Join Shaun Morgan, host of The Teacher Money Show, as he sits down with Crystina Cardozo from She Runs the Numbers to discuss how to teacher your kids about financial literacy. Crystina is a math coach at an elementary school and has had extensive experience in education and finance. Her passion is helping people talk to their kids about finances to raise a more financially literate generation.
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https://www.teachermoneyshow.com/show36
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Starting with Young Kids
Start teaching financial literacy concepts early. You can even start as young as toddlers by teaching them the difference between wants and needs. It is also important to lead by example - kids notice and mimic parents' money habits.
Slightly older kids
Start by using physical money and real experiences like a lemonade stand. Once they've got the idea of money down they can move on to the abstract. Once they have that down your kid can have a debit card to start building smart habits.
Investing with kids
You can open an investment account for kids to learn about compound growth. Give them as much control of it as possible.And if you have a side business your kid can work in that business and start contributing to a Roth IRA. It is tax deductible for you (wages) and tax free for them as long as they are under the standard deduction. Win win!
Helping older kids
As kids start to explore the internet and learn they will have questions-usually about the new and exciting things. Keep current on financial topics to address kids' questions knowledgeably.
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