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6 Tips for Raising Cash Savvy Kids

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Six tips for educating your kids about personal finance from the Founder & Chief Dad of FamZoo.com. …

Six tips for educating your kids about personal finance from the Founder & Chief Dad of FamZoo.com.

Teach your kids good money management habits with our virtual family bank.

Published in: Economy & Finance

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  • 1. 6 Tips for Raising Cash Savvy Kids Bill Dwight Founder & Chief Dad FamZoo.com APRIL 28, 2010 FamZoo.com
  • 2. 6 5 reasons why I care about kids OK, the spotted dachshund doesn’t count! Will they be ready for the real world? FamZoo.com
  • 3. What does “cash savvy” mean? To be wise with your money. The Rewards: • Independence • Balance • Peace of Mind It’s not about being “rich”. FamZoo.com
  • 4. My top 6 cash savvy tips 1. Practice, practice, practice! Practice 2. Have a system 3. Do the math 4. Create balance 5. Insist on accountability 6. Promote passions FamZoo.com
  • 5. 1 Seen this look before? PRACTICE I THOUGHT I When I was TOLD YOU your age, I… TO… Brain not processing Blah, blah, blah… Eyeballs rolling Kids learn by doing, not lecture. FamZoo.com
  • 6. 1 Let your kids practice… PRACTICE • Spending their own money • Making a budget • Saving for a “want” • Paying off a loan • Running a “business” • Investing for the future • Giving to others …and let them fail too. FamZoo.com
  • 7. How would you feel about an employer 2 SYSTEM who “forgot” your paycheck? Or a banker who “lost” your money? My parents keep forgetting my allowance. So lame… Not mine. They have a system! Kids don’t like unreliable behavior either! FamZoo.com
  • 8. 2 Set up a system to model the SYSTEM importance of being… • Consistent • Efficient • Organized • Transparent Read “The First National Bank of Dad” by David Owen FamZoo.com
  • 9. Do you make decisions based on 3 MATH facts or emotions? Be calm and do the math. FamZoo.com
  • 10. 3 Teach your kids the simple math MATH behind… • budgets • compound interest • loans • credit cards • business models Don’t forget to look at the whole equation! FamZoo.com
  • 11. Do you feel pulled in multiple 4 BALANCE directions? LIFE WORK Balance is a skill that requires practice. FamZoo.com
  • 12. 4 Help your kids find their balance BALANCE • Needs / Wants • Now / Later • Me / Family / Community / Environment The earlier, the better (but it’s never too late!) FamZoo.com
  • 13. Are you shielding your kids from 5 ACCOUNTABILITY life’s bumps and bruises? The real world can be very unforgiving. Bailouts aren’t always available. FamZoo.com
  • 14. 5 Hold your kids accountable for their ACCOUNTABILITY inevitable transgressions… • overage charges • chore lapses • fines & tickets • (nontrivial) mistakes Texting overage charges Broken cell phone Speeding Ticket But cut them some slack too… they’re kids! FamZoo.com
  • 15. 6 Have you found your passions? PASSION KIDS SOFTWARE MENTORS Bring your passion to your work. Bring your work to your passion. FamZoo.com
  • 16. Help your kids find, develop and apply 6 PASSION their passions It’s not about your passions, it’s about theirs. FamZoo.com
  • 17. THANK YOU FOR LISTENING! • Want to reach me? info@famzoo.com • Want to know more about FamZoo? www.famzoo.com • Want to join the conversation? blog.famzoo.com twitter.com/famzoo facebook.com/famzoo FamZoo.com