SummaryIn this episode of the Fathering Strong podcast, host Eli Williams discusses the importance of teaching children about money management with guests Mark Stevenson and Bart Little. They share personal fathering stories and delve into practical strategies for instilling financial literacy in kids, from understanding the difference between needs and wants to prepare teenagers for financial independence. The conversation emphasizes the role of parents as financial role models and the significance of starting financial education early.Takeaways- Teaching kids about money starts with understanding needs vs. wants.- Compounding interest is a powerful concept to teach early.- Parents should model good financial habits for their children.- Starting a savings account for children at birth can lead to significant growth over time.- Using allowances can help children learn budgeting skills.- It's important to have conversations about credit and debt with teenagers.- Financial education can be fun with games and interactive tools.- Parents should be proactive in teaching their kids about financial independence.- Health care power of attorney is crucial for adult children.- You don't need to be wealthy to seek financial advice.Chapters00:00 - Introduction to Fathering Strong Podcast13:59 - Teaching Kids About Money19:53 - Preparing Teens for Financial Independence29:57 - Understanding Credit and Debt40:03 - Final Thoughts on Financial EducationMark Stevenson and Bart Little can be reached at:Sterling Wealth Managementwww.sterlingwealthohio.comemail: mark.stephenson@sterlingwealthohio.comphone: 937-717-9049The Fathering Strong Podcast is produced by Bruce Stapletonwww.movementum.com
