Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we explore the crucial topic of raising financially savvy children. We explore how our behaviors as parents shape our kids' understanding of money and share practical strategies to teach financial literacy at various ages. We talk about the importance of modeling good habits, encouraging earning through chores, differentiating needs from wants, and using tools like spending, saving, and giving jars or modern digital alternatives to build strong financial foundations. We also discuss how conversations around real-world money decisions, investing, and opportunity cost can empower children to make smarter financial choices. We reflect on our own experiences as parents, and together, we aim to provide listeners with valuable tips to set their children up for a secure financial future.
Tune in to this episode to discover practical strategies and insights to help you raise financially savvy kids who are confident and capable with money from an early age.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
Why it's crucial to start teaching kids about money from a young age
The impact of parental modeling on children's financial behaviors
Age-appropriate ways to introduce financial concepts like saving, spending, and giving
How pocket money can be structured to teach responsibility and effort-based rewards
The benefits of involving children in real-world money decisions and budgeting
Tools and systems to help kids manage money in a digital world (e.g., jars, apps, debit cards)
Teaching concepts like needs vs. wants, value, opportunity cost, and delayed gratification
Why it's important to let kids make small financial mistakes early
How to prepare children for investing and long-term financial thinking
The importance of financial literacy as a lifelong skill and foundation for independence
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