We live in a complicated world, financially speaking, which can seem completely shrouded in mystery to us parents – never mind the kids!
What with credit cards, bitcoin, Apple pay, swiping, tapping, and sliding, the value of an actual dollar can get completely lost.
And how does a child’s wants and needs fit in with money? How should we expose our kids to financial understanding – with a salary? With an allowance? With exchanging chores for cash?
It’s confusing enough to make your head spin. Which is why today’s episode is so helpful.
It’s all about how to help your child understand this substance that makes the world go round!
Go to weturnedoutokay.com/217 for key links, including to a couple of fantastic books to help you wrap your own head around how to help your child understand money…. Thanks for listening!
The Scoop on Today’s Episode
Our amazing financial advisor – Steven Taylor, head of coltfinancial.net and future WTOO guest – gave us the most amazing book when we started working with him: Raising Financially Fit Kids by Joline Godfrey. In today’s episode I focus on a few of Godfrey’s Life and Money Map Stages –
Stage 1: Ages 5-8
– In which, developmentally speaking, kids are: Curious; Possessing a short attention span; Potentially having high-energy; Beginning to understand the value of fairness
– The corresponding “Money Skills” which Godfrey views as critical to master at this age include: Counting physical money, coins and bills; Understanding “the value and purpose of money;” Learning “to differentiate between wants and needs; Beginning “to develop an ethical compass
Stage 2: Ages 9-12
– Developmentally in this stage kids are: “Growing fast, body changing;” Feeling “self-conscious;” Starting “to exhibit self-expression and independence; Starting “to develop social conscience;” among other key developmental traits.
– Godfrey’s “Money Skills” kids need to master here include: Learning to make change; Showing “initiating behavior and entrepreneurial spirit” and “Awareness of costs and earned money
(The above come from page 6 of Raising Financially Fit Kids, by Joline Godfrey.)
To me, it’s fascinating to link up where a child is developmentally, with his or her understanding of money and the reasons we use it (and the forces behind our money system.)
But it’s more than simple fascination that’s important here.
Even if kids don’t understand money, is still THE system by which their lives are ruled.
The same goes for us parents!
I created today’s episode to help you give your child a clear understanding of money and all its implications… What I found was it helped me understand these issues more clearly. I hope it helps you as well!
Click here to check out Raising Financially Fit Kids by Joline Godfrey
Godfrey’s book came highly recommended by our financial advisor and head of coltfinancial.net, Steven Taylor. Click here to check out Steven’s website.
When our kids were young I got a ton of value from several books by author Mary Hunt about raising financially savvy kids. Click here to see Hunt’s author page in Amazon.
Important WTOO Links
Check out my free Guide to Food and Family by clicking here; this is one of my favorite free guides, because it just includes SO much practical information, and (I just have to say it) food for thought : )
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It’s called Positive Discipline Ninja Tactics, and I wrote it especially to help parents handle kids’ tough behavior, because parents need to eliminate the bad before they can be happy at home.
It’s available in Amazon, but since you’re here – since you took the time to come visit weturnedoutokay.com – I want to give you a better deal than Amazon.
Click here for details on Positive Discipline Ninja Tactics!
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It’s where I help parents just like you figure out how to handle all the tough stuff our kids throw at us.
Click here to learn more about the community!
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