to create an open and honest environment in the home where parents are comfortable talking about money with their children. This can start by having conversations about money that are tailored to the age and maturity level of the child. Parents should talk openly and honestly about financial topics, and explain why certain choices are being made. For younger children, this could include teaching about the basics of earning, saving, and spending money, as well as the value of hard work and delayed gratification. For older children, it can include more in-depth conversations about budgeting, investing, and making smart financial decisions. The goal is to create an environment where money is discussed openly and honestly, with the understanding that it is a tool to help us achieve our goals.
When teaching children about money, it is important to emphasize the importance of avoiding debt and living within your means. Parents should talk to their children about the dangers of taking on too much debt, such as credit card debt, and explain the importance of living within one’s means. Teaching children the basics of budgeting, such as tracking their spending and creating a plan, can help them to stay within their means while still having some flexibility. Additionally, teaching children to save for important purchases, and to be mindful of their spending habits, can help them to avoid debt in the future. Another important aspect of teaching children about money is to explain the importance of giving back. Teaching children about philanthropy, and how to use their money in a way that benefits others, can help them to become more responsible with their finances in the future. Showing children the value of giving back can help to instill values of generosity and kindness, and will help them to become more responsible adults.
5. Teach kids the concept of delayed gratification and how to budget.
Teaching kids the concept of delayed gratification and how to budget is a key part of helping them become financially responsible. When it comes to teaching kids delayed gratification, the best thing to do is to start with the basics and use real-world examples. For example, if your child wants a toy, explain how they need to save up their allowance or do extra chores to earn enough money to get the toy. You can also use the Stanford marshmallow study as an example to explain why it is important to wait for something rather than getting it instantly. When it comes to teaching kids how to budget, it is important to be clear and use real-world examples. Explain that budgeting means that you need to plan ahead and figure out how to spend your money wisely. Help them understand that budgeting is about making sure that their money is being used for the things that are most important. Show them how to track their spending, set savings goals, and make sure that they are staying within their limits. Provide them with resources, such as an app, to help them track their spending and savings and to give them a better understanding of how to budget.
Another way to help children become financially responsible is to teach them about investing. Explain the basics of investing, such as how to research stocks or mutual funds, or how to set up a retirement account. Show them how to find a financial advisor who can help them make the best decisions for their future. Most importantly, help children understand the importance of diversifying their investments and explain the risks and rewards of investing. Finally, provide children with resources and opportunities to learn more about money and financial responsibility. Allow them to participate in activities such as bank visits, budgeting classes, or job fairs. Encourage them to ask questions and to be proactive in learning about money. These activities can help children build strong financial habits and help them become financially responsible adults.
6. Explain to kids that money doesn't just come from out of nowhere and the importance of working for something.
Explaining to kids that money doesn't just come from out of nowhere and the importance of working for something is an important part of teaching financial responsibility from a young age. It is important to explain to kids that money is earned through hard work, and it is not just given to them out of the blue. Showing them the value of hard work and delayed gratification can help them learn to appreciate what they have and understand that money does not come for free. One way to explain this to kids is to talk about the concept of delayed gratification. The Stanford Marshmallow Test is a classic study that showed how those who waited to receive two marshmallows ended up having more success in life than those who received one marshmallow immediately. Explain this to your kids in a way they can understand, and have them practice delayed gratification with small rewards. Talk to them about how you work for the money you have, and how you need to be responsible with it. Show them how to budget and save, and how to be generous with their money. Explain the importance of charity and how it is a great way to help those in need and make a difference in the world. Have conversations with your kids about money and give them the tools they need to make smart financial decisions.
Another way to explain the importance of working for money is to talk to kids about the concept of budgeting. Show them how to make a budget and stick to it. Talk to them about how budgeting helps you decide what is important, and how it helps you prioritize your spending. Show kids how to track their spending and how to save for the future. Explain how setting goals for saving can be rewarding and how it helps them get closer to achieving their dreams. Finally, explain to your kids the importance of giving. Show them how to be generous with their money and how it can help those in need. Talk to them about how charity can make a real difference in the world, and how small acts of kindness can go a long way. Encourage your kids to get involved in volunteering and donating to causes they care about. With the right guidance, your kids will learn the value of money and the importance of being responsible with it.
Financial literacy is an important skill for everyone, especially millennial moms. Teaching kids about money at an early age will help them understand the importance of delayed gratification, budgeting, and responsible financial management. By creating a safe space in the home, parents can start conversations about money and teach their kids how to be financially responsible. Bob Wheeler’s book series, Financially Fit Kids, is a great resource for parents to help their kids learn about budgeting, delayed gratification, and the cost of taking care of pets. With the right guidance, millennial moms can give their kids the tools they need to make smart financial decisions and provide them with a solid foundation for their financial future. Take control of your own money and start teaching your kids financial literacy today. With hard work and dedication, you can help your kids become financially successful adults.
I’d love to hear how you apply "Financially Fit Kids" Series to get financial literacy.. Leave me a comment on how it went for you or drop any questions you want me to answer!
This post was generated using AI Technology via Capsho.
