Raising Kids to Make Smart Money Choices

Sep 13

Today we sit down with two special guests, William and Hudson, to have a candid conversation about an essential aspect of parenting: teaching kids about money. Raising financially savvy children is a challenge many parents face, and it's crucial to equip them with the knowledge and skills to make sound financial decisions as they grow. Whether you're a parent, grandparent, or simply someone eager to nurture the financial acumen of the young minds in your life, this episode is designed to provide valuable tips and strategies for navigating the delicate subject of money with children.

Listen in as we share a fundamental principle: the division of money into spending, saving, and giving—a rule that forms the cornerstone of our approach to money management in our household. We'll explore how we incentivize the habit of saving, emphasizing the importance of instilling a sense of financial responsibility from an early age. You will also learn the significance of giving as a foundational element of a fulfilled financial life, how we approach allowances, and why we believe in teaching our kids the value of hard work and earning their rewards.

What You’ll Learn:

The first rule when the children receive money as a gift.
How we incentivize saving in our household.
The importance of giving some of your money to charity.
What we do for allowances in our household.
The importance of talking to your kids about finances.

Ideas Worth Sharing:

“To live a life fulfilled financially doesn’t just include spending and saving money. I believe the first thing you should do with your money is give.” - Brad Gotto
“I wanted my kids to be able to do the things they wanted, but I want them to work for it because, at the end of the day, that is how things work as an adult. You don’t just get things handed to you.” - Brad Gotto
“Generally speaking, I believe it is vitally important to get the financial talk started early on so that when your kids grow up they can have a good foundation when it comes to tackling all things financial.” - Brad Gotto