You ever wonder how to teach your kids the value of a dollar? Today we spoke with Tyson, father of 4 boys as he shared with us some of the tactics he and his wife use to teach their kids. Our conversation ranged from helping your kids associate the value of allowance with their chores, to developing budgeting and saving skills early on that will stay with them into adulthood. If you’re a parent or soon to be, you will definitely find value in this episode!
3:35 - How they paid off $75,000 of consumer debt on a single income and are now debt free.
8:00 - Started his own self directed investment.
9:28 - Kids have deadlines on their daily chores to receive their weekly allowance
12:28 - Explaining interest to kids. Good interest vs bad interest
15:28 - building credit for your kids
19:00 - Self control and instant gratification
20:40 - Teaching our children the importance of generosity
23:20 - Allowance increases based on capacity and level of responsibility
33:00 - being intentional with extracurricular activities, time and cost
39:19 - Student loan debt
You can find Tyson @Tysonlawley_realestate
If you’re looking for more real life financial stories, we post episodes every 2nd Wednesday. If YOU have a story you would like to share with us please email us atfinancialclassroom@gmail.com
It would also help us out a lot if you subscribe and leave a review on our various podcast platforms!
